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Economy

Setback for steel producers as safeguard duty plea against imports rejected

Updated : August 21, 2019 01:43 PM IST

The Indian Steel Association had filed a petition for 25 percent safeguard duty on import of various steel products.
The petition sought protection for steel manufacturers in a move similar to those taken by governments in the United States, Canada, and Turkey among others, to safeguard their domestic producers from steel dumping.
The risk of softening of prices, an increase in raw material prices and weak demand is anticipated to weaken the steel market in India.
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