ASSOCHAM: India should hike its import duty on steel products

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has recommended raising India's import duty on steel products from five percent to a minimum of 10 percent to help domestic manufacturers cope with increasing imports from China and CIS countries.
 
According to ASSOCHAM, as a result of the flow of steel products such as hot rolled coils, cold rolled coils and other coated products to growing markets like India due to oversupply in international markets , the Indian steel industry has reduced production and is running at lower capacity utilization.
 
ASSOCHAM stated that an import duty hike to 10 percent would encourage growth of the domestic steel industry.