India Reduced Import Duty on Stainless Steel Scraps to 2.5%

Under the protest lodged by domestic manufacturers of stainless steels, India is to reduce the import duty on stainless steel scraps to 2.5% from 5%. The Indian Stainless Steel Development Association (ISSDA) welcomed the move and claimed that it would be beneficial to domestic enterprises relying on the import of stainless steels. Comparatively speaking, India is only an emerging producer of stainless steels, with the stainless steels of 200 series currently as its main products.