Steel cos seek import tariff on primary pdts to boost local sales
Wednesday, Sep 17
NEW DELHI - Primary steel makers are planning to demand re-
imposition of
5% import duty on primary steel products, as lower global prices
threaten to
crimp domestic sales, an industry official said today.
"Some CIS countries are quoting ridiculously low prices, and
customers are
arm twisting with those quotes," the official told NewsWire18.
Prices of primary steel products such as hot-rolled coil--
processed to
make various value-added products--fell by 2,000 rupees a tn this
month.
"We plan to meet the government soon to present our case," the
official
said.
So far, the threat from imports is more sentimental than about
fundamentals, as global steel prices--despite the moderation over the
last
couple of months--remain are higher than domestic prices.
But the steel industry wants to be prepared for a plausible
scenario--wherein international prices plunge further as economic
fragility
grips the world.
The government freed steel imports earlier this year to improve
domestic
supplies, at a time when local steel prices reached historic highs.
Companies had met the government and said they had voluntarily
decided to
keep prices on hold.
With the tide taking a different turn, steel companies now want
the
government to reciprocate. End
.
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