The exchange also said that there should be a difference of at least 5%-7.5% in duty between raw material and the finished products. Currently, the non-ferrous metals industry is facing lot of problems due to the global recession and sudden fall in the prices of non-ferrous metals globally, Rohit Shah, director and ex-president, BME said. The exchange demanded that prime, virgin (ingots/cathodes) and scrap of all metals mainly copper, brass tine and brass should be brought down to nil from current levy of 5%. Aluminium ingot should be brought down to nil from 5% and nickel should be brought down to nil from current 2%.
Non-ferrous metals are the backbone of all the industries not only in the country, but throughout the world.
The local industry is facing unhealthy competition with the overseas market. Overseas suppliers are dumping their products in our country at cheap and unrealistic prices, trying to capture the Indian market. As a result, the domestic industries are sinking day by day as they are finding it difficult to manufacture and market their products against imported goods. In that case, we will have no other option but to shut down all our industries,he said.
The financial crisis worldwide is making things worse for the Indian trade and industry. In China, import duty on raw material of non-ferrous metals is nil and also have incentives on exports.
Global recession, sharp price fall hit industry
Basic import duty to be reduced on all non-ferrous metals
Keep differential duty of 5% between raw materials, finish products