Budget 2021: Indian govt reduces custom duty on steel imports

Indian govt has reduced custom duty on steel imports (including Flat Products of iron or non-alloy steel and alloy steel) to 7.5 % which was earlier at 12.5%, the finance minister said in Budget 2021 speech. Notably, for FTA countries the custom duty was already zero India’s HRC/plates import volumes hit six- years low to 1.22 mn t in CY ’20, as per the data maintained with SteelMint.