Indian steel consumers demand hike in export duties

Indian steel consumers demand hike in export duties

According to recent news in the market, Indian steel consumers have filed a petition to Prime Minister, requesting an export duty of Rupees 4'000 ($91) per ton on steel to be imposed. Moreover the consumers also demanded the import duty on all grades of hot rolled coils to be decreased to 0% level. The demand of the consumers is attributed to the recent price hikes effected by certain major Indian steel producers. The subject producers increased their prices on the back of shortage of raw materials used in steel production in local market and the recent freight rate hike. Upon these circumstances, steel consumers not meeting their requirements demanded export duty on steel to be imposed and the import duty on steel to be decreased in order to ensure availability of steel products in domestic market.