Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Steel News May 12, 2021 05:00:41 PM

India Mulls Cut in Import Duty on Steel

Paul Ploumis
ScrapMonster Author
The import duty cut, if implemented, is expected to bring down domestic steel prices in the country.
India Mulls Cut in Import Duty on Steel

SEATTLE (Scrap Monster): The Indian government announced plans to further cut import duties on various steel items to make them to zero or near-zero levels. The move aims to bring some sort of relief to micro, small and medium enterprises (MSMEs), who have been reeling under the pressure of rising raw material costs amidst Covid-19 crisis related setbacks.

ALSO READ: Cut in Import Duty to Reduce Steel Prices by 10% ICRA

According to government sources, decision has been already taken to conduct a review on import duties on steel items, so as to reduce them or withdraw them completely. In the most recent budget, the Finance Ministry had decided to revoke the anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products. Also, customs duty was reduced to 7.5%. In addition, the import duty on steel scrap was made nil.

As per reports, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce is waiting for a formal nod from the Ministry of Finance to announce the duty cut. A final decision, as to whether to slash the duty to 2.5% or to completely withdraw them, needs to be taken.

The import duty cut, if implemented, is expected to bring down domestic steel prices in the country. However, the industry expressed fears that the move may prove detrimental to domestic steelmakers, as the duty cut could boost imports of cheap and substandard steel.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search