India increases flat steel import duty from 5% to 7.5% for 2012-13

MUMBAI (Scrap Monster): India will hike the import duty on non-alloy, flat-rolled steel to 7.5% from 5%, according to Finance Minister Pranab Mukherjee.

This was announced in the budget for fiscal 2012-13 that will run from April to March. The increase applies to flat-rolled products of non-alloy steel, whether or not clad, plated or coated, under tax codes 7208, 7209, 7210, 7211 and 7212, budget documents showed.

The increase was widely expected though imports of finished flat-rolled carbon steel products into India have been on a downward trend this year. Data from the steel ministry's Joint Plant Committee show India imported some 4.42 million mt of finished flat steel products (both alloy and non-alloy) during April-December 2011, down 6% year on year, of which about 3.5 million mt were carbon steel products.