Govt imposes safeguard duties on some steel imports

The government will gradually lower the steel import duty from 10% this year to 6% by 2019


Photo: Bloomberg
Photo: Bloomberg

New Delhi: The central government has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country, a government notification said on Thursday.

The government will gradually lower the duty from 10% this year to 6% by 2019, the notification said.

The effective duty rate would be arrived at after deducting the value of the goods and the anti-dumping duty payable when the import price is below $504 per tonne, it said.

Indian steelmakers JSW Steel, Essar Steel and Steel Authority of India had approached the Directorate General of Anti-Dumping and Allied Duties seeking safeguard measures against cheap imports flooding local markets and pressuring margins. Reuters

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