The govt has hiked customs duty for metallurgical coke.
Industry demands the basic customs duty on all steel imports to be raised to 25%
Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25.
The steel sector has plenty to cheer in the Budget 2012-13, as it has proposed increasing the import duty on flat-rolled steel to 7.5 per cent and reducing duty on plant and machinery imports for iron ore beneficiation to 2.5 per cent.
The ferro alloy sector seeks hike in customs duty on entire range of ferro alloys to 10%, except retaining customs duty on ferro nickel at 5%, which is fully imported.
The trend is expected to gain momentum as global vehicle makers in India, particularly from Japan, ride on hybrids to meet the more stringent fuel efficiency norms that take effect in 2022.
