Indian steel wire industry demands tariff amendment

Indian steel wire industry demands tariff amendment

The Steel Wire Manufacturers Association of India (SWMAI), on behalf of Indian steel wire producers, called for the government to implement higher tariffs on steel wires. SWMAI suggested a basic customs duty of 20% on all types of iron or non alloy wires and alloy steel. Moreover, SWMAI demanded that the government maintain the 20% customs duty on stranded steel wire. SWMAI pointed out that tariff structure, which lumps finished products, semi-finished steel and raw steel into the same category, is irrational. Steel wires are finished products and therefore should be considered separately from semi-finished and raw materials, argues SWMAI. The group added that the current tariff structure injures the Indian steel industry. Steel wires are crucial inputs used in automobiles, auto parts and specialty buildings. India produces 1.5 million tons of steel wire per annum.