FCC

Steel Ministry Proposes 25% Safeguard Duty on Steel Imports

2024-12-05

The Steel Ministry has proposed a 25 percent safeguard duty on the import of certain steel items to protect the domestic steel industry from the rising influx of cheap imports. This proposal was discussed in a meeting between Union Minister of Steel H D Kumaraswamy and Commerce Minister Piyush Goyal in New Delhi, attended by senior officials from both ministries and executives from leading steel companies like SAIL, Tata Steel, JSW Steel, and AMNS India.

The proposal comes in response to concerns raised by domestic steel players, who have been struggling with competition from cheaper imports, particularly from countries with free trade agreements (FTAs) with India. As per the Ministry of Steel, the government is working to address challenges related to these imports, with discussions focused on boosting production, improving quality, and ensuring global competitiveness.

The Ministry's move follows a surge in steel imports, with steel imports reaching 5.51 million tonnes in April-September 2024-25, up from 3.66 million tonnes in the same period the previous year. Imports from China have particularly risen, exacerbating concerns for domestic producers.