09 May 2013 07:41 [Source: ICIS news]
SINGAPORE (ICIS)--The Indian government hiked the duties on all polymers being imported into the country to 7.5%, effective immediately, market sources said on Thursday.
The customs duty, which was increased by 2.5 percentage points, will apply to all types of plastics such as polyethylene, polypropylene, polyvinyl chloride, polystyrene and ethylene vinyl acetate, effective 9 May.
Domestic polymer producers welcomed the government’s move as higher duties are expected to weaken India’s demand for imported cargoes.
“This will reduce competition from low-priced imports and help enhance demand for domestic material,” a source close to an Indian polymer producer said.
Initial reporting by Veena Pathare
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