Indian Government Cuts Import Duty on Electrical Steel

Central Board of Excise & Customs (CBEC), govt of India has recently announced reduction in import duty on electrical steel to 5%.

Its latest circular dated, 12 Jun'17, states that Basic Customs Duty on import of hot rolled coils, cold rolled Manganese oxide (MgO) coated and annealed steel; hot rolled annealed and pickled coils, cold rolled full hard used for manufacture of cold rolled grain oriented steel (CRGO) steel falling under tariff item 7225 1100 has been reduced to 5%.

Earlier the import duty on the same was at 10%. Thus it has now been reduced to half i.e. 5%.

Link to notification dated 12 Jun'17

India imported 1.46 MnT electrical steel in CY16 - According to customs data maintained with SteelMint, India imported 1.46 MnT electrical steel in CY16.

Out of 1.46 MnT electrical steel imported to India in CY16, largest share of 56% (0.82 MnT) was from China followed by South Korea and Japan with 16% and 13% share respectively.

In CY17 (till Apr'17) India's imports of electrical steel stood at 0.6 MnT, out of which majority of imports were from China, Japan and South Korea.