The Indian government is considering levying a temporary tariff of 15% to 25% on Chinese steel to help protect domestic producers from unfair competition, Reuters reported Wednesday, citing a statement from Steel Minister H.D. Kumaraswamy.
Kumaraswamy said cheap steel imports from China pose a serious challenge to Indian manufacturers, according to the report.
India started an investigation in December 2024 to determine whether to levy the tax, called a safeguard duty, to control imports, the report said.
The temporary tax could be implemented as soon as six months and could stay on for as long as two years, Reuters said.
"The government is resolute in its commitment to protecting the Indian steel industry," Reuters quoted Kumaraswamy as saying.
India's top steel manufacturers include JSW Steel (BOM:500228, NSE:JSWSTEEL), Tata Steel (BOM:500470, NSE:TATASTEEL), and Jindal Steel and Power (BOM:532286, NSE:JINDALSTEL), Reuters reported.
Among China's biggest steel manufacturers are Baoshan Iron and Steel (SHA:600019), Angang Steel (SHE:000898, HKG:0347), and Shougang Group's Beijing Shougang (SHE:000959).
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