A duty on imports of certain ferrous and non-ferrous scrap metals has been introduced by the Indian Government.
From 8 May 2013, a duty of 2.5 per cent must be paid on imports of scrap iron, steel and aluminium and a 4 per cent duty has been imposed on imports of brass.
The Metal Recycling of India (MRAI) said it was “shocked” and “disappointed” by the action of its Government in a note to its members.
It said: “MRAI is extremely disappointed with the changes in duty structure that will negatively impact the steel industry (especially the induction and electric-arc furnaces) and the domestic non-ferrous industry.”
MRAI said it was especially surprised by the move as India does not generate enough scrap domestically and therefore requires imports of metals to meet its melting needs.