CNBC-TV18 cited Mr SK Roongta chairman of Steel Authority of India
Limited as saying that the 5% import duty is welcome although he would
have liked it to be at least 10%.
Mr Roongta said that “The duty change would have only a marginal impact on the domestic prices.”
Mr SK Roongta also feels that the India government should now look into
restoring the countervailing duty, which was removed on certain long
products and was creating negative protection from imports in respect
of certain long products.
He does not intend to opt for production cuts or reorienting
product mix. He hopes for normal sales to resume from December onwards.
Mr Roongta added that prices have come down by at least 40% since July
in case of most products. SAIL has reduced prices by 15% to 20% across
products this month.
source : Steelguru