The ministry said domestic mills needed to be "protected from cheap imports of unfair trade" as well as lower input costs."The top tariff rate [on all steel products] could be raised to 25 per cent in response to any contingencies arising from potentially adverse global market turmoil."
Existing anti-dumping and countervailing duties have lapsed due to fluctuating steel prices, the ministry said.
India's steel ministry said it could raise government revenue by 13.66 billion rupees (s $266 million) if import duties were increased, though the finance ministry has the final say.