Indian steel industry wants exemption from import duty

Indian steel industry wants exemption from import duty. In order to contain the existing inflation, the government has been approached by the domestic steel industry with a consideration regarding the decreasing of the import duty and bringing it to nil, and charge duty on the HR coils. "Steel manufacturers have increased prices by 30% in the last two months anticipating that Australia may hike the coke price in view of the recent floods that impacted its coal mines," the All India Confederation of Small & Micro Industries Association President Sudarshan Sareen said.§ With the rising prices the industrial output was also affected touching the low of 1.6% for December incomparison to 18% a year ago. However, India is considered to be the third largest steel consumer after China and the US. The total consumption of steel by Indi reached about 60 million tones for the year. With the increasing investments and rising infrastructure demand the steel consumption is expected to rise to 122 million tons by 2015.