Indian Steel Ministry supports duties regarding steel imports

Indian Steel Ministry supports duties regarding steel imports

Indian Steel Ministry reportedly will not demand any amendment in duties on imported steel products, in the forthcoming budget. However, the Steel Ministry will recommend incentive to be given to Steel Authority of India Ltd (SAIL) regarding its plan of acquiring coal mines abroad. Moreover, Steel Ministry will discuss whether to restore Duty Entitlement Pass Book (DEPB) incentive due to demand from domestic steel producers. In India, rather than the duties on imported steel product however the duties on imported raw materials are demanded to be reduced. As previously reported by SteelOrbis, duties on imported steel products were reduced to 15% from 20% and the duty on imported coke was reduced to 5% from 10% to be effective as of February 24, 2004. Now the producers demand government to reduce the duty on imported coke to 0% level.