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India govt plan to incresae import duty on aluminium-The 20th China(Guangzhou) Int’l Forging Industry Exhibition
12/27/2018 锻造展- Forging Industry exhibition - Forging expo |
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Mydigital FC reported that commerce ministry is in favour of raising the import duty on aluminium to support domestic manufacturers. Replying to a question about the government''s plans to increase the import duty on aluminium, Union commerce and industry minister Suresh Prabhu said that "That is a proposal to protect our domestic industry. The proposal is under examination and we support the proposal." The minister said that there has been a complaint by the aluminium industry about dumping of the commodity.
Currently, the basic customs duty on aluminium scrap and primary aluminium is 2.5 per cent and 7.5 per cent, respectively. Besides this, domestic players have also urged the government to impose a minimum import price and some kind of quota of the imports for the user industry.
Total production of aluminium in India is about four million tonnes and consumption is about 3.6 million tonnes. The demand comes in the wake of the US imposing a 10 per cent duty on certain aluminium products. China, too, has raised the duties.
As per estimates, during the first quarter of the current fiscal, imports of aluminium scrap increased to 36,000 tonnes from 16,000 tonnes.
Further talking about a proposal to cut export duty on iron ore, the commerce and industry minister said the ministry has sought views of the steel and mines ministry on the issue.
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