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Raising import duty on stainless steel finance ministry's call - Steel ministry-不銹鋼展-2015第十六屆廣州國際不銹鋼工業展-效果最好的不銹鋼展會-The 16th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
11/10/2014 不銹鋼展-不銹鋼展會-效果最好的不銹鋼展會- Stainless Steel Exhibition |
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PTI reported that the while Indian steel ministry has pitched for a duty hike to safeguard domestic stainless steel industry from Chinese imports, but a final call in this regard will be taken by the finance ministry.
Acknowledging problems of domestic stainless steel industry on account of rising imports, a senior steel ministry official said that a call on raising import duty to the optimum 10% level would be taken by the finance ministry.
Mr Syedain Abbasi, Jt Secretary, Ministry of Steel, said that "In terms of duty structure (on imports of stainless steel), the higher one can go is 10% in this country because that is the decision taken at the WTO. Beyond that, we will not be able to do. We are already at 7.5%. I don''t know what the final view the Finance Ministry will take."
Mr Abbasi said that "If it does, that will give some protection from China. But we must remember that as far as South Korea and Japan are concerned, we have FTAs and there the duty structure will be at zero. So that competitive pressure will continue."
Reeling under severe capacity under-utilisation, domestic stainless steel makers, with a cumulative 5 million tonnes per annum capacity, received a breather in the last Budget as the government raised import duty on flat-rolled products from 5% to 7.5%. The industry now wants that raised further to 10%.
不銹鋼展-2015第十六屆廣州國際不銹鋼工業展-效果最好的不銹鋼展會-The 16th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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