Indian Officials Extend Safeguard Duty for Two More Years
03/30/2016 - India is extending a six-month safeguard duty it imposed last year on hot rolled coils, the Central Board of Excise and Customs has announced.
The duty will remain in effect until March 2018. It currently stands at 20 percent, but will gradually decline to 10 percent over the next two years.
“Extension in safeguard duty period vindicates what the domestic steel industry has been talking about. So, it is a welcome step by the government,” Sesharigi Rao, JSW Steel joint managing director and group chief financial officer, told the Business Standard newspaper.
The Indian government imposed the duty in September 2015 and said it would remain in place for 200 days. It also has set minimum import prices for some products to provide additional protection for domestic steelmakers.
India’s steel ministry also is studying the feasibility of a bailout package to help indebted local producers, according to BloombergBusiness.
“Extension in safeguard duty period vindicates what the domestic steel industry has been talking about. So, it is a welcome step by the government,” Sesharigi Rao, JSW Steel joint managing director and group chief financial officer, told the Business Standard newspaper.
The Indian government imposed the duty in September 2015 and said it would remain in place for 200 days. It also has set minimum import prices for some products to provide additional protection for domestic steelmakers.
India’s steel ministry also is studying the feasibility of a bailout package to help indebted local producers, according to BloombergBusiness.
