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stainless steel firms urge govt to hike import duty to 12.5%

by:Keke Jewelry     2020-06-16
Cheap imports and dumping from China continue to plague the domestic steel industry.
Under the impact of cheap imports, the domestic stainless steel industry urged the government to raise the import tax on these products to 12. 5%.
The import of stainless steel flat products hit a record high 5. 32 lakh tonne (LT)in 2015-
16, about 25% of the total domestic demand of 24 LT. Since 2011-12 (3. 07 LT)
Shipments of visiting Hong Kong increased by 50%, and industry organizations India stainless steel Development Association (ISSDA)said.
About 30 LT stainless steel produced in India, mainly for kitchen
Products related to process industry, engineering, automobiles, railways, construction, etc. follow.
\"Like steel, the stainless steel industry is also facing a large number of cheap imported products, which now account for 1-
Fourth domestic consumption.
N. C. Mathur, president of ISSDA, told PTI, \"We are asking the government to protect the industry . \".
The industry requires the government to raise basic tariffs (BCD)
Stainless steel flat panel products for finished products from 7.
5% currently 12.
5%, equivalent to carbon steel.
Mathur added that since several raw materials used to make stainless steel are imported, it urged the government to reduce the import tax on these products to zero.
\"We are excluded from the minimum import price (MIP)
And double the carbon steel tariffs last year.
But now we are in a very bad situation and the industry is in a crisis . \"
ISSDA also asked for a temporary countervailing duty on hot and cold rolled flat stainless steel products from China. \"Of the 5.
In the last fiscal year, only 50% of LT imports came from China.
Imports from China have tripled. fold to 2. 77 LT in 2015-16 from 1. 13 LT in 2013-
14, \"said martour.
ISSDA said that since 2000, stainless steel producers have invested about Rs 35,000 crore in modernization and capacity expansion, which would be useless if the government did not support the industry at this time.
\"What we ask is
1-term support
2 years, because in this environment, the industry must fulfill its interest payment and debt obligations.
These can\'t wait for the budget because from the data you can see how serious the situation is, \"said Mathur rued.
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