India recommends import tariffs for three years on some steel products
The levy, if imposed, will start at 12%. It will be eased to 11.5% in the second year and to 11% in the third year, the Directorate General of Trade Remedies (DGTR) said in a notification dated August 16.
'The Authority concludes that there is a recent, sudden, sharp and significant increase in imports,' the notification said, adding that this could cause serious injury to the domestic steel sector.
The DGTR also said that due to 50% tariffs on steel imports into the U.S., coupled with similar measures by other countries, a bulk of steel volumes are lying with manufacturers across the world.
'Therefore, the safeguard duty must address, not only the serious injury suffered by the domestic industry…but also the threat of serious injury that is likely to arise in the future.'
India's JSW Steel, Japan's JFE to invest $669 million to boost electrical steel output
The final recommendation follows preliminary findings, after which the Indian government in April imposed a 12% temporary tariff for 200 days.
Earlier on Monday, Japanese steel lobby groups said they have requested the early introduction of measures to prevent the evasion of anti-dumping tariffs aimed at protecting their domestic sector from unfair imports.
U.S. President Donald Trump's import tariffs on steel have fuelled a wave of trade frictions against Chinese steel, with countries including South Korea and Vietnam imposing anti-dumping levy.
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