| Date: |
26-11-2014 |
| Subject: |
Stainless steel traders' body seeks Prime Minister help to fight cheap imports |
|
KOLKATA: Delhi Stainless Steel Trade Association, a traders' body representing the small scale units operating in Delhi region has written to the Prime Minister of India, urging him to take action against the surge in cheap imports from China that has affected the domestic industry.
The association has suggested lowering of customs duty on nickel & meting scrap to zero, in the absence local availability of these crucial raw materials. It has also urged the PM to consider and increase custom duty on finished stainless steel flat products to 15% in the forthcoming union budget.
The spike in imports at low rates has resulted in capacity utilization of just over 50%, leading to loss of revenue and jobs in the industry, the association has said. The letter has drawn the PM's attention on how China has increased its production of stainless steel in the last ten years.
It presently accounts for more than 50% of total stainless steel production having grown from a level of producing only 5% of total stainless steel in 2004.This has been possible due to several advantages like zero duty on most of the basic raw materials for the production of stainless steel and 10% customs duty, which give protection to their domestic industry, the letter says.
Source : economictimes.indiatimes.com
|