India Imposes Safeguard Duty on Steel Imports

The Indian government has put a special tax called a safeguard duty on steel that is brought into the country.

This tax will be in place for three years, starting at 12% in the first year and then going down a little each year.

The idea is to make sure that too much steel isn't imported, which could hurt local steel companies.

After this tax was announced, steel companies increased their prices by ₹4,000-4,500 per tonne.

The government also has a rule that if the imported steel is priced below a certain amount, the tax won't apply.

This is to make sure that fairly priced imports are not penalized.

Additionally, the government has imposed anti-dumping duties on certain steel products from China and Vietnam to protect the domestic industry.

Some steel companies are facing charges of fixing prices, but they argue that the evidence is not strong enough to prove this.