Indian steel producers seek customs duty hike

Indian steel producers seek customs duty hike

Indian steel producers asked the government to increase the customs duty on seconds and defectives iron and steel from 20% to 40%. As reported by SteelOrbis at the beginning of the year, the Indian government decreased the duty in question from 40% to 20% in an effort to rein in inflation. However, claiming that the lower duty may encourage CIS countries to resume their dumping of goods in the Indian market, the Indian steel industry demanded that the previous duty rate be reapplied. Moreover, steel producers asked the government to increase the import duty on steel from 5% to 10% and to reduce the excise duty from 12% to 8%. The Indian steel industry continues complains about the duty rates on certain raw materials, such as ferroalloys and iron ore. The producers want the duty rate, which currently ranges between 10-15%, to be either completely eliminated or at least brought down to 5%. Apart from the abovementioned duty rates, the Indian steel industry is also seeking a price-linked duty structure.