The Finance Ministry has hiked the import duty on key steel products by 2.5 per cent. This move, the second such hike after June 17, is aimed at protecting the domestic steel industry, as the yuan devaluation will make Chinese imports cheaper than Indian products. Finance Minister Arun Jaitley tabled a notification related to the duty hike in both the Houses on Wednesday. The hike has come into effect immediately. A senior Finance Ministry official said the import duty on semi ingots product will now be 10 per cent (from 7.5 per cent). Similarly, duty on stainless steel long products, alloy steel long products, non-alloy long products and alloy steel flat products has been raised to 10 per cent, from 7.5 per cent.