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Date: 08/06/2023

DGTR recommends duty on  alloy from S. Korea

The Directorate General of Trade Remedies (DGTR) has recommended re-imposing Customs duty for two years on imports of ferro-molybdenum, an alloy used by the steel industry, from South Korea. It has recommended a 5% duty for the first year and 3.75% for the second year. Such duties have to be notified by the Central Board of Indirect Taxes and Customs under the Department of Revenue. The alloy is used by the steel industry to add molybdenum to steel to increase its strength, hardness and resistance to corrosion. With duties coming down to zero, imports from Korea doubled to 1,598 MT in the first year itself. And they have been consistently rising, touching 4,279 MT in April-December 2022, as per a report.
 
source: Exim News Service: New Delhi, June 7



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