Indian steel ministry proposes 15% import duty on HR.

ET reported that Indian steel ministry has recommended levy of 15% duty on imports of hot rolled coils.

HRC imports attract 5% customs duty currently.

The move is aimed at curbing low priced steel coming from countries such as SEA, Ukraine, China and Kazakhstan into India.

While the domestic steel makers are selling HR at about INR 27,000 per tonne exclusive of ED and taxes, the present offers for HR are reported to be at INT 465 CNF India, which translates into about INR 24,000 per tonne on like basis.

However, the recent deals for import of HRC were concluded at USD 400 per tonne to USD 425 per tonne on CNF LO basis, which translates to INR 21,000 per tonne to INR 22,000 per tonne.