Policy to promote steel products made domestically
The Dollar Business Bureau The Government has approved a Policy for providing preference to domestically manufactured iron & steel products (DMI&SP Policy) in government departments, agencies, ministries which comes into effect from May 8, 2017. The policy mandates that all government bodies, offices, ministries, agencies etc should procure domestically manufactured steel products, in which a minimum value addition of 15% has taken place locally. The policy is applicable to the procurement of iron & steel products having an estimated aggregate value of Rs 50 crores or more. The policy also details that procurements that do not meet the steel specifications as desired by the government body or if the specific grades of steel are not manufactured in the country, or the quantities cannot ...
Domestic steel mills to benefit from low ore prices, ICRA
The Dollar Business Bureau Domestic steel mills may benefit from lower iron ore and coking coal costs in the current year but sustained weakness in demand still remains a concern, ICRA said. The ratings agency in a report said, "Sustained demand weakness remains a concern for the domestic steel industry with a growth of mere 4.6% and 2.6% in FY2016 and FY2017 respectively due to sluggishness in key end-user industries. "Weak demand conditions have led to a correction in domestic hot rolled coil (HRC) prices by 7% in May 2017." The report also specified that the seaborne iron ore prices have corrected by 36% between February and May of 2017 dragged down by a correction in Chinese steel prices, steadily rising iron ore ...
DGAD imposes definitive ADD on 47 steel products from China and 5 other countries
The Dollar Business Bureau India imposes definitive anti-dumping duty(ADD), effective for 5 years on 47 products of alloy or non-alloy steel from China PR, Japan, Korea RP, Russia, Brazil and Indonesia. The duty imposed carried a minimum price of $478/ metric tonne to a maximum amount of $561/metric tonne. The ADD would be effective from the date of imposition, April 8, 2017 as notified in the DGAD notification no- 17/2017 dated 11/05/2017. Of the total steel imported in India during 2015-16 the imports of hot rolled and cold rolled coils was 47% and with the imposition of duty it came down to 36%. Now with the latest notification of the government of extending the anti-dumping duties to hot rolled and cold rolled flat ...
Govt imposes anti-dumping duty on imports of steel products from China
The Dollar Business Bureau The Government has imposed an anti-dumping duty on imports of colour-coated/pre-painted flat products of alloy or non-alloy steel originating from China and the European Union. The recommended anti-dumping duty is $849 per metric tonne and shall be effective for a period not exceeding six months, unless revoked, superseded or amended earlier from the designated date and will be paid in Indian currency, the DGFT said in a notification. The domestic steel industry had raised its concerns with the government over the rising imports of the material originating mainly from China, European Union. The designated authority after its due investigation found that these countries had dumped the material at less-than its normal value, which has caused a significant injury to the domestic ...
Rise in duty on steel product imports inadequate: Indian Steel Association
Sai Nikesh | The Dollar Business Amidst concerns from domestic industry over raising steel imports into the country, Government of India on Wednesday, increased basic customs duty on imports of steel products. Under this move, customs duty on imports of more than 400 steel products (a majority of them falling under the 8-digit HS Code levels) have been increased from 5%-to-7.5%-to-10%. The products include, Iron and non-alloy steel ingots; Semi-finished products of iron or non-alloy steel; Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, cold-rolled, plated or coated; Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or less, cold-rolled, plated or coated; Bars or rods, hot-rolled, in irregularly wound ...
