According to India's new steel minister Virbhadra Singh, India will consider imposing an additional duty on steel imports to protect domestic industries from cheap imports.
After taking office, Mr. Singh said, "An immediate key challenge is the disparity between Indian steel prices and global prices of steel consequent to the recent economic slowdown."
"There are demands to take fiscal measures to stop cheap imports. The issue has to be addressed immediately," Mr. Singh added.
India currently imposes a five percent duty on steel imports, and the domestic steel industry is demanding an additional duty of 20 percent to 25 percent.
Mr. Singh also said that the India government would ensure production capacity expansion of the state-owned firms Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd.