India Considers 25% Safeguard Duty to Combat Rising Chinese Steel Imports

India's Steel Minister H.D. Kumaraswamy announced today that the government is seriously considering implementing a 15-25% safeguard duty on Chinese steel imports within the next six months. This move comes in response to the growing threat posed by cheap Chinese steel flooding the Indian market. Kumaraswamy stated, "Rising Chinese steel imports, often aided by unfair trade practices, pose a serious challenge to Indian manufacturers". The proposed duty aims to protect domestic steel producers and ensure fair competition. India became a net importer of finished steel in the fiscal year ending March 2024, with Chinese shipments reaching record highs. The steel ministry is working closely with the finance ministry to address this issue and safeguard the interests of the Indian steel industry.

Source: Reuters