Steel Imports Surge in India: A Comprehensive Guide for Importers

• India, the world's second-largest crude steel producer, imported over 8.3 million metric tonnes in FY2024 due to high demand and specific grade requirements.
• Importing steel requires business registration, an Import Export Code (IEC), GST registration, and crucial BIS certification under Quality Control Orders (QCOs).
• Customs duties include Basic Customs Duty (BCD), Social Welfare Surcharge (SWS), IGST, and potential anti-dumping duties; correct HS code classification is vital.
• The import process involves finalizing purchase orders, pre-shipment inspection, obtaining BIS clearance, customs clearance, duty payment, and goods release.
• Key challenges include price volatility, strict BIS/QCO compliance, and avoiding demurrage charges; accurate documentation is essential to prevent delays.