India puts 10% tax on import of polybutadiene rubber from South Korea

India on Monday imposed 10% import tax on polybutadiene rubber sourced from South Korea in an attempt to support local producers, the government said.

Duty-free imports were earlier allowed form South Korea under a bilateral agreement.

The 10% duty would be effective until January 28th, 2021, the government said.

The move could raise the production cost of tyre makers such as MRF , Apollo Tyres and Ceat , but help polybutadiene rubber producer Reliance Industries.