India, Dec. 31 -- The Union finance ministry on Tuesday imposed a three-year import tariff of between 11% and 12% on certain steel products, with the levy decreasing by 0.5% annually.

The safeguard duty will be imposed at 12% in the first year, followed by 11.5% in the second year, and then 11% in the third year, as stated in the finance ministry order.

The measure excludes imports from certain developing countries, though China, Vietnam, and Nepal will be subject to the levy. It also will not apply to speciality steel products such as stainless steel.

India has been facing a rise in cheap steel imports from China, which has raised concerns over dumping practices and put pressure on local steel manufacturers.

According to the order, t...