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Customs duty rejig on steel products may impact domestic steel prices, increase imports from China
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“Increased capital expenditure augers well for metal players. However 2.5% to 5% reduction in customs duty on certain finished steel products and semis would affect domestic prices of such products, and thereby adversely impact the margins of affected players,” said Jayanta Roy, Senior Vice-President & Group Head, Corporate Sector Ratings, ICRA Ltd on Steel sector.
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Imports from China in 2020 were very low, however this trend might reverse and China might export more
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MUMBAI: The finance minister s announcement to reduce customs duty on imports of some steel products to 7.5% from 12.5% during the union budget will boost the secondary steel players, but analysts believe the move might affect domestic prices of such products, and thereby adversely impacting the margins of some primary steel players in the long run.
Mumbai: Steel user industries like auto, construction and engineering goods sector have welcomed the announcements made by the Finance Minister to slash customs duty on steel products to 7.5% from 12.5%, and exempting duty on import of steel scrap.
Reacting to the Budget proposals, Engineering Export Promotion Council (EEPC) India chairman Mahesh Desai said that slashing customs duty uniformly to 7.5 per cent on key iron and steel items , along with customs duty exemption on steel scrap up to March, 2022 is a big positive. It is a great move for Atmanirbhar Bharat and the MSMEs who had been hit hard for an unprecedented increase in the recent months,” Desai said.