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India to raise import tax on steel to counter China threat

Reuters

NEW DELHI (Reuters) - India will raise the import duty on steel by 5 percentage points from April 1, Finance Minister Arun Jaitley said on Saturday, to stem a flow of cheap supplies from China and Russia.

The government would raise the tariff to 15 percent from 10 percent, Jaitley said in his budget for the next fiscal year.

The move will help local companies that were fast losing their market share in the world's fourth largest producer of the alloy.

India will also raise the import tax on metallurgical coal to 5 percent from 2.5 percent.

(Reporting by Manoj Kumar)