Commerce Ministry Recommends Three-Year Safeguard Duty On Certain Flat Steel Imports
In its final findings, the commerce ministry arm concluded that there had been a "recent, sudden, sharp and significant increase" in imports of the product under consideration, which has caused and threatens to cause serious injury to Indian producers. The probe was initiated on a complaint filed by the Indian Steel Association, whose members include ArcelorMittal Nippon Steel India, JSW Steel, Jindal Steel & Power and state-owned Steel Authority of India.
The DGTR has recommended a safeguard duty of 12% in the first year, tapering to 11.5% in the second year and 11% in the third. The measure, it said, is necessary to give Indian steelmakers breathing space to adjust to the surge in low-priced imports driven by unforeseen global developments.
The government had already imposed a provisional safeguard duty of 12% for 200 days in April this year based on preliminary findings. A formal notification from the commerce ministry will determine the date of imposition of the final duty.
Originally published on NDTV | PROFIT
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