We’re getting into protection zones. The Finance Ministry yesterday announced a 20% “safeguard” duty on steel. This is to protect domestic industry, apparently, because China, Japan, South Korea and Russia are selling steel at very very low prices. On the representations of the domestic steel industry, the Director General of Safeguards had initiated safeguard investigations into alleged increased imports and consequent injury to domestic industry and issued a preliminary finding dated 09.09.2015 recommending imposition of provisional safeguard duty at the rate of 20 % ad-valorem, for a period of 200 days on “Hot rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more” classifiable under heading 7208 or tariff item 7225 30 90 Chapter 72 of the Customs Tariff Act, 1975. If you plot the exports and prices per unit (from Zauba) you get a chart that does show increasing volumes but at much lower prices.… (Read On…)
[via Capital Mind » Capital Mind]
Follow us @investmentheat – lists / @sectorheat