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ISSDA urges government to raise customs duty on stainless steel flat products-The 18th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/13/2017 - Stainless Steel Exhibition |
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Economic Times reported that Indian Stainless Steel Development Association has urged the government to raise effective basic customs duty on stainless steel flat products from 7.5% to 12.5% to bring it on par with carbon steel. ISSDA has also requested the government to abolish import duty on key raw materials like Ferro Nickel, Pure Nickel, Ferro Moly and Stainless steel scrap to safeguard the interest of the sector, since these are not available in the country.
The stainless steel industry body made these suggestions as part or its pre-budget recommendations.
ISSDA said the duty hike on finished products must be looked upon from the viewpoint that Indian stainless steel industry has faced an unprecedented surge in imports in last three years, especially from China.
Mr KK Pahuja, president, ISSDA said "We urge the government to abolish the import duty on key raw materials which are domestically unavailable and increase the duty on finished products to bring it at par with carbon steel. Stainless steel imports were highest ever at 532,033 MT in 2015-16, which is almost 25% of domestic demand. Out of this, more than half of the imported basket or 276,456 MT came from China. The imports trend in 2016-17 is also similar. Imports in April -September''16 period have registered a growth of 21% over the same period last year/”
-The 18th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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