Amidst the ongoing trade war with the US, which is announcing tariffs against China, Canada and Mexico and announced the DGTR of India’s business treatment (DGTR), has recommended to implement 15% safeguard duty on selected steel imports to combat a growth in shipment, especially from China, from China, from China.
The DGTR is a trade measures body under the Ministry of Commerce and Industry. It is responsible for protecting domestic industries from sudden increase in improper trade practices or imports to examine and recommend measures such as anti-dumping duties, counters and security duties.
A safety duty is a temporary tariff to mold domestic industries from a sudden increase in imports, even if involved in unfair trade practices.
“The investigation is almost complete, and its findings are expected to be published within the week. The Ministry of Commerce will make a final call on implementing security duty,” the first person said.
According to the people familiar with the case, the duty will not apply beyond some value limit.
For example, the price of a hot-rated coil is more than $ 650-675 per tonne or more, $ 700 per tonne around hot-rated plates, coated steel approximately $ 860-865 per tonne, and additional levy will not be attracted at about $ 964 per ton on a colore-coated steel, which said one of the two people mentioned above.
Significant move
This is important as the Steel Ministry initially pushed 20–25%high security duty, which cited the need to curb the increasing imports, especially from countries with India’s free trade agreement (FTA), such as Japan, South Korea and China.
The Ministry of Commerce was not immediately responded to email questions.
The DGTR investigation launched in December after a complaint by the Indian Steel Association in December includes imports of non-peculiar metal and alloy steel flat products used in major industries such as construction, automobiles, capital goods and electrical panels.
According to the data of the Ministry of Commerce, India was a pure importer in India to more than 20% in India during the April-January period of this financial year. The country imported 6.89 million tonnes of steel during the same 10 months period in the 2023-24 financial year.
In contrast, the exports during this period shrunk from 28.9% to 3.994 million tonnes, compared to 5.619 million tonnes in the April-January period of the previous financial year.
I am a passionate digital marketer, content writer, and blogger. With years of experience in crafting compelling content and driving digital strategies. I’m always exploring new trends, optimizing strategies, and creating content that resonates with audiences. When I’m not working, you’ll find me diving into the latest digital marketing insights or experimenting with new blogging ideas.