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India to notify 20% import duty on some steel products: sources

India's merchandise exports contracted for the ninth straight month in August, government data showed on Tuesday, marking a 20.66 per cent drop year-on-year because of continuing weak global demand.

[NEW DELHI] India will soon notify a 20 per cent import tax on some hot-rolled steel products, two sources aware of the matter said, after a government body found evidence that rising imports from China, Japan, South Korea and Russia pose a threat to local companies.

The Directorate General of Safeguards last week recommended the duty for 200 days as it further investigates the issue, following complaints by Steel Authority of India, JSW Steel and Essar Steel.

The steel makers had been pushing for a safeguard duty instead of an increase in the existing import tax because a safeguard duty would also apply to companies in Japan and South Korea. India has free trade agreements with these countries and gives them import duty concessions.


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