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India imposes 20% import tax on some steel imports


India imposes 20% import tax on some steel imports

New Delhi, Sept 15 (ANI): India imposed a 20 percent safeguard import tax on some of the steel products with immediate effect, said Union Finance Minister Arun Jaitley. The import tax has been imposed on some hot-rolled steel products for 200 days as the government investigates a threat to domestic companies from rising supplies from China, Japan, South Korea and Russia.

Struggling to compete due to higher borrowing and raw material costs, Indian steel companies had successfully lobbied to get duties on some products raised to 12.5 percent and quality checks strengthened in recent months.

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