INSUBCONTINENT EXCLUSIVE:
FICCI has actually prompted the federal government to decrease the basic customizeds duty on ferronickel to zeroNew Delhi: With the Union
Spending plan simply days away, industry body FICCI has actually advised the federal government to decrease the standard custom-mades
responsibility (BCD) on ferronickel to absolutely no and levy a higher duty of 12.5 per cent on the import of stainless-steel flat
products.Finance Minister Nirmala Sitharaman is set up to present the budget plan for 2022-23 on February 1, 2022
Amongst a multitude of suggestions, the Federation of Indian Chambers of Commerce and Market (FICCI) has asked for the government to
continue with no task on stainless-steel scrap after March 31, 2022
At present, while the BCD on ferronickel is 2.5 percent, the same on stainless steel flat items is 7.5 per cent
On stainless steel scrap, absolutely no customs duty applies approximately March 31, 2022
FICCI said it is the most important raw material utilized in stainless steel making
The stainless steel market meets the bulk of its nickel requirements through ferronickel and stainless-steel scrap routes, as pure nickel is
very expensive.As ferronickel is not readily available in the nation due to shortage of nickel ore, stainless-steel manufacturers have to
import it from nations like Japan, South Korea and Greece
Besides, customizeds responsibility is not appropriate on ferronickel stemming from Indonesia and Japan due to India-ASEAN FTA and
India-Japan CEPA.Seeking imposition of greater duty on stainless steel flat products, the body said that stainless steel flat items' import
has actually been rising over the last couple of months
From a month-to-month average of 34,105 tonnes in 2020-21, imports grew by a frustrating 127 percent to 77,337 tonnes in July 2021
These high imports are hurting the domestic industry, which has the capacity and ability to satisfy the entire domestic demand.There is no
need to depend upon stainless-steel imports, as the domestic industry can produce all the grades and densities required by the end-users, it
said.The domestic industry has actually a set up capability of 5.04 million tonnes (MT), with present capacity utilisation at 78 per cent,
there is enough scope for increasing the capacity utilisation to meet the whole domestic demand, FICCI noted.It further stated no customs
task on stainless steel scrap has actually assisted the industry in getting raw material for stainless steel production at competitive
rates, at a time when the global stainless-steel scrap costs have shot up by 25-40 per cent.The market depends on scrap imports due to less
The majority of the stainless-steel scrap requirement is met through imports due to the fact that of the low rate of stainless-steel scrap
