India slaps new duties on scrap metal imports

May 09, 2013 | 04:48 PM | Sean Davidson

Tags  India, scrap export, import, ferrous, nonferrous, MRAI, ISRI, Sean Davidson

NEW YORK — The introduction of a new trade barrier on ferrous and nonferrous scrap metal by the Indian government has sparked outrage among U.S. exporters and Indian importers who expect volumes shipped to India to drop significantly as a result of the new fees.

In two separate customs notifications, India’s finance ministry announced May 8 that effective immediately it would impose a 2.5-percent customs duty on imports of scrap iron, steel and aluminum and a 4-percent duty on imports of brass scrap. Until May 8, India levied no import duties for any of these scrap metals.
In a note sent to its members, the Metal Recycling Association of India (MRAI) said it was “shocked and disappointed” with the implementation of the duties. ....




Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results