The Indian government has increased the import tax on flat rolled steel products from five percent to 7.5 percent to help boost demand for domestically produced products, according to media reports.
In his budget speech, Indian Minister of Finance Pranab Mukheree stated that the import tax on plant and machinery for iron ore beneficiation has also been reduced to 2.5 percent, while the basic customs duty on coating material for the manufacture of electrical steel has been decreased from 7.5 percent to five percent.
India's largest steelmakers such as
Tata Steel, JSW and
SAIL are expected to benefit from the import duty hike on flat rolled products.