India considering extending import tariff on some steel products

India is considering extending an import tariff, also known as safeguard duty, on some steel products to counter cheaper imports primarily from China. India, the world’s second-biggest crude steel producer, had in August recommended a three-year import tariff of 11%-12% on some steel products as part of the final findings of the Directorate General of Trade Remedies. The government had imposed a 12% temporary tariff for 200 days in April, that lapsed earlier this month. 

Meanwhile, India’s finished steel imports during the first seven months of the financial year were down 34.1% year-on-year. South Korea was the biggest exporter of finished steel to India during the period, shipping 1.4 million metric tons, followed by China, Japan and Russia. Chinese steel exports made India vulnerable, primarily due to lower prices, said a report.

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