Duty imposed on some steel items for 3 years to counter cheap imports

[ad_1] New Delhi: India has imposed a safeguard duty on certain steel products for three years to protect domestic players from significant increase in cheap imports. A 12 % duty will be imposed in the first year (21st April, 2025 to 20th April, 2026), according to a finance ministry notification. The rate will be reduced to 11.5% in the second year (21st April, 2026 to 20th April, 2027); and further to 11 % in the third year (21st April, 2027 to 20th April, 2028). The duty was imposed following a recommendation of the Directorate General of Trade Remedies (DGTR).Earlier in April 2025, the government had imposed a 12% provisional safeguard duty for 200 days on these steel products.Live Events Last year in December, the DGTR started the investigation the sudden surge in imports of 'Non-Alloy and Alloy Steel Flat Products', used in various industries, including fabrication, pipe making, construction, capital goods, auto, tractors, bicycles, and electrical panels. The investigations were conducted following a complaint from the Indian Steel Association on behalf of its members, including ArcelorMittal Nippon Steel India; AMNS Khopoli; JSW Steel; JSW Steel Coated Products; Bhushan Power & Steel; Jindal Steel and Power; and the Steel Authority of India Ltd. Import of these products increased from 2.293 million tonnes during 2021-22 to 6.612 million tonnes during the period of probe (October 2023 to September 2024, and the three preceding fiscals - 2021-24). The imports have increased from countries, including China, Japan, Korea, and Vietnam.The DGTR in its probe had noted that the objective of the duty is to protect the Indian domestic industry against the surge of imports.While some big domestic steel makers were advocating for imposition of the duty, the user industry is strongly against it as the duty would push up raw material prices, impacting competitiveness. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/duty-imposed-on-some-steel-items-for-3-years-to-counter-cheap-imports/?feed_id=3938&_unique_id=69686607360a9

Comments

Post a Comment

Popular posts from this blog

India's April palm oil imports jump 34 pc on lower global prices

Image
[ad_1] New Delhi, India's palm oil imports registered a 34.11 per cent jump on-year in April to 6,84,000 tonnes, buoyed by a fall in global prices, the Solvent Extractors' Association of India (SEA) said on Tuesday. Palm oil accounted for 52 per cent of India's total edible oil imports of 13,04,409 tonnes in April, the trade body said in a statement, adding that sunflower and soybean oils import stood at 6,20,315 tonnes. Including non-edible oils, overall vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes compared to 10,50,189 tonnes a year ago, it said. Bearish global prices encouraged higher imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by nearly USD 100 a tonne last month, SEA said. Soybean oil prices fell USD 40 per tonne globally, while the sunflower oil rate dropped just USD 15 a tonne over the last month, it added. Among palm oils, RBD palmolein imports climbed to 1,24,228 tonnes as aga...
Read more

India’s $48 bn input subsidy for power and agri raises hackles

Image
[ad_1] The US, EU, UK and Australia, along with four others, raised concerns at India’s input subsidies for power, irrigation and fertilisers reaching $48 billion in 2022-2023. The US said at a meeting at the World Trade Organization (WTO) last week that this was more than twice the value of all tradedistorting support that it had notified in 2021-22 and called for greater transparency from India. Input subsidies available to lowincome or resource-poor producers in the country amounted to $32 billion in 2021-22. As per the Agriculture Census for 2015-16, 99.43% of farm holdings in the country are of low-income or resource poor farmers.The input subsidies, covered in Article 6.2 of the Agreement on Agriculture of the WTO, allow developing countries additional flexibilities in providing domestic support. They are not subjected to caps as other farm subsidies, such as price and income support, included in Aggregate Measurement of Support (AMS) which is fixed at 5% of agriculture pr...
Read more

Dairy sensitive for India, as peanut butter is to US, says official in the wake of tariff negotiations

Image
[ad_1] India will negotiate its trade agreements carefully and patiently in the wake of the tariffs imposed by the Donald Trump administration and protect its sensitive sectors like dairy and agriculture, officials said on Saturday, citing the example of the US which is sensitive about peanut butter.“We have to be patient. Trade pacts do not happen overnight. It is a careful and steady process. Things are analysed carefully,” an official said on the condition of anonymity, adding that a slight impact on demand in the US could be a little challenging.India has “emerged a winner” following the reciprocal tariffs imposed by the United States, officials said, pointing out that the country has a first mover advantage compared to its competitors owing to of the Bilateral Trade Agreement (BTA) that the two are negotiating and because Indian exporters are better positioned to deal with the additional US tariffs.They said the country will take all measures within the World Trade Organiza...
Read more