The Steel Ministry has written to the Finance Ministry seeking an immediate revision of import duty on steel products.
According to sources, the steel ministry has sought a revision of import duty on long products and HR coils saying it is necessary to raise import duty rates to safeguard TMT/rebar industry.
The ministry wants import duty on non-alloy long products to be raised to 10 percent; HR/CR coil duty to be raised to 10 percent from current 7.5 percent and duty on stainless steel products to be hiked to 10 percent.
The ministry has said that excess steel capacity in China & other countries is leading to dumping in India. Furthermore, the rouble- Russia’s currency depreciation has also caused dumping in India.
The steel ministry has urged the Finance Ministry to revise the duties without waiting for the Budget announcement as there is a dire need to restrain the surge of imports in India.
Source:- moneycontrol.com
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