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PrintRepresentatives of the steel industry on Saturday decided to urge the Government to extend duty benefits to all steel products in view of falling global steel prices.
The benefits would include a 15 per cent import duty (which is nil now), abolition of existing five per cent export duty, restoration of DEPB benefits, and reintroduction of 14 per cent countervailing duty.
Products included
The products would include hot rolled steel, cold rolled steel, plates, GP/GC sheets, re-inforced bars (commonly referred as TMT bars), angles, channels, joists, billets and pig iron, sources said.
The decision to urge for extending the benefits to all iron and steel products was taken at a meeting of the apex chambers held on Saturday following a meeting between the Steel Ministry and steel producer on Friday.
“The industry feels a 15 per cent import duty on all iron and steel products is necessary in the current context,” sources present in the meeting said.
Under pressure
Domestic steel manufacturers had come under pressure following a slide in global steel prices post-July. This has resulted in building up inventories and consequent liquidity crunch.
Making it attractive
Currently, international steel prices are lower than Indian steel prices which are making imports more attractive to large consumers.
“If the Government responds to our demands favourably the domestic industry will not have to compromise with the target of reaching 124 million tonnes production capacity by 2011-12,” the source said. –Business Line
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