India’s ministry of steel has rejected industry representations seeking an immediate increase in basic customs duty on imports, government sources said on Friday, April 28.
They said that industry representative bodies led by the Indian Steel Association (ISA) had submitted that basic customs duty on steel imports needed to be increased to check the sharp rise in inward shipments, but the assessment by the government led by minister of steel Jyotirditya Scindia concluded that such a measure was not necessary and would lead to increases in prices of crucial alloys in the domestic market and contribute toward inflationary pressures.
India’s imports of steel products surged to 7 million mt in the fiscal year 2022-23, up 45 percent year on year and reaching the highest level in four years.