The steel ministry is proposing an increase in the effective import duty on some steel products to 15 percent from the current rates of 5-12.5 percent, sources said.
The effort is to stop unnecessary imports at a time when the rupee has depreciated to new lows and to also encourage domestic steel production via the “Make in India” project, sources said.
The steel and commerce ministries would discuss the issue and take a formal decision, sources said.
During April-July, 2018 imports rose 6.2 percent year-on-year to 2.65 million tons. Imports of finished mild steels have increased by 10.2 percent compared to the same period last year, an increase of 1.9 lakh tons. Taking MS semis and re-rollable scrap also into account, the increase in imports has been by 2.0 lakh tons (9.3 percent over the same period last year).
The major categories where imports have grown are railway materials, HR coils and galvanised sheets/coils. South Korea continues to contribute a lion’s share (43 percent) towards Indian steel imports.
‘Quality, tech to empower secondary sector’
This story is from the October 2018 edition of Steel Insights.
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This story is from the October 2018 edition of Steel Insights.
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