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SteelMin urges FinMin to remove import duty on ferro-nickel

Press Trust of India  |  New Delhi 

After removal of import duty on nickel, the Ministry of Steel today said it wants to bring down the same to zero on ferro-nickel, another widely-used material to produce stainless steel.

The ministry further said it is in talks with the ministry in this regard.

About import duty on raw materials, which has always been an issue for the industry, Steel Secretary Aruna Sharma told PTI: "There are only ferro-nickel and scrap of stainless steel (which are being levied import duty)."

The ministry is taking steps to address the issue, Sharma said.

In the Union Budget for 2017-18, the had waived basic Customs duty on nickel, which stood at 2.5 per cent.

"Nickel has become zero (duty), but ferro-nickel (also) has to become zero," she told PTI on the sidelines of a seminar here.

However, she did not elaborate on scrap of stainless steel. "Zero import duty on ferro-nickel is something which is important for us. We are already working on it," she further said.

Industry body Indian Stainless Steel Development Association (ISSDA) also favours elimination of import duty on ferro-nickel. Its president K K Pahuja had earlier said the move would help the earn Rs 100 crore a year in revenue.

Elimination of import duty on ferro-nickel would make the cost of stainless steel production cheaper in India.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 18:57 IST