India has introduced a 12% temporary safeguard tariff on certain steel imports to curb the influx of cheap steel, primarily from China. Effective for 200 days, this measure aims to protect domestic steelmakers, especially small and medium-sized enterprises, from being undercut by low-priced foreign steel.
The decision follows a surge in steel imports, with India becoming a net importer of finished steel for the second consecutive year. Industry stakeholders have expressed support for the tariff, viewing it as a necessary step to restore fair competition and stabilize the domestic market.
Vietnam Steel by Hoa Sen Group
