Steel ministry to push for higher import duty

The steel ministry is likely to push for higher Customs duty to protect domestic steel industry against cheap imports amid global slump in demand and prices.

“Steel industry has been demanding higher import duty. We will meet the steel manufacturers soon and depending on the situation push for more levy. We will have a second look of the duty structure,” said Minister of State for Steel Jitin Prasada. Advocating more protection for the industry, the minister said the government’s move to levy a 5 per cent customs duty on steel items, besides restricting their imports, will provide a cushion to the sector.

“The government has to take a call on economy. There are different dimensions to their decisions. It (Customs duty) is, nevertheless, a welcome move,” he added.

Prasada said the ministry will also demand 14 per cent countervailing duty on TMT bars and structurals to make imports competitive.