Indian government planned to increase customs duty on stainless steel items and alloy steel products by 2.5% to 7.5%, and the country planned to raise up the duty on other alloy steel and wire of other alloy steel to 7.5%. This action can protect the domestic steel industry.
The duty will increase to 15% for steel which was suitable for furniture, doors, staircases, windows, blinds, hinge for automobiles.
The government worried about exporters of stainless steel in several countries working with some Indian importers to misuse the provisions of the ASEAN-India free-trade agreement.
The imports of stainless steel from Indonesia have increased more than eight times in 2018. Therefore, the India government was working on increasing duty on steel imports to India from other countries.
Source from YIEH CORP
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