India – Due to a continuous cycle of inflation, with the Indian rupee remaining weak compared to the US dollar, India’s imports of ferrous scrap metal are expected to fall by 25% over the next year, according to The Economic Times.
The domestic metal recycling industry has forecast that it will buy in around 3.5 million tonnes of ferrous scrap in the next year compared to 4.5 million tonnes in 2011. Additionally, the metal recyclers announce that they have already witnessed a severe drop in orders from buyers who have purchased large volumes over the last five years.
According to the recyclers, the import duty levied on metals recycling equipment and radiation detection equipment has rendered products even more costly in the slow season. To counter this, they have now made an appeal to the government to remove the 5% of import duty, convinced that such intervention will enable them to bear the additional burden other than importing at high dollar rates.
Ikbal Nathani, President of the Metal Recycling Association of India, has told The Economic Times: ‘This year will be tough for all of us. We are working under tremendous pressure and seeking duty cuts from the government.’
For more information, visit: www.mrai.org.in
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