India plans up to 25% temporary tax to curb cheap Chinese steel imports
The proposal gained broad support at a meeting chaired by commerce minister Piyush Goyal on Tuesday after small industries dropped initial opposition once they received assurances that they would not be hit by higher steel prices.
«It seems the safeguard duty will be imposed after an investigation, likely completed within a month,» said an industry official who attended the meeting. «To address concerns of small manufacturers, large steelmakers will supply them steel at reduced prices.»
India's Directorate General of Trade Remedies is investigating whether cheap imports from China have harmed domestic steelmakers. The government is likely to impose the temporary tax once the investigation is over.
«MSMEs (micro, small and medium enterprises) registered with the government will receive raw materials at FOB (free on board) export prices,» Pankaj Chadha, chairman of the Engineering Export Promotion Council of India (EEPC), said after the meeting.
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