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  3. Select steel products get an import hike of 2.5%

Select steel products get an import hike of 2.5%

18 Jun 2015 Evaluate

Giving the much needed relief to the domestic steel manufacturers, the government has increased the basic customs duty (BCD) on certain long and flat steel products by 2.5 percent. The Central Board of Excise and Customs (CBEC) in its notification said that import duty on flat steel products has been increased to 10 percent from 7.5 percent, whereas that on long steel products has been raised to 7.5 percent from 5 percent.

The products include, non-alloy flat products, alloy sheet flat, semis, non-alloy and large alloy flat, among others. Duty on flat products of steel like hot and cold rolled (HR/CR) sheets and coils typically used in automobiles, refrigerators and washing machines were revised upwards from 7.5% to 10%. On long products of steel like TMT bars, angles and channels, used in building and construction, duty has been raised from 5% to 7.5%. The two exceptions were duty has been maintained at existing levels are -CRGO (cold rolled grain oriented) steel or 'electrical steels' that few domestic players manufacture and stainless steel flat products.

Alarmed by the excess steel capacity in China that was leading to dumping, Steel and Mines Minister Narendra Singh Tomar had pressed the finance ministry to raise import duty as a measure to safeguard domestic industry. Indian Steel Alliance (ISA), an industry body of private and public steel producers too had been long lobbying for a duty hike. Imports, which have been clocking almost 1 mt per month since September 2014, remained unabated, going up 43% in April and 85% in May 2015. Against this, Chinese imports had amounted to 1.08 mt in 2013-14 when total steel imports touched 5.45 mt.

The decision, comes on top of recent imposition of anti-dumping duty on some grades of stainless steel. India slapped anti-dumping duty of up to $316 per tonne on imports of certain steel products from three countries, including China, to protect domestic producers from below-cost inbound shipments.

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