Govt raises import duty on selected steel products by 2.5 pc

In a <g data-gr-id="16">much needed</g> relief for domestic producers, the government has increased the basic customs duty (BCD) on certain long and flat steel products by 2.5 <g data-gr-id="24">per cent</g>. Import duty on flat steel products has been increased to 10 per cent from 7.5 per cent, whereas that on long steel products has been raised to 7.5 per cent from 5 per cent, said a Central Board of Excise and Customs (CBEC) notification. The products <g data-gr-id="13">include,</g> non-alloy flat products, alloy sheet flat, semis, non-alloy and large alloy flat, among others. The move is expected to help domestic steel producers who are battling cheap imports from countries such as China and Korea. The government, however, has not increased the BCD (Basic Customs Duty) for stainless steel and cold rolled <g data-gr-id="12">grain-oriented</g> steel (CRGO).