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Journalism of Courage
With the domestic steel industry reeling under the double whammy of depleted sales and rising imports,the Steel Ministry is actively considering to recommend enhancing the import duty on flat products to 15 per cent and increasing the import duty on long products (rebars and structurals) to 10 per cent. This comes days after the steel producers told the top brass of the ministry that cheaper imports are leading to depleting sales and rising inventories.
We met steel makers recently and they have voiced concern on depleting sales in the wake of a depressed market sentiment coupled with rising cheaper imports,which they say is leading to rising inventories. We have considered their suggestion and are processing their case, Steel Secretary Pramod Kumar Rastogi told The Indian Express. Sources said the matter has been put forward for consideration of Steel Minister Ram Vilas Paswan. The move comes even as HR coils imports have been put under the restricted category.
