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Posted date: 18-03-2014
NEW DELHI (Scrap Monster): The Directorate General of Foreign Trade (DGFT) in India has eased the steel import norms by allowing exporters to procure quality certificate from any international standard certifying body. As per earlier norms, the exporter had to produce certificate from recognized body in the country of origin of the product.
According to DGFT notification, the relaxation is applicable only to certain imports. Projects in infrastructure, petroleum, nuclear reactors and defence with more than INR 10 billion investment are allowed to obtain certificates from any certifying body meeting international standards. Such imports will be exempted from local quality standards.
The move will help large scale infrastructure players to procure steel more easily from foreign countries. However, it may badly affect the domestic steel makers in the country. The Associated Chambers of Commerce and Industry (ASSOCHAM) have said that the new rule is likely to destroy the country’s steel industry which already is suffering from higher imports. The trade body sent a letter to the Prime Minister asking urgent action to revise the decision.
The shortage of iron ore in the country had resulted in lower capacity utilization levels by steel mills in the country. Consequently, the country had to depend on imports to meet the steel demand. The steel imports by the country had touched 7.9 MT during last fiscal. India mainly import steel from China, Japan, South Korea, the US and Europe. Scrapmonster
Tags: Market report,
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