India imposes safeguard duties on some steel imports

NEW DELHI : India has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country, a government notification said on Thursday.

The government will gradually lower the duty from 10 percent this year to 6 percent by 2019, the notification said.

The effective duty rate would be arrived at after deducting the value of the goods and the anti-dumping duty payable when the import price is below $ 504 per tonne, it said.

Indian steelmakers JSW Steel (JSTL.NS), Essar Steel ESRG.UL and Steel Authority of India (SAIL.NS) had approached the Directorate General of Anti-Dumping and Allied Duties seeking safeguard measures against cheap imports flooding local markets and pressuring margins.