Indian producers demand customs duty hike

Wednesday, 16 February 2005 15:00:00 (GMT+3)   |  
       

Indian producers demand customs duty hike

India's Finance Ministry's decision to reduce the custom duty on steel to 5% drew harsh criticism from members of the Indian Steel Alliance (ISA). The ISA, composed of heavyweights like Steel Authority of India Ltd (SAIL), Essar Steel, Ispat Industries, Rashtriya Ispat Nigam (RINL) and Jindal Iron and Steel (JISCO), want the custom duty to be raised to 10%. At the same time, the members demanded that the ministry lower the excise duty on steel from 12% to 8% and that the duties on steelmaking raw materials be reduced to less than 5%. Members of the Cold Rolled Steel Manufacturers Association of India (CORSMA), on the other hand, welcomed the Finance Ministry's decision to reduce the customs duty to 5%. In fact, CORSMA, which buys hot rolled coils from ISA members in order to produce cold rolled and galvanized steel products to sell automotive industry, would like to see the ministry completely eliminate the customs duty.

Similar articles

Japan’s steel exports down 0.7 percent in January-April

31 May | Steel News

Will Nucor Sheet Mill Group’s $50/nt price increase push US prices higher?

08 Aug | Flats and Slab

Japanese crude steel output down 7.6 percent in June from May

21 Jul | Steel News

Japanese crude steel output up 7.9 percent in May from April

22 Jun | Steel News

Japanese crude steel output up 11.3% in March from February

23 Apr | Steel News

How will the US steel industry fare under the Biden administration?

09 Nov | Steel News

Turkish scrap maintains uptrend on Orbis Steel Index

22 Oct | Steel News

Turkish scrap up on Orbis Steel Index

15 Oct | Steel News

Turkish scrap rises on Orbis Steel Index

10 Oct | Steel News

Turkish scrap declines on Orbis Steel Index

01 Oct | Steel News