India Steel Market Watch
November 30: The Federation of Indian Mineral Industries (FIMI) has once again urged the government to increase the import duty on manganese ore and chrome ore to 30% to protect the interests of the domestic industry.
“In order to protect the interest of the manganese and chrome ore industry and to revive domestic demand, FIMI has been requesting the government from time to time to increase the import duty on manganese ore to 30% and to completely remove the quantitative restriction on exports,” FIMI’s President H Noor Ahmed said.
“Likewise, there is also a need to increase the import duty on chrome to 30%,” Ahmed said.
He said the exports of chrome ore have dwindled because of heavy exports duty of 30% with effect from March 1, 2012 that has made Indian chrome uncompetitive in the world market.
“While on the one hand there is heavy export duty on the exports; on the other, there are free imports of chrome ore into the country to the detriment of the domestic industry,” Ahmed stressed.
He said in order to revive the closed manganese mines, the Government of India should clamp steep import duty so that domestic ferro alloys industry is persuaded to use domestic material.
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