It is reported that the Indian government has imposed restrictions on import of seamless tubes and pipes, which are used by the automobile, oil and gas industries, after imposing curbs on import of hot-rolled coil and levying a 5 percent import duty on steel products last week.
The reason is that there is a weaker demand in the domestic steel industry and the Indian domestic market would be flooded with cheap Chinese products without import restriction.
Moreover, the move is likely to benefit companies like Jindal Saw and Maharashtra Seamless. Source: Yieh.com
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Thursday, November 27, 2008
10:33 |
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