Import Duty in Indian Steel Industry – Updated

The government on 12 Aug’15 surged import duty by 2.5% on flat and long steel products amidst devaluation of Chinese currency, Yuan.

Recently on 12 Aug’15, post devaluation of Chinese currency, Yuan, Indian government surged the import duty on steel products. A 2.5% increase in import duty on flat and long steel products was announced. The government took this step in order to protect domestic steelmakers and to curb rising import.

Earlier on 16 Jun’15, viewing persistent surge in imports, the government had raised custom duty on flat and long products by 2.5%.

Albeit the import duty raised on several steel products, the domestic steel industry is demanding more protection. The industry is citing increase in import from Japan and South Korea, with whom the government has signed a free trade agreement.

For details of import duty hike, click here