Stainless steel makers want higher import duty, removal of cess on raw materials
Updated: Jun 23, 2014 06:09:53pm
New Delhi, Jun 23 (KNN) Threatened by Chinese imports, the stainless steel manufacturers have come out with a pre-budget memorandum, asking for an increase in import duty and elimination of duty on raw material and scrap.
The Indian Stainless Steel Development Association (ISSDA) has asked for a hike in basic customs duty on steel flat products from the existing five per cent to 15 per cent according to the Business Line.
Also, to provide a fillip to domestic industry that is still in the nascent stage, the Association wants the government to do away with customs duty on raw material and scrap, the chief reason being the threat from Chinese imports.
Significantly, owing to low customs duty in India, imports have increased to 307,226 tonnes in 2013-14 from 239,136 tonnes during the previous year; with China accounting for one third of the total imports, the media report said.
Considering that domestic manufacturers rely on imported coking coal and face problems with regard to credit, their prices are not very competitive when compared to China.
ISSDA is hopeful that the government will support them by providing a level playing field.
Consumption of stainless steel in India is expected to grow to about 3.5 million tonnes by 2015, according to ISSDA. (KNN Bureau)
The Indian Stainless Steel Development Association (ISSDA) has asked for a hike in basic customs duty on steel flat products from the existing five per cent to 15 per cent according to the Business Line.
Also, to provide a fillip to domestic industry that is still in the nascent stage, the Association wants the government to do away with customs duty on raw material and scrap, the chief reason being the threat from Chinese imports.
Significantly, owing to low customs duty in India, imports have increased to 307,226 tonnes in 2013-14 from 239,136 tonnes during the previous year; with China accounting for one third of the total imports, the media report said.
Considering that domestic manufacturers rely on imported coking coal and face problems with regard to credit, their prices are not very competitive when compared to China.
ISSDA is hopeful that the government will support them by providing a level playing field.
Consumption of stainless steel in India is expected to grow to about 3.5 million tonnes by 2015, according to ISSDA. (KNN Bureau)
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