Domestic stainless steel industry
seeks stronger support from the government as it hopes for an upward revision of basic customs duty
for stainless steel, bringing it at par with duty on primary steel products, which currently attracts a 12.5 percent levy.
On Friday, the government imposed 18.9 per cent CVD
on Chinese hot and cold rolled stainless steel
products, effective for a period of five years.
"We are hoping that the government, would further support this industry
in a similar manner as it has done for the carbon steel producers (primary steel makers) where they were protected with series of duties while we (stainless industry) were left high-and-dry," N C Mathur, independent director at Jindal Stainless (Hisar) told Business Standard.
producers, just like primary steel producers also have exposure to banks, and this duty will only place us in a better position to service our debt," he added.
Since the last couple of years, domestic primary steel producers have received prompt protective measures from safeguard duty to minimum import price
to the recent anti-dumping duty
in a bid to counter cheap imports flowing into the country. The domestic stainless steel
industry, on the other hand, has not been lucky enough to recieve such measures. However, with the imposition of CVD, it seems like the government has now placed its focus on other varities of the alloy.
finds wide application in the making of utensils and is also used in consumer goods items.