Increase in import duty on China

DELHI (Scrap Monster): The Steel ministry has already requested the finance ministry to bid quantitative restrictions over the amount of steel imported into the ports of India. Apparently, due to bulk production of steel, China is trying to push its output to India. Other than China, Japan, Korea, Ukraine are also following the same path. The matter to be noted is that, even after facing a huge demand for iron ore as well as alloys, China exports its products to India, which continues to hurt Indian manufacturers.

The reports from last month import details shows that, the steel imports from China heaved 100 percent, and hot rolls and flat steel imports from China billowed 57%. The steel imports from Korea surged to 51 percent.

CS Verma, the Chairman of Steel Authority of India stated that the TMT steel Bars exported from China is being widely used in India and the manufacturers are enjoying lower duty and export benefits. The special treatments from the government would only lead to the downfall of Indian Industry, Verma has said.