On May 29, 2023, the Ministry of Commerce and Industry of India issued an announcement, making the final ruling on the safeguard measures for ferromolybdenum (FeMo) imported from South Korea, suggesting to increase the import tariff rate of the products involved in South Korea, and specifying the validity period of the measures For 2 years, the increased tax rates are as follows: the first year is 100% MFN tariff rate, which means that FeMo products imported from South Korea will face higher import costs; the second year is 75% MFN tariff rate, Therefore, it can be seen that the import cost of FeMo is still relatively high. Please note that the specific details of the implementation of this measure are subject to the announcement of the Ministry of Finance of India.
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