Safeguard duty on steel imports fixed, starting at 12%

The Directorate General of Trade Remedies has finalised a three-year safeguard duty on steel imports, starting at 12%, citing a sharp surge in shipments, especially from China, and a 76% decline in domestic profits. The safeguard duty was confirmed on Thursday, months after preliminary duty was imposed. Over 250 stakeholders, including automakers and electronics giants, opposed the move, warning it will hike input costs, restrict critical grades, and erode export competitiveness.

Source: The Times of India