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While the domestic steel industry has pushed for a safeguard duty of up to 25% to address challenges from low-cost imports, especially from Free Trade Agreement (FTA) partner countries, no final decision has been made yet.
The Ministry had earlier stated that the Directorate General of Trade Remedies (DGTR) would conduct a detailed investigation into production imbalances and potential losses faced by Indian steel producers before recommending any safeguard measures.
FTA countries, which account for over 60% of India’s steel imports, currently benefit from zero-duty privileges and would remain exempt from any duty hikes, as Steel Secretary Sandeep Poundrik announced last month.
Industry leaders have earlier voiced their concerns over what they describe as unfair competition caused by subsidised steel exports from countries like China, Japan, Korea, and Vietnam.
Sajjan Jindal, Chairman & Managing Director of JSW Group, said in a conversation with CNBC-TV18, “If you open up the records and see China in 1990, what kind of protections they had… Today, Chinese steel, which is nearly 60% surplus capacity, comes via Japan, Korea, Vietnam, Malaysia to India at 0% duty.”
Naveen Jindal, CMD of JSPL, also said back in September, “USA and Canada have imposed suo moto 25% duty. Similarly, Japan is now asking for protection for its steel industry. We are only against the unhealthy competition that we are facing from some of these countries.”
He added that domestic producers need fair competition to invest in growth and decarbonisation. “Unrealistic prices from subsidised exports hurt our industry. We have to safeguard against that.”
Steel Minister HD Kumaraswamy, speaking to CNBC-TV18 earlier, said, “We will sort it out, the process is going on.”
