Indian Trade Official Recomends 20 Percent Duty on Certain Steel Imports
09/09/2015 - India’s Director General of Safeguards is recommending that the country impose a temporary 20-percent safeguard duty on imports of certain flat products, including hot rolled coil.
According to reports, the recommendation from Director General Vinay Chhabra is for the duty to remain in place for 200 days.
“This is a big, positive step,” Goutam Chakraborty, a Mumbai-based analyst at Emkay Global Financial Services Ltd., told BloombergBusiness. “If accepted, this action will help in cutting imports from countries, including Japan and South Korea, that have free trade pacts with us.”
Indian producers are also worried that China’s devaluation of the yuan will lead to increasing volumes of imported Chinese steel.
In August, India raised the import tax on certain steel products by 2.5 percent, increasing it to 12.5 percent, according to Bloomberg.
“This is a big, positive step,” Goutam Chakraborty, a Mumbai-based analyst at Emkay Global Financial Services Ltd., told BloombergBusiness. “If accepted, this action will help in cutting imports from countries, including Japan and South Korea, that have free trade pacts with us.”
Indian producers are also worried that China’s devaluation of the yuan will lead to increasing volumes of imported Chinese steel.
In August, India raised the import tax on certain steel products by 2.5 percent, increasing it to 12.5 percent, according to Bloomberg.
