Indian Government reduces import duty on steel products

Wednesday, 05 March 2003 10:41:00 (GMT+3)   |  
       

Indian Government reduces import duty on steel products

The National Budget announcement by the Indian Government last week embraces import duty reduction for cold rolled and other finished steel products and an infrastructure building program at about Rs 600 billion (approx. $12.6 billion). The announcement of such a program pleased the Indian steel companies, as it would mean new projects that would require higher levels of steel consumption in the country. On the other hand, the reduction of import duties by 5% to 25% gave rise to worries as it is commonly believed among the Indian producers that this reduction might, in the long term, have an adverse affect on the Indian steel industry if not with immediate effect, as currently the domestic prices are more or less at similar levels with imports. Meanwhile, hot rolled coil import duty remains unchanged at 25%.

Tags: Crc Hrc Flats Consumption 

Similar articles

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Scrap & Raw Materials

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 12, 2024

21 Mar | Flats and Slab

US HRC prices still ticking downward, prices expected to bottom this month

15 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 11, 2024

14 Mar | Flats and Slab

Stocks of main finished steel products in China up 4.0 percent in early March

14 Mar | Steel News

Baosteel keeps local HRC prices stable for April

12 Mar | Flats and Slab