Steel ministry seeks immediate hike in duties to deter Chinese imports

Ministry seeks increase in peak import duty on all steel products to 25%, fears US-China trade war threatens India with Chinese imports.

The steel ministry has sought an immediate increase in import duties on finished steel products to 15% from a range of 7.5% to 12.5%, citing a threat from Chinese imports and excess global capacity, an internal note reviewed by Reuters showed.

The steel ministry has proposed the higher duties as part of its recommendations to the finance ministry for the upcoming 2019/20 budget that is due out on July 5.

"The U.S.-China trade war is threatening Indian markets as China looks for alternative markets" for its steel exports, the steel ministry said.

Citing the vulnerability of local mills, the ministry said the nation's