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| Steel Min favours import duty removal on stainless steel scrap |
| Press Trust of India / New Delhi Jun 16, 2009, 16:35 IST |
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The Steel Ministry is believed to have recommended removal of 5 per cent import duty on stainless and alloy steel scraps, which are recycled by the domestic industry for steel-making.
In a draft proposal — that might have undergone changes — for the ensuing Budget, the Ministry has favoured withdrawal of the duty on both types of scraps, saying it will be in line with the government's policy to encourage use of the recycled raw material for production of value-added steel.
"The use of recycled scrap saves substantial amount of energy and helps in conservation of precious iron ore and other raw materials used for manufacturing steel," an executive of a leading steel company said.
The stainless steel industry, dominated by the country's largest producer JSL Ltd, has been representing to the government for withdrawal of customs duty on scrap materials, as they are not available locally.
"There is an urgent need to withdraw import duty on stainless and alloy steel scraps as there are no alternate for these raw materials in the domestic market," Indian Stainless Steel Development Association President N C Mathur told PTI.
India is estimated to have shipped over three lakh tonnes of stainless and alloy steel scrap primarily from Europe and America in the last fiscal.
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