Government mulls doubling safeguard duty on steel from 12% to 24% | India News

Government mulls doubling safeguard duty on steel from 12% to 24%

NEW DELHI: The authorities is evaluating the potential of rising the safeguard duty on steel to as a lot as 24%, from the present 12%, amid considerations that Chinese items could enter the market and damage Indian steelmakers.“We have received complaints of Chinese players trying to blunt the impact of the safeguard action by circumventing it. We are mulling over various options,” a senior authorities official informed TOI.In late April, the federal government had notified a provisional safeguard duty of 12% for 200 days, and an in depth investigation will likely be required earlier than a better duty is imposed.With Chinese items dealing with levies and different actions in a number of markets, particularly the US, there are widespread fears of commerce diversion with India seen as one of many markets the place these items could possibly be dumped or offered at subsidised costs.India, the world’s second-largest crude steel producer, was additionally a internet importer of completed steel for the second consecutive 12 months in 2024-25. Imports are estimated to have neared the ten million tonne mark. Small gamers have, nevertheless, been complaining concerning the hostile impression of the safeguard motion as they’ve to take care of increased value due to a value hike by home producers after the safeguard motion. The authorities will search to strike a steadiness between the 2 sides, sources stated.