Jindal Stainless proposes long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure access to raw materials

Bhubaneswar, January 5, 2024: Ahead of the Budget 2024-25, Jindal Stainless, India’s largest stainless steel manufacturer, today sought continuation of zero customs duty on stainless steel scrap and steel scrap besides pure nickel.

In his Budget recommendation, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry’s access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap,besides pure nickel.We also request continuing export duty of 30% on exports of chrome ore from the country.The issue of dumping and substandard imports from China, especially 200 series grades, is a well-established challenge. To address this issue, we propose the establishment of fixed tariff values for stainless steel and also amendment of the trade remedial laws to delete the “lesser duty rule” and impose duty based on subsidy margin/dumping margin.”

The recommendations aim at making the Indian stainless steel industry resilient, thereby aligning with the Hon’ble Prime Minister’s vision of an Atmanirbhar Bharat.

Jindal Stainless is confident that these proposals will help the stainless steel industry thrive.The company plans to generate ~1.9 billion units of clean energy per annum through renewable energy initiatives. Jindal Stainless is set to achieve its mid-term target of 50% carbon emissions reduction well before the target year of 2035, as it marked its presence at the United Nations Confederation of Parties (COP) 28 climate summit for the first time.