Budget wishlist: Steel sector seeks anti-predatory measures against imports

While domestic steel prices have remained subdued, raw material costs have surged approximately by Rs 6,000 per metric tonnes.

Steel
The industry has also urged upon the finance ministry to increase the basic customs duty to 12.5 per cent on ad-valorem basis for all steel products including semis, flats and longs
IANS New Delhi
2 min read Last Updated : Jan 19 2023 | 4:32 PM IST

While domestic steel prices have remained subdued, raw material costs have surged approximately by Rs 6,000 per metric tonnes.

Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget.

In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.

The industry has also urged upon the finance ministry to increase the basic customs duty to 12.5 per cent on ad-valorem basis for all steel products including semis, flats and longs.

In addition to this, the steel makers have also sought inclusion of import of steel products in quality control order (QCO) and requested the government to channelise all non-prime steel products to be channelised through select ports for 100 per cent testing and inspection.

The domestic steel industry has said that contrary to India some of the major import dependent countries like the US, Europe and few others have adopted various conventional and unconventional trade measures to safeguard against trade practices, therefore they have urged the government to take similar measures to protect their interests.

--IANS

ans/svn/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Budget 2023Steel IndustryBudget Wishlist

First Published: Jan 19 2023 | 4:31 PM IST

Next Story