Steel ministry urges FinMin to hike Customs duty to counter Chinese threat

The steel ministry has urged the Ministry of Finance to double the basic Customs duty on imported finished steel products to 15 per cent from the current 7.5 per cent in the upcoming Union Budget for 2025–26, people aware of the matter said.

 

The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China, one of the people cited above told Business Standard.

 

According to official data, the share of imports from China increased to 32 per cent in the financial year (FY)