Delhi Stainless Steel Trade Association, a traders’ body representing the small scale units operating in Delhi has written to Indian Prime Minister Narendra Modi, urging him to take action against the surge in cheap imports from China that has affected the domestic industry.
The association has suggested lowering of customs duty on nickel & meting scrap to zero, in the absence local availability of these crucial raw materials. It has also urged the PM to consider and increase custom duty on finished stainless steel flat products to 15% in the forthcoming union budget.
Rising 1.0% to close at CNY 112,700 ($18,351) per metric ton, the price of Chinese primary nickel experienced the biggest change for Tuesday, November 25. At CNY 16,550 ($2,695) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 31,500 ($5,129) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,234) per metric ton.
The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,610) per metric ton.
On the LME, the nickel 3-month price inched up 0.6% to $16,600 per metric ton. On the LME, the spot price of nickel rose 0.5% to $16,530 per metric ton. The cash price of primary Indian nickel gained 0.4% to finish at INR 1,036 ($16.73) per kilogram.
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