The Indian steel foundry sector has welcomed the government’s reduction in import duties on steelmaking raw materials, claiming it will boost availability and usher in price stability, the Indian Institute of Foundrymen (IIF) said in a statement on Thursday, May 26.
“The unprecedented surge in prices of raw materials has been a big challenge for the foundry industry in recent months. The import duty reductions will lead to lower prices of finished products and provide much-needed support to the industry and enhance competitiveness in global markets,” Devender Jain, president of the IIF, said.
The Indian government has lately reduced import duty on coking coal and anthracite from 2.5 percent to nil, on coke from five percent to nil, on ferronickel from 2.5 percent to nil, while it raised export duty on iron ore fines, lumps, concentrates from 30 percent to 50 percent and imposed a new export levy on pellets of 45 percent and an export tax on steel products at 15 percent.