India considers to reduce duties on imports of certain steel products

India considers to reduce duties on imports of certain steel products

The Indian Steel Alliance, which represents country's major steel producers, such as Steel Authority of India (SAIL), Tata Steel and Essar Steel is considering to reduce duties on certain steel products in the budget of 2003-2004 fiscal year, upon the request from steelmakers and steel users. Downstream steel users requested a decrease in duties by 10% for hot rolled coils, 15% for cold rolled coils from the current 25% rate, however Indian Steel Alliance is expected to reduce duties less than the requested rates. In fact, steel makers in India had previously resisted a change in duties as the current prices are not high. An official from Cold-rolled Steel Manufacturers Association of India expressed his comment on the issue, underlining the necessity of reduction in the duties as the duties in effect in India are very high, when compared with the duties ranging between 4-10% on steel imports applied in US, EU and most of the Asian countries.