Steel becomes dearer due to increase in cuystom duty

The BCD is increased by 2.5% in steel thus making the imported steel costlier. The rising dollars is like petrol in the fire. The Indian producers has taken the advantage of the situation and all the main producers has increased their pricing by INR 2500/3000 per MT.

The increament in Excise Duty, price increase by main producers has pushed the price of steel by around 5000/- per mt in the last 2 months.

Grade C98 strips.

This is a very special grade of steel & is mainly used for making those components where very high tensile strength & yield stress is required. It can achieve hardness of up to 58 HRC Rockwell after Hardening & Tempering. This grade is commonly used for making different kinds of Industrial knives, because due to high hardness it can give a better knife edge & thus a better cutting capacity.

How Tax Hikes and Metal Prices Will Cut Into India’s Auto Sales

The Indian automotive industry fears that the federal government may impose higher taxes on diesel vehicles in the upcoming budget, due out later this month.

The Society of Indian Automobile Manufacturers (SIAM) has been expressing apprehension over speculations that in the upcoming budget, higher taxes could be imposed on diesel passenger vehicles as the subsidized fuel has been benefitting affluent drivers.

Domestic and foreign car manufacturers established in India, such as Ford India and Renault India, also have supported the stand taken by SIAM on the diesel taxation issue.

Media reports quoted Ford India President and MD Michael Boneham as saying that the automobile industry is the one that is investing heavily in the country; therefore the higher taxes are going to affect the industry negatively.

Renault India Managing Director Marc Nassif was quoted as saying that a significant part of the product portfolio consists of diesel cars and if the government is to change their policy and increase the excise or levy any other tax, then the subsequent demand may be less than what has been projected.

by TC Malhotra on March 7, 2012

Style: Industry News Category: Automotive, Manufacturing, Metal Fabricated Parts, Public Policy