Govt considering proposal to impose safeguard duty on steel imports 
News Updates

Govt considering proposal to impose safeguard duty on steel imports

The Government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday

PSU Watch Bureau

New Delhi: The Government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday.

"The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here.

PSU Watch is now on Whatsapp Channels. Click here to join

On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting.

A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce.

Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness.

Steel Secretary Sandeep Poundrik last month said more than 60 percent of steel imports come from FTA (free trade agreement) countries at nil duty and any duty hike will not have any impact on these shipments.

There is a genuine problem and the ministry is aware of that, Poundrik said.

India's steel imports were at 5.51 million tonnes (MnT) in April-September 2024-25, higher from 3.66 MnT in the year-ago period, as per research firm BigMint.

Imports from China have surged to 1.85 MnT during that period from 1.02 MnT in April-September period of financial year 2023-24, it said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Air India pays compensation to 2/3rds of June 12 crash victims

Tata Steel receives Rs 1,902 crore demand notice over 'shortfall' in mineral dispatch from Odisha block

BEML secures $6.23 million export orders for mining equipment from the CIS Region

NBCC to lead Rs 44 crore campus expansion at Energy Institute Bengaluru, bolstering South India’s energy education hub

A new heartbeat for India’s mining heartland: Inside SECL’s record CSR year