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Budget Wish List - Indian stainless steel producers want import duty hike-The 17th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/14/2016 Stainless Steel Industry expo |
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Economic Times reported that body of Indian stainless steel producers have urged the government to raise basic customs duty import duty on stainless steel flat products to 15% in the forthcoming budget from the present 7.5% to curb growing imports.
The Indian Stainless Steel Development Association (ISSDA), which has top manufacturers of stainless steel flat and long products as its members, has said considering the fact that imports occupy 45% -50% market share, there is a crying need for increasing the import duty on stainless steel flat products.
ISSDA said in a pre budget statement "In order to protect and revive the domestic ailing stainless steel sector govt, must enhance basic customs duty on Stainless Steel Flat products from the existing level of 7.5% to 15% in the budge."
It also said duty on critical raw materials like pure nickel, ferro nickel, SS Scrap and MS Scrap also needs to be reduced to NIL from the existing level of 2.5% in order to create a level playing field with China and other countries.
ISSDA has also urged the government to initiate investigation in anti circumvention petition (on width >1250 mm) at the earliest to check unwarranted imports.
-stainless-steel-The 17th China(Guangzhou)Int''l Stainless
Steel Industry Exhibition
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