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India To Raise Tariffs On Stainless Steel Imports

Jan 21, 2022

India to raise tariffs on stainless steel imports

According to sources, Indian Finance Minister Nirmala Sitharaman plans to present the annual budget for the 2022-23 fiscal year on February 1, 2022. Ahead of the budget, the Federation of Indian Chambers of Commerce and Industry (FICCI) had asked the government to increase the import duty on stainless steel coil to 12.5% (now 7.5%).

According to customs data, from January to November 2021, the cumulative amount of stainless steel exported from mainland China to India was about 385,000 tons, an increase of 211,000 tons or 121.7% year-on-year. At present, India has become the second-largest exporter of stainless steel in mainland China.