In an effort to protect domestic steel manufacturers from
the adverse impact of import surges and to ensure fair competition in the
market, the government of India has imposed a 12 percent safeguard duty on the
import of certain non-alloy and alloy steel flat products.
This move will provide critical relief to domestic
producers, especially small and medium-scale enterprises, who have faced
immense pressure from rising imports. The safeguard duty will also help restore
market stability and reinforce the confidence of the domestic industry. The
safeguard duty shall be effective for a period of 200 days (unless revoked,
superseded or amended earlier) from the date of publication of the
notification.
The Government has set the import prices between $675 per
tonne to $964 per tonne for the five steel product categories. Any shipment
imported below these import prices would attract the safeguard duty. The
product categories are Hot Rolled coils, sheets and plates; Hot Rolled Plate
Mill Plates; Cold Rolled Coils and Sheets; Metallic Coated Steel Coils and
Sheets; and Colour Coated coils and sheets, whether or not profiled.
Source: Ace Equity
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