Indian government plans to impose extra duty against steel imports
19 Aug 2019 16:25 reported by Alex Lo
The Indian government mentioned that the extra protective duty agreement against imported steel was almost in the final procedure.
India mills were working on 25% extra duty against oversea imported steel. At the same time, Indian mills also worried about there will be a good quantity coming into Indian market because the India government signed the FTAs agreement with Japan and South Korea without basic tariffs.
The statistics from India steel minister showed that the finish steel product delivery quantity from South Korea, Japan and Indonesia accounted for 54% of Indian total import amount in July 2019, totaling around 7.7 million tons.
The domestic steel demand in India was weak since the whole nation's economy was slowing down, especially the real estate and auto industry. The two industries were the key to push steel consumption increasing.
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