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Indian importers cancel 25,000 tons of cement orders - LahoreEstate - 01-27-2009 07:59 AM
KARACHI (January 27 2009): Indian importers have cancelled import orders for about 25,000 tons cement from Pakistan and have set a condition of 7 dollars per ton reduction in its price, industry sources told Business Recorder on Monday. They said that Indian importers have cancelled orders and set this condition after imposing 12 percent duties on cement import by Indian government.
With the imposition of duty, the price of Pakistani cement has become costlier than the local produced cement. Therefore, the Indian importers have suspended their import orders, sources said. The 12 percent duties on cement import comprise four percent import duty and eight percent countervailing duty, aimed at primarily curbing cement import from Pakistan, they added.
They said that Indian authorities collecting Rs 28 per 50 kg bag on account of duties on import of cement from Pakistan. Pakistan cement price in Indian market surged by Indian Rs 25-30 per bag to Rs 225-235 from Rs 210-215 after imposition of duties, whereas locally produced cement is available at Indian Rs 220-230 per bag, they said.
Indian importers are demanding reduction of 7-8 dollars per ton to 52-53 dollars per ton in Pakistan cement price". However, Pakistani exporters have not taken any decision yet, and are waiting for a clear-cut policy from Pakistan government on this issue.
"We will consider the Indian importers' demand, if the government gives some incentive, like reduction in freight", said a cement exporter. He said that Indian cement importers have asked not to dispatch 25,000 tons cement till settlement of duty issue.
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