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India to Raise Tariffs on Primary & Aluminum Scrap Imports

//en.steelhome.cn [SteelHome] 2019-01-29 10:02:20

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Indian Ministry of Commerce and Industry is considering raising import tariffs on primary and aluminum scrap in the new fiscal year to curb a rapid rise in imports and protect domestic producers.

Many domestic aluminum smelters are seeking import protection, and the Ministry of Commerce and Industry planned to raise import tariffs in its budget for fiscal year 2019/20, which was due to be presented before parliament on February 1st.

At present, the import tariff rate of primary aluminum and aluminum scrap in India was 7.5% and 2.5% respectively, and representatives of the aluminum industry have demanded an increase to 10%.

India imported around 1.5 million tons of primary aluminum from April to November 2018, up by 22 % year-on-year. Imports of aluminum scrap were around 880,000 tons, up by 20%. Of these, 154,000 tons were imported from the United States, up by 142% year-on-year. Primary and aluminum scrap accounted for 60% of the market, up from 55% in the same period, with domestic market share falling from 45% to 40%.

It was said that India has become a major destination for dumped aluminum scrap from the United States, mainly because of low import tariffs.

Source from Yieh Corp
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