ArcelorMittal Nippon Steel India's CEO, Dilip Oommen, suggested on Tuesday that India should increase customs duties on steel imports to curb the influx of cheap steel and address aggressive pricing.
He emphasized that the country is currently facing a surge in steel dumping, with finished steel imports from China reaching their highest level in seven years during the first five months of FY2024-25 (April-August 2024).
Oommen proposed that the basic customs duty be raised from the current 7.5% to 15% in order to better protect the domestic steel industry.
The Indian Steel Association, which represents major companies such as JSW Steel, Tata Steel, ArcelorMittal Nippon Steel India, and SAIL, also suggested to the finance minister to increase the import tariff to 15%.
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