Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s the Directorate General of Foreign Trade (DGFT) on Sep 28 notified that all imports of iron and steel would require compulsory registration under the Steel Import Monitoring System (Sims). The move aims to curb inbound shipments of such goods and encourage local production.


The rule is imposed on imports of goods under HS codes chapter 72 (iron and steel), chapter 73 (articles of iron and steel) and chapter 86 (railway Or tramway locomotives, rolling-stock and parts; railway or tramway track fixtures and fittings; mechanical traffic signalling equipment of all kinds). These items also include certain flat-rolled products; stranded wires, ropes, cables; certain items of springs and leaves for springs of iron and steel; tubes, pipes and hollow profiles; diesel-electric locomotives; and some parts of railways.


Sims would require importers to submit advance information in an online system and obtain an automatic registration number by paying registration fee of Rs 1 per thousand subject to minimum of Rs500 and maximum of Rs 1 lakh on cost insurance freight (cif) value. The importer can apply for registration not before the 60th day and not later than 15th day before the expected date of arrival of import consignment.


The automatic registration number would be valid for 75 days. Importer would then have to enter the Registration Number and Expiry date of registration in the Bill of Entry to enable Customs for clearance of the consignment. The rule is effective Oct 16, 2020.


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