India to levy a 12% temporary tax on steel imports

• India plans to impose a temporary tariff of 12% on steel imports to curb cheap imports from China and other countries.

• The tax is expected to be enacted soon.

• India, the world’s second-largest crude steel producer, was a net importer of finished steel for the second consecutive year in the 2024/25 fiscal year.

• The Directorate General of Trade Remedies recommended a 12% tariff on some steel products for 200 days to stem cheap imports.

• The decision is expected at the earliest.