Mumbai, Dec. 31 -- India has slapped a three-year import duty of 11-12% on some steel products, as per an order issued by the finance ministry to curb the inflow of low-priced steel from China. As per the order published in the official government gazette, the tariff will be set at 12% in the first year and then reduced to 11.5% in the second year and further cut to 11% in the third year. The "recent, sudden, sharp, and significant increase in imports of subject goods into India has caused and threatens to cause serious injury to the domestic industry/producers of subject goods", the order noted.

Published by HT Digital Content Services with permission from Capital Market....