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FII calls for safeguard duty on finished steel products-The 17th China(Guangzhou )Int’l Casting product Exhibition
11/4/2015 Casting product expo |
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The Telegraph reported that the Federation of Industries of India, an association primarily representing engineering companies, has pleaded with the government to impose a safeguard duty on steel finished products such as pipes and tubes to maintain parity with hot rolled coils. It has also urged the finance ministry to exempt the duty on hot-rolled coil imports for which contracts were signed with the suppliers before the imposition of the 20 per cent safeguard duty notified on September 14, 2015.
Mr HL Bhardwaj secretary-general of the FII said "Hot-rolled coil is the raw material for pipes, tubes, cold-rolled steel strips and sheets. While the finished products attract 12.5 per cent import duty, raw materials attract 32.5 per cent. It is a lopsided situation, which will discourage industry to do value addition in India.”
The FII fears that there could be a surge in the import of finished products if the duty on hot-rolled coils and finished products were not made equal.
Several integrated steel players, such as JSW Steel, have also lobbied with the Centre to impose a safeguard duty on cold-rolled sheets, galvanized products and wire rods. The Centre is learnt to be considering the matter.
Industry sources said the government''s move to impose the duty took several importers by surprise. They are now saddled with costly raw materials. China is a big exporter to India along with Japan, Korea and the CIS countries. Chinese companies reduced the prices of hot-rolled coils soon after India imposed the safeguard duty. As a result, importers contracted to import coils after September 14 got a price advantage over those who contracted shortly before.
铸件展--2016第十七届广州国际铸件产品及工艺技术研讨展-广州巨浪展览策划有限公司 casting-The
17th China(Guangzhou )Int’l Casting product Exhibition
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