In a bid to safeguard the domestic steel industry from the influx of Chinese imports, India on Wednesday raised import duty on long and flat steel products.
India has raised import duty on long steel products from 5.5 per cent to 7.5 per cent and that of flat steel products from 7.5 per cent to 10 per cent. Meanwhile, the country has kept the duty on stainless steel products intact
India imported 9.3 million tonnes of finished steel in fiscal 2015, which was 71.1 per cent more than in 2014. Among this imports, China constituted nearly four million tonnes.
“Asian economies like China, Japan and Korea have become more competitive and are exporting steel to India at throwaway prices due to drop in platts iron ore index thereby creating huge problem in India and posing threat to survival and sustainability of domestic steel industry,” noted the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in a communication addressed to Union Steel and Mines Minister, Narendra Singh Tomar, dated April 2015.
Source:hellenicshippingnews.com
No comments:
Post a Comment