India halves import duty on some steel grades

The government of India has halved the import duty on certain grades of steel that are used in the manufacture of cold-rolled grain-oriented (CRGO) steel to five percent, looking to cut cost of raw material for domestic industry.

The Central Board of Excise and Customs decided that customs duty on the import of hot rolled coils, cold-rolled Magnesium Oxide (MgO) coated and annealed steel, hot rolled annealed and pickled coils and cold rolled full hard, used for the manufacture of cold rolled grain oriented steel (CRGO) steel, will be cut to 5 percent with immediate effect.

CRGO are electrical steel grades used for stampings and cores of electrical transformers and other electrical apparatuses.

While India imposes anti-dumping duties on several flat-steel products, it needs to import CRGO steel.

Source: The Hindu Business Line