India to impose import duties on steel
India contemplates increasing duty on steel imports to improve its trade balance and support the rupee. The government proposes import duties on certain types of steel up to 15% from the current range of 5-12.5%. Apart from reducing the trade deficit and stabilising its currency, the safeguard measures would also protect domestic steel producers.
Indian steel imports have recently surged in the backdrop of 25% tariffs on the US steel imports. The US protectionist measures have diverted some of the steel from China and other North East Asian countries to India. Commodity Inside understands that the Indian proposed duties are going to tackle the growing imports to the country directly.
India is the third largest steel producer, and its crude steel production reached 101.4 million tonnes in 2017. It is also the 16th largest steel importer with the total imports volume of 8.9 million tonnes valued at $6.5 billion in 2017. China, South Korea, and Japan are its top three leading sources accounting for about 73% imports share.
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