India’s largest stainless steel producer, Jindal Stainless Limited (JSL), has applied to the Indian government seeking the scrapping of import duties on key raw materials, JSL Limited managing director Abhudhay Jindal said in a statement on Tuesday, January 30.
“One of our long-standing demands is that the government abolish the import duties on raw materials for stainless steel production, that are not available in the country. Therefore, we have sought that import duties on ferronickel and molybdenum be scrapped in the forthcoming national budget 2024-25,” he said.
At present, the import duties on ferronickel and molybdenum stand at 2.5 percent and 5.0 percent, respectively.
Mr. Jindal said that the government had earlier abolished import duties on pure nickel and stainless steel scrap and that the levies should be scrapped for all other stainless steel raw materials also.