Secondary steel producers oppose 10% import duty
While Steel industry across the country is seeking 10 per cent import duty on steel products, the primary and secondary steel manufacturers opposed any increase in import duty. Steel industry said that international steel prices are coming down and some CIS countries and China are exporting steel at quite lower prices to secondary producers causing huge loss to domestic steel producers.
The Cold Rolled Steel Manufacturers’ Association (Corsma) has written a letter to Union Finance Ministry and requested not to entertain the recommendations of Steel Ministry on import duty hike. It also reminded government regarding its assurance of retaining duty rates at ASEAN levels.
The body asked for protection of any industry through statutory authorities and urged not to disturb entire customs duty structure.
Primary steel manufacturers have already cut steel prices according to rates of steel in international market. They have also stared cost cutting measures including lowering production and lay-offs. They have recently asked union finance ministry to impose higher import duty to save domestic steel industry from huge losses.