New Delhi: Stainless steel industry body Indian Stainless Steel Development Association (ISSDA) has demanded a hike in import duty on stainless steel flat products and abolition of import duty on key raw materials, including ferro nickel.
"ISSDA has urged the government on behalf of stainless steel sector for an increase in effective basic customs duty on stainless steel flat products from 7.5 per cent to 12.5 per cent to bring it on par with carbon steel," the industry body said in a statement.
The government must also 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 statement added.
"An increase in duty on finished products must be looked upon from the viewpoint that Indian stainless steel industry has been bogged down by an unprecedented surge in imports in the last three years, especially from China, and to remain globally competitive, Indian industry needs a level playing field," it said.
"The industry has been facing difficulty in the last few years. One of the main reasons for this is the huge import surge, especially from China, which has primarily contributed to the deteriorating condition of the Stainless Steel industry," ISSDA President K K Pahuja 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 and bring it at par with carbon steel," Pahuja added.
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Updated Date: Jan 11, 2017 18:21:39 IST