Data pertaining to import of Iron & Steel under Chapter 72 and 73 of Indian Trade Classification (Harmonised System), 2012, Schedule - I (Import Policy) during the period 2012-2013, 2013-2014 and 2014-2015 (provisional) is as under:

Qty in Ton
Values / Rs Crore
Country	2012-13		2013-14		2014-15 (Apr'14 to Feb'15)*
	Qty	Val.	Qty	Val	Qty	Val
BANGLADESH	13846	88.79	7652	56.84	8714	61.58
BHUTAN	102965	617.25	80941	589.93	72480	542.88
CHINA	1770193	8135.54	1120652	5921.24	3522779	15534.84
MALDIVES	8204	20.67	5196	13.77	5244	14.27
MYANMAR			23	0.06
NEPAL	64842	395.7	69465	387.97	72494	418.85
PAKISTAN	2038	24.22	1070	9.75	24	0.07
SRI LANKA	5763	15.47	3227	14.09	871	4.01
Grand Total	1967851	9297.64	1288226	6993.65	3682606	16576.5
*Note: Figures for 2014-15(Apr to Feb) is provisional.

In budget 2015-16, tariff rate of basic customs duty on iron & steel falling under Chapter 72 and articles of iron or steel falling under Chapter 73 of Indian Trade Classification (Harmonised System), 2012, Schedule - I (Import Policy), has been increased from 10 % to 15%. However, no change has been made in the existing effective rates of basic customs duty on these goods.

Import of an item takes place only when similar item is either not available in the domestic market or is available at a cheaper rate outside the country than the one available in the domestic market. Certain specific grades /qualities of steel which are not produced in the country, especially for the use of automobile sector, engineering goods etc, are to be necessarily imported and such specific imports cannot be stopped. Moreover, steel sector has been deregulated; therefore, the role of the Government is limited to be a facilitator in growth of steel industry. The Government only lays down policy guidelines and the investment decisions for creation of new capacity are taken by individual investors based on commercial considerations. 

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today

 

Customs duty increase on iron and steel raises nominal tariff while effective duty rates and import exceptions remain unchanged. Budgetary action raised the nominal rate of basic customs duty on iron and steel, while existing effective duty rates remain unchanged; specialised grades not produced domestically and price differentials drive necessary imports, and the deregulated steel sector leaves the Government a policy setting facilitator with investment decisions left to private investors.