Safeguard duty of 12% on steel may halt imports, hit MSMEs, says GTRI

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Safeguard duty of 12% on steel may halt imports, hit MSMEs, says GTRI - Business Standard

Quick Summary:

Imposition of 12 per cent safeguard duty on five steel product categories may halt their imports and force importers to buy these goods from domestic players, who are likely to raise prices following the levy, think tank GTRI said on Tuesday.

It said since Indian producers can not meet demand for specialised steels like abrasion-resistant plates, imports are essential but the new safeguard duty could raise input costs by 8-10 per cent, just like the recent hikes by local steel mills.

The Global Trade Research Initiative (GTRI) said that "12 per cent safeguard duties with high threshold values, is expected to halt most imports, effectively forcing buyers to shift to domestic suppliers.