The Indian government has proposed lowering import duties on steel products, considering lowering the duty rate to zero or near zero to curb price increases and reduce pressure on small and medium-sized enterprises (SMEs).
In India's budget for 2021-22, Indian Finance Minister Nirmala Sitharaman lowered anti-dumping (AD) duty and countervailing duty (CVD) on certain steel products, import duty on semi-finished products, flat steel and long products. for unalloyed, alloyed and stainless steel was reduced to 7.5% from 10-12.5%, and the duty on ferrous scrap was also reduced to zero. These decisions were aimed at supporting the local industry, which was severely impacted by rising steel prices.
However, steel prices in India and around the world were expected to rise further due to strong demand for steel and the removal of export tax exemptions by China. Therefore, it was believed that the only way to support India's domestic supplies was to impose a 20-25% export duty to restrict exports.
India considers the possibility of reducing import duties on steel products
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Azovpromstal® 14 May 2021 г. 11:08 |
