Indian Steelmakers Calls For Nickel Duty Removal

The Indian Stainless Steel Development Association has sought removal of the 5% import duty levied on ferronickel.

In a letter to union steel secretary, Mr Pramod Kumar Rastogi, it said that the 5% duty imposed on ferronickel as part of a tariff levied on ferroalloys should be removed as the raw material was not produced in India.

Mr NC Mathur president of ISSDA said that "Ferronickel is central to stainless steel making. The raw material is not available in the country. To maintain a competitive scenario, it should be made available at nil duty."

He added that "Moreover, in view of large imports of stainless steel at low prices, we request the steel ministry to ask the finance ministry to consider the customs duty for ferronickel items at nil level."

Nickel carries a tariff of INR 2,400 a tonne.

Source: Press Trust Of India