Affected by the US subprime mortgage crisis and the global financial crisis, the overall pace of global economic growth has slowed down and demand has shrunk. In the steel industry, due to the fall in prices of upstream raw materials and insufficient downstream demand, prices quickly entered the downtrend channel and continued to decline significantly. In order to stabilize prices and prevent major market volatility, after various steel companies adopted measures to cut prices and cut production, governments in various countries adjusted their own trade policies accordingly. The Indian Ministry of Iron and Steel met with domestic steel companies on Friday (17th) to discuss the adjustment of import and export policies and made a series of recommendations to the Ministry of Finance. Egypt announced on the 18th that it would cancel the steel export tax.
Indian Steel Ministry recommends that the Ministry of Finance take measures to help steel producers The Indian Steel Ministry recommended to the Ministry of Finance a series of fiscal measures that should be taken immediately. These proposals for fiscal measures are based on a series of requests made by major steel producers after they met with officials of the Ministry of Steel on Friday. Including SAIL, TATA, Jindal Steel & Power, JSW and Essar All steel companies participated in this meeting. At the meeting, the steel company proposed:
1. To levy an import tax of 15%; 2. To restore anti-dumping duties on long products; 3. To abolish all taxes on steel exports; 4. To restore preferential export certificate certificates; 5. To reduce consumption tax from 14% to 8%; Some departments of the iron and steel industry also proposed to impose a fixed limit of US$800/t on imported steel to keep it at the same level as current domestic prices.
Ram Vilas Paswan, the Indian Minister of Chemical, Chemical, and Iron & Steel, told reporters after the meeting, “We have decided to review all the proposals to help the steel industry overcome the current crisis. The steel ministry will quickly identify with these proposals. Set of recommendations approved by the Ministry of Finance. These recommendations include:
1.Renewing the steel import tax; 2.Removing the export tax on long products; 3.Recovering the DEPB concessions; 4.Reducing the consumption tax; 5.Restoring the anti-dumping duties on long products Egypt's export tax on cement and steel The Middle East News Agency reported on the 18th that Egyptian Minister of Trade and Industry Mohamed Rachid announced that Egypt has cancelled export taxes on cement and steel products. He added that this decision of the Ministry of Trade and Industry was designed to respond to the possibility of a slowdown in international economic growth and export shocks to Egypt.
Previously, the Egyptian government imposed an export tax on domestic and international demand for cement and steel from Egypt, raising prices and causing a shortage in the domestic market. The government imposed an export tax of 85 Egyptian pounds per ton on cement and an export tax of 180 Egyptian pounds per ton on steel billets. The government believes that this tax will help compensate the government for providing cheap energy to cement and steel manufacturing companies.
Cement companies used low production costs and once made Egypt the sixth largest exporter in the world. The government imposed a ban on cement exports on March 29, but it has already expired in early October.
The financial crisis in developed countries has changed the situation. The government is now more worried that the reduced demand from abroad will affect Egyptian exporters. "This measure was taken in the framework of the Ministry of Trade and Industry's efforts to deal with the adverse impact of the international financial crisis on Egypt's exports and trade balance," said Sayed Abu Qumsan, Deputy Minister of Trade and Industry. "If there is any interference with the local market, the tax will be re-levied to a certain extent to stabilize the market," the official added.
Indian Steel Ministry recommends that the Ministry of Finance take measures to help steel producers The Indian Steel Ministry recommended to the Ministry of Finance a series of fiscal measures that should be taken immediately. These proposals for fiscal measures are based on a series of requests made by major steel producers after they met with officials of the Ministry of Steel on Friday. Including SAIL, TATA, Jindal Steel & Power, JSW and Essar All steel companies participated in this meeting. At the meeting, the steel company proposed:
1. To levy an import tax of 15%; 2. To restore anti-dumping duties on long products; 3. To abolish all taxes on steel exports; 4. To restore preferential export certificate certificates; 5. To reduce consumption tax from 14% to 8%; Some departments of the iron and steel industry also proposed to impose a fixed limit of US$800/t on imported steel to keep it at the same level as current domestic prices.
Ram Vilas Paswan, the Indian Minister of Chemical, Chemical, and Iron & Steel, told reporters after the meeting, “We have decided to review all the proposals to help the steel industry overcome the current crisis. The steel ministry will quickly identify with these proposals. Set of recommendations approved by the Ministry of Finance. These recommendations include:
1.Renewing the steel import tax; 2.Removing the export tax on long products; 3.Recovering the DEPB concessions; 4.Reducing the consumption tax; 5.Restoring the anti-dumping duties on long products Egypt's export tax on cement and steel The Middle East News Agency reported on the 18th that Egyptian Minister of Trade and Industry Mohamed Rachid announced that Egypt has cancelled export taxes on cement and steel products. He added that this decision of the Ministry of Trade and Industry was designed to respond to the possibility of a slowdown in international economic growth and export shocks to Egypt.
Previously, the Egyptian government imposed an export tax on domestic and international demand for cement and steel from Egypt, raising prices and causing a shortage in the domestic market. The government imposed an export tax of 85 Egyptian pounds per ton on cement and an export tax of 180 Egyptian pounds per ton on steel billets. The government believes that this tax will help compensate the government for providing cheap energy to cement and steel manufacturing companies.
Cement companies used low production costs and once made Egypt the sixth largest exporter in the world. The government imposed a ban on cement exports on March 29, but it has already expired in early October.
The financial crisis in developed countries has changed the situation. The government is now more worried that the reduced demand from abroad will affect Egyptian exporters. "This measure was taken in the framework of the Ministry of Trade and Industry's efforts to deal with the adverse impact of the international financial crisis on Egypt's exports and trade balance," said Sayed Abu Qumsan, Deputy Minister of Trade and Industry. "If there is any interference with the local market, the tax will be re-levied to a certain extent to stabilize the market," the official added.
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