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On the evening of the 18th, the Indian government decided to impose an 5% ad valorem tax on imports of pig iron, semi-finished steel products, flat steel and long products, and a 20% import tax on raw soybean oil. The Indian domestic steel industry had previously lobbied the government to levy a 10% import tax on related steel products in order to curb imports and provide support for declining domestic steel prices. Before that, iron ore and steel products such as pig iron and long products, as well as raw soybean oil, were completely tax-free.
In a statement to the press, the Indian Ministry of Finance stated that "these measures were introduced because of the recent decline in the international prices of commodities and the protection of the interests of domestic producers."
In spite of this, Indian industry experts said that import taxes will not have any effect on curbing imports. The quotation of steel products from Ukrainian and other countries' companies is 430-440 USD/ton (FOB price), and a large number of contracts are under negotiation. According to the current rupee exchange rate against the U.S. dollar, this translates into Rs 21,300-21,800/t.
The price will increase port costs and inland freight rates in the consumer domain to reach 23,300-23,800 rupees per ton. In contrast, according to trade sources, India's domestic steel sales price is Rs 34,000/t. A 5% import tax will increase the cost of imported steel by Rs. 1100/tonne, while the gap between domestic steel prices and import prices will be Rs. 10,000/tonne.
Indian domestic steelmakers have cut prices by 12-14% (Rs. 5000-5500/t) to stimulate sales earlier this month, but the situation has not improved so far and they may make another round of price cuts.
In a statement to the press, the Indian Ministry of Finance stated that "these measures were introduced because of the recent decline in the international prices of commodities and the protection of the interests of domestic producers."
In spite of this, Indian industry experts said that import taxes will not have any effect on curbing imports. The quotation of steel products from Ukrainian and other countries' companies is 430-440 USD/ton (FOB price), and a large number of contracts are under negotiation. According to the current rupee exchange rate against the U.S. dollar, this translates into Rs 21,300-21,800/t.
The price will increase port costs and inland freight rates in the consumer domain to reach 23,300-23,800 rupees per ton. In contrast, according to trade sources, India's domestic steel sales price is Rs 34,000/t. A 5% import tax will increase the cost of imported steel by Rs. 1100/tonne, while the gap between domestic steel prices and import prices will be Rs. 10,000/tonne.
Indian domestic steelmakers have cut prices by 12-14% (Rs. 5000-5500/t) to stimulate sales earlier this month, but the situation has not improved so far and they may make another round of price cuts.
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