India Proposes 20% Steel Import Duty as Surge Hurts Local Mills
- Third step by government to protect local producers since June
- Steel imports jumped 51 percent in the five months to August
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A unit of India’s finance ministry recommended imposing a temporary 20 percent duty on certain steel products to arrest a surge in lower-priced imports.
The Director General of Safeguards Wednesday recommended levying the duty for 200 days on certain flat steel products, including hot-rolled coil used in making cars and appliances, after probing claims that cheaper imports are hurting local mills. The proposal now needs approval from the government’s Board of Safeguards, and the finance ministry then will take a final decision.