Allow zero customs duty on ferro nickel, ferro molybdenum: Jindal Stainless

Jindal Stainless has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel, the company said on Saturday. 

"As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates.

Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent.

According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and substandard imports from China, especially 200 series grades, is a well-established challenge. To address this issue, we propose the establishment of fixed tariff values for stainless steel and also amendment of the trade remedial laws to delete the 'lesser duty rule' and impose duty based on subsidy margin/dumping margin," Jindal added. Finance Minister Nirmala Sitharaman will be presenting the interim budget on February 1. 

(With PTI inputs)