Govt imposes 12% safeguard duty on steel

Industry claims cheaper imports not just from China but also from Japan, South Korea impacted their profits

- Subhash Narayan & Dhirendra Kumar

The government on Monday imposed a 12% safeguard duty on steel imports in a move to protect the domestic steel industry.

The threat of a flood of cheap imports has risen post Trump's tariffs that make it uneconomical for Chinese steel to sell to the US market.

As per a government notification issued on Monday by the ministry of finance, the safeguard duty would be applicable for 200 days with effect from Monday, 21 April.

"The safeguard duty imposed through this notification will remain in effect for 200 days from the date of its publication, unless it is earlier revoked, superseded, or amended," the finance ministry notification stated.

The surplus Chinese steel now threatens to flood major markets, including India, with cheap products, creating an imbalance that could affect Indian steel companies.