India to Impose 25% Duty on Steel Imports

The Union Steel Minister H D Kumaraswamy stated that the government is weighing a plan to implement safeguard duties on imports of steel. "The procedure is underway" regarding the ministry's suggestion to implement a 25 percent tax on steel imports, Kumaraswamy informed the media during an event. The steel ministry during a meeting with the commerce department put forward a proposal of a 25% safeguard duty for certain steel products imported in the country. The meeting was attended by the steel minister and Piyush Goyal, the Commerce and Industry Minister.

The finance ministry can make a conclusive decision on the imposition of the duty from recommendations made by the Ministry of Commerce. The local steel producers have often complained about soaring tendencies of cheaper steel imports from some countries, which affects their operations. Steel Secretary Sandeep Poundrik stated that over 60 percent of steel imports originate from FTA (free trade agreement) nations at zero duty, and any increase in duty will not affect these imports. According to Poundrik, there is indeed a real issue, and the ministry recognizes it.

BigMint also found that India imported steel worth 5.51 MnT during April-September 2024-25, which was up from 3.66 MnT during the period from the previous year. Imports from China skyrocketed to 1.85 MnT during that time, up from 1.02 MnT in the April-September timeframe of the financial year 2023-24, it reported.