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JSW open to sell steel on advance licence to export-oriented engineering companies

Steel News - Published on Fri, 19 Apr 2019

Image Source: Hindu Business Line
Business Line reported that JSW Steel has offered to supply steel to export-oriented engineering companies at the landed cost of imports without adding customs duty under the advance licence mechanism. Mr Seshagiri Rao, Joint Managing Director JSW Steel, said “There is enough schemes for exporting engineering companies to import steel without paying duty. He said that assuming they are facing difficulty in importing. The industry is willing to supply steel at the landed cost under advance licence.”

He added “In fact, he added engineering companies can source hot-rolled coil at a much cheaper price than importing, if the government reimburse import duty ranging INR 500-1,250 a tonne to steel companies.”

In a bid to incentivize export, the government allows exporting units to import raw material duty-free under the advance licence. While steel companies have been demanding the government to increase duty to prevent cheap imports, the Engineering Export Promotion Council recently voiced concern against the protectionist measure. In a presentation made to the Commerce Ministry opposing any hike in steel import duty, EEPC highlighted how steel prices have shot up in the past two years. This apart, it said the delivery period has increased to 4-6 months from just a few weeks ago, it claimed.

Source :

Posted By : Sanju Moirangthem on Fri, 19 Apr 2019
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