India's Ministry of Finance has announced that the central government of India, after considering the recommendations of India’s Directorate General of Safeguards (DGS), has decided to impose safeguard duty on imports of hot rolled (HR) flat steel sheets and plates (excluding coils).
The final safeguard duty rates are applicable in case of import prices below $504/mt. The safeguard duty will be 10 percent during the period from November 23, 2016 to November 22, 2017, will be reduced to eight percent for the period from November 23, 2017 to November 22, 2018, and will then be cut further to six percent for the period from November 23, 2018 to November 22, 2019.
The safeguard duty will not be applied to the imports of subject goods from countries notified as developing countries by India, except China, Ukraine and Indonesia.
The products subject to safeguard duty currently fall under the Customs Tariff Statistics Position Numbers 722540413, 72254019, 72254020, 72254030 and 72259900.