Tuesday, July 26, 2011

Safeguard duty on key chemical

Rubber industry will take a hit as the government deciding to impose safeguard duties on a key chemical (PX-13), aimed at protecting the domestic industry against a surge in imports causing losses. As per a notification, the duties will be levied at 30% of the imported value in the first year and 25% in the second year.

In a complaint filed by NOCIL to the Director General of Safeguards, stated that given the surge in imports, the domestic industry may not find market for additional capacities that are coming up. The user industry, which includes major tyre manufacturers, would now have to pay a higher import duty on the chemical. ATMA is apprehensive that the duty may affect input prices in the future.

Read lot more in Rubber4U – 1st August 2011 issue

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