Indian Steel Minister H.D. Kumaraswamy announced on February 11th that India will impose temporary tariffs of 15% -25% on steel products from China over the next six months, aimed at curbing Chinese steel imports and protecting the interests of domestic steel manufacturers in India.
It is reported that in 2024, the total amount of steel exported from China to India was 3.0125 million tons, and in 2023 it was 2.9212 million tons, an increase of 3.1% year-on-year. India is the ninth largest destination for China’s steel exports. Previously, India claimed to double its steel production to 300 million tons by 2030.
Last December, India began investigating whether to impose temporary taxes (locally known as protective taxes) on Chinese steel products to restrict steel imports. The Directorate General for Trade Remedies (DGTR) of India is responsible for investigating whether steel imports from China have harmed domestic manufacturers.
At that time, in order to appease small steel manufacturers, the Indian Ministry of Steel proposed a two-year 25% safeguard tariff on imported sheet products from China, and Indian steel manufacturers could purchase raw materials at a price 20% lower than the market price.
Post time: Feb-19-2025