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Industries: Indian steelmakers hit by the increased import duty

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Industries: Indian steelmakers hit by the increased import duty

Shares in Indian steelmakers mostly fell on Monday amid uncertainty whether the government would raise import duties on the alloy and whether any increase would be enough to protect the industry.

In Saturday's annual budget, Indian Finance Minister Arun Jaitley said the tariff rate on steel imports would be increased to 15 percent from 10 percent, cheering Indian producers which have been battered by cheap Chinese metal.

However, Jaitley also said there would be "no change in the existing effective rates of basic customs duty on these goods".

A finance ministry official was not immediately available to clarify the discrepancy, but companies themselves, optimistic earlier, said they were now not pricing in any changes.

a senior executive at a different major domestic steelmaker, India's budget suggests the government has simply paved the way to raise the import duty up to 15 percent from 10 percent earlier without going to parliament for approval, speeding up the process.

That is unlikely to be sufficient for Indian steel producers, which have sought a tax hike, among other measures, to stem the flow of cheap imports, as Russia and China ship out surplus output to global markets

India was the fourth-biggest market for Chinese steel last year, with imports up 132 percent to 3.7 million tonnes, the biggest year-on-year increase among China's top destinations, based on data compiled by UK steel consultancy MEPS.

Pub Time : 2015-03-17 10:08:01 >> News list
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