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India's Temporary Tariff Set to Slow Steel Imports from China, South Korea, and Japan

Updated: April 24, 2025 11:43

Image Source: Business Standard
India has imposed a 12% safeguard duty on steel imports in order to shield the domestic industry from the surge of cheap steel, especially from China, Japan, and South Korea. It will go a long way in slowing down imports big time and giving relief to domestic producers.
These are the main highlights:
  • Provisional Tariff Specifications: Safeguard duty will be levied on specific steel items for 200 days on the recommendations of Directorate General of Trade Remedies (DGTR).
  • Effect on Imports: China, South Korea, and Japan were India's sources of 78% steel imports. They are expected to be reduced, freeing pressure from Indian mills.
  • Domestic Industry Relief: Smaller steel plants, reeling from the rise in imports, are likely to stabilize production and not cut jobs.
  • Market Dynamics: India, the second-largest producer of crude steel globally, has been a net importer of finished steel for two years running, with imports hitting a nine-year high of 9.5 million metric tons in FY25.
  • Strategic Objectives: The tariff is in line with India's objective of developing a self-dependent steel industry and ensuring sustainable growth by lowering reliance on imports.
This development reflects India's resolve to protect its indigenous industries and respond to the threat posed by unjust trade practices.
 
Sources: The Hindu Business Line, MSN News, Moneycontrol

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