India raises customs duties on stainless steel

In response to demands from Indian stainless steel producers, the Ministry of Steel has proposed an increase in the core product customs duty from 7.5% currently to at least 10%. The move aims to protect domestic firms from rising imports from China, Japan and South Korea at "extortionate prices."

India's imports of stainless flat rolled products have grown 64% over the past three years. China accounted for over 50% of the country's total imports. China was a net importer of stainless steel until 2009, but has now become the largest exporter of stainless steel due to weak domestic demand. Japan and Korea account for about 15% of total imports. At the same time, India has already cut tariffs to zero on imports of stainless steel flat products from ASEAN countries and Japan in a phased tariff reduction program.

“The anti-dumping duties imposed on some of the stainless steel grades last June are now redundant. We will act at the request of the industry and use a selective hike in duties for stainless steel products, ”said a senior steel ministry official.

India raises customs duties on stainless steel
In response to demands from Indian stainless steel producers, the Ministry of Steel has proposed an increase in the core product customs duty from 7.5% currently to at least 10%. The move aims to protect domestic firms from rising imports from China, Japan and South Korea at "extortionate prices."

India's imports of stainless flat rolled products have grown 64% over the past three years. China accounted for over 50% of the country's total imports. China was a net importer of stainless steel until 2009, but has now become the largest exporter of stainless steel due to weak domestic demand. Japan and Korea account for about 15% of total imports. At the same time, India has already cut tariffs to zero on imports of stainless steel flat products from ASEAN countries and Japan in a phased tariff reduction program.

“The anti-dumping duties imposed on some of the stainless steel grades last June are now redundant. We will act at the request of the industry and use a selective hike in duties for stainless steel products, ”said a senior steel ministry official.