According to published reports, the India Ministry of Steel is considering removing a 5 percent import duty that it has imposed on stainless and alloy steel scrap metal.
In a draft proposal -- that might have undergone changes -- for the ensuing Budget, the Ministry has favored withdrawal of the duty on both types of scraps, saying it will be in line with the government's policy to encourage use of the recycled raw material for production of value-added steel.
“The use of recycled scrap saves substantial amount of energy and helps in conservation of precious iron ore and other raw materials used for manufacturing steel,'' an executive of a leading steel company said.
“There is an urgent need to withdraw import duty on stainless and alloy steel scraps as there are no alternate for these raw materials in the domestic market,'' Indian Stainless Steel Development Association President N C Mathur told PTI. The Hindu Business Line
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