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Last Updated : Jan 20, 2015 06:33 PM IST | Source: CNBC-TV18

Steel Min seeks 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 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.

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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.



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First Published on Jan 20, 2015 10:11 am
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