India to decide on further hike in steel import duty within a week
26 June 2015
India is expected to take a decision on further raising import duty on steel within a week, Minister of Heavy Industries and Public Enterprises Anant Geete said, in a bid to protect local producers from surging imports from countries such as China and Russia.
Last week, the government raised import duty to 10 percent from 7.5 percent on flat steel and to 7.5 percent from 5 percent for long steel products, to stem the flood of imports.
Many steel companies, such as Tata Steel Ltd, JSW Steel Ltd and Kalyani Steels Ltd, have seen profits come under pressure in recent quarters due to surging imports of steel.
The heavy industries ministry will talk to Finance Minister Arun Jaitley on checking the quality of steel being imported into India, Geete told reporters at the sidelines of an industry conference in Mumbai.