Indian steel companies demand reduction in steel import duties

Indian steel companies demand reduction in steel import duties

Downstream steel users in India, having concern about the suspension of Duty Entitlement Pass Book (DEPB) incentives on exports of steel and price hikes hindered by the government in the last two months, demanded government to reduce duties on imported intermediate steel products. Moreover, downstream steel users reportedly suffer from shortage of intermediate steel products. It is stated that domestic cold rolled steel producers demand customs duty on hot rolled coils to be decreased to 5% from 15%. Therefore, 10% difference between customs duties on intermediate steel products, such as hot rolled coils, blooms and billets and customs duties on finished products will occur. Moreover, Cold Rolled Steel Manufacturers' Association (CORSMA) demands duties on raw materials, such as pig iron, scrap, sponge iron, ingots and slabs to be reduced from 15-20% to 0% and the duties on finished steel products, such as cold rolled sheets/coils, pipes, tubes and rods to keep their level of 15%. For finished steel products that are not produced in India, CORSMA is of the opinion that, the duties should also be reduced to 0%.