It is reported that Indian government will re-impose 14 percent of counter-subsidy tax and increase import tax on long products soon.
As a result, some related mills and the local steel management department will benefit from this action.
Currently, long products production occupies 50 percent of total annual India’s steel output. And the price for long products domestically is down by 35 percent.
Indian government cancelled the import duty on steels in April, 2008 in order to deal with its inflation and construction industry. Experts believed this protection could further damage international steel trade, which they predict there is going to have a loss of 2.1 percent in 2009. Source:Yieh.com
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Saturday, January 10, 2009
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