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Govt will soon remove Customs duty on ferro nickel

Imports of ferro nickel attract 2.5%

Photo: Shutterstock
Photo: Shutterstock

The government will soon remove the Customs duty on ferro nickel, which is used by the stainless steel industry. Imports of ferro nickel attract 2.5 per cent. Steel Secretary Aruna Sharma said the ministry of finance had accepted the demand. The import duty on nickel was abolished on April 1 this year. However, ferro nickel was not exempted from the duty. The stainless steel industry uses nickel for manufacturing industrial and utensil grade materials, depending upon its quality and grade. Thus, the cost of stainless steel production in India varies, depending ...