India’s safeguard duty

NEW DELHI: An Indian government body has found evidence that rising imports of some hot-rolled steel products from China, Japan, South Korea and Russia pose a threat to the domestic industry, potentially paving the way for an import levy known as a safeguard duty. The Directorate General of Safeguards said on Monday it would look into whether a duty was needed after the Steel Authority of India, JSW Steel and Essar Steel filed an application in July seeking safeguard measures for a four-year period. The steel makers have been pushing for a safeguard duty instead of an increase in an existing import tax because a safeguard duty would also apply to companies in Japan and South Korea. India has free trade agreements with these countries and gives them import duty concessions.