The government on Tuesday, 18 November 2008, announced imposition of 5% import duty on specified iron and steel items to protect the domestic steel industry from cheaper imports, especially from China where inventories are building up. The duty will applicable to steel items such as pig iron, semi-finished, flat and long category of products. These will now be subject to a basic customs duty of 5% ad valorem.
The move will provide some relief to the domestic steel players as it will bring down import of cheap steel products in India.
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