Tata Steel Ltd Managing Director T V Narendran has pointed that 20% safeguard duty imposed by the government on import of HR coils was of little help to the domestic steel makers as international prices fell sharply in between to negate its impact.
“The government has imposed 20% safeguard duty only for one product and that is hot rolled coils. We welcome that move. But you know when the steel industry asked for that safeguard duty, the price of steel in international market was around $380 per ton. When the safeguard duty was introduced, it already dropped to $340 per ton. After that it dropped to $260 per ton. So while it (safeguard duty) has helped, I mean I am not saying it has not helped, but it was more than negated by the steep fall in imported steel prices,” Narendran said.
Source: India Steel Market Watch