PTI reported that India's steel ministry is believed to have recommended removal of 5% import duty on stainless and alloy steel scraps.
In a draft proposal, 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.
An executive of a leading steel company said that "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."
The stainless steel industry, dominated by the country's largest producer JSL Limited, has been representing to the government for withdrawal of customs duty on scrap materials, as they are not available locally.
Mr NC Mathur president of Indian Stainless Steel Development Association said that "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."
Source : Steel Guru