Steel prices climb as ‘safeguard’ duty looms, user industries warn of cost inflation

News Snapshot:

New Delhi/Mumbai: Prices of steel in the domestic market have climbed 3-4% in recent weeks on expectations of imposition of a 15% safeguard duty on the import of the crucial alloy, sparking concerns of cost inflation for user industries such as consumer durables, automakers, as well as infrastructure and real estate companies. Mint reported last week that the Directorate General of Trade Remedies (DGTR) has recommended 15% safeguard duty on import of steel to protect domestic industry from cheap imports. While an official announcement to the effect is yet to be made, Darpan Jain, the director general of trade remedies,...