India hikes import duties for base metals, iron & steel

India has raised its import duties for iron, steel and base metals by 2.5 percentage points, in a bid to aid domestic producers, which are struggling to maintain profits against cheap Chinese imports.

China’s central bank has devalued the renminbi, pushing it down 2% against the dollar, following a sharp correction in equity prices.

Fearing that this will see cheap Chinese exports to India become even cheaper, the Indian government has moved to protect its domestic industry...

Published

Jethro Wookey

August 13, 2015

14:58 GMT

London