August 22, 2008

Steel ministry to recommend import duty waiver for scarp

Mr Ram Vilas Paswan union minister for steel, chemicals and fertilizers while talking to newsmen after addressing the Steel Consumers Council meeting announced that the ministry of steel would request the finance ministry to review the 5% customs duty on imported scrap.

During the meeting, secondary steel producers made a demand for abolishing the 5% import duty at the council meeting saying that there is already a 4% CVD on scrap barring a few exceptions.

Earlier delivering the inaugural address at the meeting of the council, the minister said “In order to contain the prices, the steel producers have been requested by the committee to keep a check on the ex factory prices of long products and also to balance their exports keeping in view the domestic demand and not to commit exports at the cost of domestic demand.”