Government to Impose Safeguard Duty on Steel Imports

Government to Impose Safeguard Duty on Steel Imports. Government of India has imposed a safeguard duty on import of certain steel products effective from effect from November 23, 2016 till May 22, 2019.  Aim: to ensure fair trade and protect domestic manufacturers from cheap imports.. The safeguard duty has been imposed on import of hot rolled flat sheets and plates of alloy or non-alloy

steel (excluding hot rolled flat products in coil form).

iv. The duty rate would be calculated after deducting the value of the goods and the anti-dumping duty payable when the import price is below USD 504 per ton.

v. The duty imposed would be 10% upto November 22, 2017 and will

gradually reduce to 8% between November 23, 2017 and November 22, 2018 while to  6% during the period from November 23, 2018 to May 22, 2019  2019

vi. The decision was taken after the Indian steel makers JSW Steel, Essar Steel, and Steel Authority of India had seeked safeguard measures against cheap imports flooding local markets and pressuring margins with the Directorate General of Anti-Dumping and Allied Duties.