Retaliatory tariff on steel imports to include tin plate, stainless steel hot rolled products
India’s decision to increase retaliatory tariff on steel imports from the US covers Tin Plate, Stainless Steel Hot Rolled products and CRGO (Cold Rolled Grain Oriented) items. The tariff on these items have been increase to 26.5%, 22.5% and 20% respectively with effect from
August 4, 2018. Currently the items were being charged at the standard rate of 15%.
The volume is more in tin plates, imports are expected to divert form other countries and it is important to ensure quality parameters, steel secretary Aruna Sharma noted. There is also concern about supplies of CRGO, a high value added variety of electrical steel that India manufactures very small quantities but has a requirement of nearly 250,000 tonne per year. However, an internal note prepared by the steel ministry said ThyssenKrupp in Nashik will be making 10,000 tonnes of CRGO this year and hence the requirement will be met locally and through imports.
India's tariff retaliation comes in the wake of US president Donald Trump’s announcement in March this year to impose a 25% tariff on steel imports and a 10% tariff on aluminium. India exports only about $1.5 billion of steel and aluminium to the US each year. Though the US accounts for only a small portion of total exports, Indian steelmakers have begun to carve out a small but significant market for themselves in certain high-value and critical segments such as pipes and tubes used in oil and gas applications.
The volume is more in tin plates, imports are expected to divert form other countries and it is important to ensure quality parameters, steel secretary Aruna Sharma noted. There is also concern about supplies of CRGO, a high value added variety of electrical steel that India manufactures very small quantities but has a requirement of nearly 250,000 tonne per year. However, an internal note prepared by the steel ministry said ThyssenKrupp in Nashik will be making 10,000 tonnes of CRGO this year and hence the requirement will be met locally and through imports.
India's tariff retaliation comes in the wake of US president Donald Trump’s announcement in March this year to impose a 25% tariff on steel imports and a 10% tariff on aluminium. India exports only about $1.5 billion of steel and aluminium to the US each year. Though the US accounts for only a small portion of total exports, Indian steelmakers have begun to carve out a small but significant market for themselves in certain high-value and critical segments such as pipes and tubes used in oil and gas applications.