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Indian steel minister seeks customs duty hike
India’s steel ministry will request that Prime Minister Narendra Modi and the finance ministry ensure steel custom duties are hiked from 7.5% to 10-12%, Indian steel and heavy industries minister HD Kumaraswamy said at Wednesday’s Indian Steel Association (ISA) Conclave in Delhi attended by Kallanish.
“I will promise you that the problem that you are facing from China [rise in low-priced imports and dumping], for that, I [will] request and … try to convince our prime minister and finance ministry to look [at raising duties from] about 7.5% tax to 10-12% tax,” Kumaraswamy proclaimed.
“Our government is steadfast in providing the necessary policy support [to the steel industry],” he added.
Kumaraswamy emphasised his ministry is confident about India’s growth prospects and acknowledged the challenges being faced by the Indian steel industry, such as the slowdown in global demand and, especially, in China.
The minister stated the steel ministry’s commitment towards Atmanirbhar Bharat (Self-reliant India) and towards ensuring the steel sector’s growth continues despite challenges.
“Also, I am inspired by the industry’s commitment towards achieving net-zero well before 2047,” he noted.
“We must face both short term and long-term challenges, whether it is surging imports, the pathway to a green transition, trade barriers or raw material shortages. But I believe that, with innovation and determination, we can work on this,” he continued.
“By investing in the latest technologies and optimising our processes, we can significantly reduce our carbon footprint. Hydrogen holds immense potential as a clean fuel source for steel production,” he added.
He also highlighted the importance of investing in research and development and embracing circular economy principles.
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Anonymous
Very good overview of the weekly steel market.
Anonymous