SAIL, Essar Steel, JSW Steel and Jindal Steel and Power have moved the Directorate General of Safeguard for imposition of the levy on imports of 'hot-rolled flat sheets and plates of alloy or non-alloy steel' to 'protect the domestic producers' from increased imports.

The domestic industry has asked for immediate imposition of safeguard measures for four years in their application.

The imports have increased to 7,08,816 tonne in 2015-16 (annualised), from 6,01,667 tonne in 2012-13.

The applicants, which had a market share of 73 percent in 2014-15, fell to 70 per cent during 2015-16 (A). During the same period, the market share of imports went up to 13 percent from 12 per cent.

In September, the government had imposed a provisional safeguard duty of 20 per cent on import of hot-rolled flat products of non-alloy and other alloy steel, which was in vogue for 200 days.

In August, the government had hiked import duty on base metals, including iron and steel, by 2.5 percent, in a move aimed at helping domestic players battle out cheap Chinese imports after the currency devaluation by China.

Latest News  from Business News Desk