Chinese steel mills may gain from customs duty cut announced in Budget

The cut has failed to rein in prices, as domestic steel mills raised flat steel prices by about Rs 1,500 a tonne after the announcement

Topics
Chinese steel | Customs duty | Budget 2021

Ishita Ayan Dutt  |  Kolkata 

Chinese steel mills may stand to gain from the cut in customs duty announced by the finance minister in the budget. Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.

However, it may have an unintended beneficiary, which is China. Moreover, the cut has failed to rein in prices, as steel mills increased flat steel prices by about Rs 1,500 a tonne after the announcement. According to steelmakers, as long as international ...

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First Published: Thu, February 04 2021. 18:08 IST
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