Jindal Stainless Urges Government to Remove Tariffs on Key Raw Materials

According to Reuters on July 21, 2024, Jindal Stainless has urged the government to remove tariffs on ferro-nickel and ferro-molybdenum in the upcoming budget to ensure the industry can obtain these key raw materials at competitive prices. The current tariff on ferro-nickel is 2.5%, and that on ferro-molybdenum is 5%.

Abhyuday Jindal, Managing Director of Jindal Stainless Limited (JSL), said, "We propose the long-term exemption of basic tariffs on ferro-nickel and ferro-molybdenum to ensure the industry can obtain these important raw materials at competitive prices." Representing the stainless steel industry, Jindal urged the government to continue supporting the 'Make in India' initiative by encouraging innovation and sustainable practices to enhance competitiveness. He stated that reducing raw material import tariffs and providing tax incentives for R&D would greatly benefit the industry.

Jindal Stainless also seeks to continue zero tariffs on stainless steel scrap, scrap steel, and pure nickel, and to maintain a 30% export tax on chromite ore. The minister further stated that there is an urgent need to address the long-standing issue of dumping subsidies and low-quality imports from China through appropriate measures for such products, to ensure a fair competitive environment. "Individuals and businesses have high hopes for the union budget," said Jindal. "We look forward to the first comprehensive budget of this year, and I look forward to another growth-oriented budget, especially one that promotes manufacturing and infrastructure, which are important pillars of our country's progress."

Jindal Stainless is the largest stainless steel manufacturing company in Indonesia, with an annual production of about 3 million tons. The content is sourced from Reuters and does not represent the views of 51BXG.