NEW DELHI (Reuters) - India on Friday imposed a minimum price on the import of some steel products to stem the tide of cheaper overseas purchases and bolster its distressed domestic steel sector.
The duties on various steel products range between $341 per tonne and $752 a tonne, the government said in a statement.
Rising imports, especially from China, have been a concern for India. Overseas steel purchases shot up by 22.8 percent in December 2015 over the previous month.
China produces nearly half the world's 1.6 billion tonnes of steel, and exported more than 100 million tonnes of the alloy last year, more than four times the 2014 shipments from the European Union's largest producer, Germany.
The floor price on steel imports will be valid for six months.
(Reporting by Sankalp Phartiyal, editing by David Evans)
