12% safeguard duty on some steel products

New Delhi: Govt on Monday imposed a 12% provisional safeguard duty for 200 days on five steel product categories to protect domestic players from surge in imports. The decision follows a recommendation for the same by the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR).

Last month, the DGTR suggested to impose the duty. Govt has set the import prices between $675 per tonne to $964 per tonne for the five steel product categories. Any shipment imported below these prices would attract the safeguard duty. It shall not be imposed on the product categories when imported into India at or above the speficied import price on cost insurance freight basis, as per the notification. agencies