India Considers Implementing Safeguard Duty on Steel

India's Steel Minister H.D. Kumaraswamy announced that India is considering implementing a safeguard duty or temporary tax to curb cheap imports from China.

During an event in the capital, New Delhi, Kumaraswamy stated, "The process of evaluating the safeguard duty is ongoing."

Final steel imports from China reached an all-time high during the period from April to October, and last month, the steel ministry warned the trade ministry of an "impending threat" due to a significant increase in cheap imports from the neighboring country.

As the South Asian nation considers taking action to halt imports, the influx of cheap Chinese steel has prompted India's small producers to scale back their operations and contemplate layoffs.

However, demand has remained strong, with final steel consumption reaching its highest level in the last seven years during the April-October period.