Cold Rolled Steel Manufacturers Association of India has written a letter to Steel Secretary Mr Sanjay Kumar Singh saying that how a domestic steel consumer can survive with such high cost steel and competes in the global market. CORSMA has recommended that in order to contain domestic steel prices 1. Reduction in Custom duty on HR Coil (7208 & 7211) to 2.5% from existing 7.5%, keeping 7.5% basic custom duty unchanged for the downstream cold rolled products. It may not be out of place to mention that in the 2014, the basic custom duty on HR Coil was 5% which in stages was increased to 7.5%, 10% and then 12.5%. Subsequently, anti-dumping duty had also been imposed as a trade remedial measure2. To avoid artificial scarcity of HR Coil in the domestic market, it is recommended to impose export duty on HR Coil for a limited period. Further it needs to be ensured that export price offered by India is always higher than the domestic price.3. Steel Ministry may consider directing the major producers to reduce the price. Similar action of price reduction by INR 4000 per tonne was undertaken by the major manufacturers on the direction of Steel Ministry during the year 2008.4. A price index needs to be formulated in order to link price increase/decrease of HR Coil with that of major raw material i.e. iron ore and coking coal.5. For the interrupted production of CRGO, the basic custom duty of zero on the input HRGO presently applicable up to March 2023 needs to be extended.Cold Rolled Steel Manufacturers Association of India represents the secondary/non integrated producers of Cold Rolled products spread all over the country with an annual production capacity of over 6 million tonnes of value added CR, Galvanized, Color Coated, Tin plates & Electrical Steel sheets. HR coil is the raw material for this industry and constitutes around 70% of the total production cost of CR coil.
Cold Rolled Steel Manufacturers Association of India has written a letter to Steel Secretary Mr Sanjay Kumar Singh saying that how a domestic steel consumer can survive with such high cost steel and competes in the global market. CORSMA has recommended that in order to contain domestic steel prices 1. Reduction in Custom duty on HR Coil (7208 & 7211) to 2.5% from existing 7.5%, keeping 7.5% basic custom duty unchanged for the downstream cold rolled products. It may not be out of place to mention that in the 2014, the basic custom duty on HR Coil was 5% which in stages was increased to 7.5%, 10% and then 12.5%. Subsequently, anti-dumping duty had also been imposed as a trade remedial measure2. To avoid artificial scarcity of HR Coil in the domestic market, it is recommended to impose export duty on HR Coil for a limited period. Further it needs to be ensured that export price offered by India is always higher than the domestic price.3. Steel Ministry may consider directing the major producers to reduce the price. Similar action of price reduction by INR 4000 per tonne was undertaken by the major manufacturers on the direction of Steel Ministry during the year 2008.4. A price index needs to be formulated in order to link price increase/decrease of HR Coil with that of major raw material i.e. iron ore and coking coal.5. For the interrupted production of CRGO, the basic custom duty of zero on the input HRGO presently applicable up to March 2023 needs to be extended.Cold Rolled Steel Manufacturers Association of India represents the secondary/non integrated producers of Cold Rolled products spread all over the country with an annual production capacity of over 6 million tonnes of value added CR, Galvanized, Color Coated, Tin plates & Electrical Steel sheets. HR coil is the raw material for this industry and constitutes around 70% of the total production cost of CR coil.
