Stainless Steel Traders Body Urges Prime Minister to Save the Domestic Stainless Steel Industry

The Delhi Stainless Steel Trade Association, a traders body representing the small scale unites operating in Delhi region has written to the Prime Minister of India, to draw his attention to issues and problems, which are plaguing the domestic Stainless Steel Industry.

The letter has requested the Prime Minister, Hon’ble Narendra Modi Ji to take action on account of huge surge in imports of Stainless Steel products particularly from China at extremely low rates, which has hit the Indian Stainless Steel Industries resulting in capacity utilization of just over 50%, which results to the huge loss of revenue and loss of jobs to the industry.

The letters draws the Prime Minister’s attention on how China has increased its production of Stainless Steel in the last 10 years and today account for more than 50% of total Stainless Steel production from Just 5% in 2004 due to several advantages like zero duty on most of the basic raw materials for the production of Stainless Steel and 10% custom duty, which give protection to their domestic industry.

In the letter, association has urged the prime minister to urgently take the following immediate actions, which could help the ailing domestic SS industry

• Customs duty on Nickel & Meting scraps should be Zero, as the industry does not have domestic availability of these crucial raw materials.

• To increase the Custom duty on finished stainless Steel flat products to 15%

The letter requested Shri Narendra Modi Ji to take urgent action on the aforesaid matters and has requested to seriously consider the above recommendations in the forth coming budget as high number of jobs would be at stake.

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