Ministry for raising stainless steel customs duty

Paying heed to the stainless steel industry’s demand, steel ministry has proposed an increase in the basic customs duty (BCD) on the product from 7.5% now to at least 10%. The move is aimed at protecting the domestic firms from burgeoning imports from China, Japan and Korea at predatory prices.
“Anti-dumping duty, imposed on certain grades of stainless steel in June last year, has now become redundant as circumventions are happening in galore. We will go by the industry request and suggest some hike in the BCD for stainless steel products,” a senior steel ministry official said.
Like most of the Indian steel sector, the stainless steel industry has also been facing difficult times over ...

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