Millennium Post

Steel cos need higher duty to check China dumping: Tomar

Steel cos need higher duty to check China dumping: Tomar
Alarmed by the “dumping” from China, the steel ministry on Thursday pressed for raising the import duty to protect the domestic industry.

“The steel industry and the government, both are worried over dumping from China. We have discussed increasing the import duty with the Finance Minister, and we hope that we will get favourable results,” Steel and Mines Minister Narendra Singh Tomar told a press conference here.

The steel imports from China in April-January 2014-15 rose to 2.9 million tonnes (MT) against 1.08 MT for the entire 2013-14. During the same period, carbon steel imports from the neighbour stood at 1.52 MT while stainless/alloy steel imports came in at 1.37 MT. Steel imports went up cumulatively to 8.38 MT in April-February 2014-15, registering a whopping 67.3 per cent rise over the same period last fiscal. In the Budget 2015-16, the government has opened up the possibility of increasing import duty for finished and semi-finished steel to 15 per cent from 10 per cent, designed to shielding home-grown firms from rising imports.

The Commerce Ministry has already recommended an anti-dumping duty of up to $316 per tonne on imports of a certain variety of steel from China, Korea and Malaysia. However, Minister of State for Steel and Mines Vishnu Deo Sai had earlier clarified that the government is not planning a ban on steel imports.

Draft rules on mine auctions ready, will now be sent to states

The draft regulations on the auction of mines including iron ore have been prepared and will be sent to states to seek their views within a week, Mines and Steel Minister Narendra Singh Tomar said on Thursday.

“The draft rules and the regulations have been finalised and will be sent to the states for suggestions within a week. The states will be given a time-frame within which they can reply,” Tomar said.
PTI

PTI

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