Indian Steel Ministry wants scrap import duty reduced

Indian Steel Ministry wants scrap import duty reduced

India’s Steel Ministry yesterday filed with the Central Board of Excise and Customs a notice that demands the Board reduce the import duty on steel scrap used by secondary steel producers. In a seminar, Mr. J P Singh, Joint Secretary in the Steel Ministry, said, "We have recommended further easing of duty on scrap import. The Ministry is of the view that the secondary steel makers suffered due to shortage of this crucial raw material." The Ministry had previously indicated that it was working on a plan to meet the raw material needs of both primary and secondary steel makers. It is important to maintain local scrap availability in India, especially when the government target of producing more than 100 million tons of steel by 2020 is taken into account. A reduction in the import duties on steel scrap will increase availability of this raw material in the local Indian market.