According to Mr Ram Vilas Paswan Indian steel minister, the import duty on scrap may be abolished with the steel ministry likely to make a request to the finance ministry to review the present 5% rate of duty.
Mr Paswan gave the assurance while talking to media persons after addressing the Steel Consumer Council.
Earlier in the meeting, secondary steel producers made a demand for abolishing the 5% import duty as there is already a 4% countervailing on scrap, barring a few exceptions.
As per report, the per tonne cost of scrap in the international market is INR 13,500. The country at present produces 28 million tones of steel using 30.8 million tones of scrap.
Mr Paswan said steel producers have been requested by the price monitoring committee to keep a check on the ex-factory prices of long products and also to balance their exports keeping in view the domestic demand and not to commit exports at the cost of domestic demand.
Source : The Financial Express