The industry has also urged upon the finance ministry to increase the basic customs duty to 12.5 per cent on ad-valorem basis for all steel products including semis, flats and longs
While domestic steel prices have remained subdued, raw material costs have surged approximately by Rs 6,000 per metric tonnes.
Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget.
In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.
The industry has also urged upon the finance ministry to increase the basic customs duty to 12.5 per cent on ad-valorem basis for all steel products including semis, flats and longs.
In addition to this, the steel makers have also sought inclusion of import of steel products in quality control order (QCO) and requested the government to channelise all non-prime steel products to be channelised through select ports for 100 per cent testing and inspection.
The domestic steel industry has said that contrary to India some of the major import dependent countries like the US, Europe and few others have adopted various conventional and unconventional trade measures to safeguard against trade practices, therefore they have urged the government to take similar measures to protect their interests.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jan 19 2023 | 4:31 PM IST