SME Times is powered by   
Search News
Just in:   • India needs to diversify export portfolio: Report  • Domestic airlines to fly 12,983 flights per week this winter  • New energy policy won't violate deals with US, Canada: Mexican Prez  • 'Digitisation need of the hour for logistics sector'  • KTR calls for empowering states to boost country's growth 
Last updated: 27 Feb, 2017  

Steel.9.Thmb.jpg Ferro alloy producers seek protection from Malaysian imports

Steel.9.2.jpg
   Top Stories
» India needs to diversify export portfolio: Report
» 'Digitisation need of the hour for logistics sector'
» 'IBC raised confidence of all investors in economy'
» Relief to borrowers on loans not repaid during 6-month moratorium
» GST return filing deadline extended, again
SME Times News Bureau | 27 Feb, 2017
Amid concerns over cheap imports of ferro alloys from Malaysia, Indian ferro alloy producers on Monday called for protective measures from the Steel Ministry.

"A significant amount of ferro alloys is imported in India from Malaysia as they were able to produce the same at a much lower cost. Power is the major input for producing ferro alloys and it constitutes about 30 percent of the total cost. Power tariff in India is on a higher side as compared to other ferro alloy producing nations.

"Safeguard measures could help to protect the industry," said the Indian Ferro Alloy Producers' Association Chairman D.B. Sundara Ramam.

Cross-subsidy in power tariff further puts the non-captive producers at a disadvantage and the difference in power tariff between India and Malaysia is $20 per MWh, he said.

Speaking on the safeguard measures sought by the industry, Ministry of Steel's Director Anupam Prakash said the association represents 80 per cent of the ferro alloy sector and it can seek for the duty after applying for the same with a note mentioning that imports are damaging the industry.

"There are procedures for imposing safeguards. If the association makes an application mentioning that imports are damaging the industry, the Directorate General of Safeguards investigates the case and come up with recommendations. And accordingly notifications are issued," Prakash said.

Ramam said upcoming supplies of manganese alloys with lower power tariff from Malaysian and Indonesian is expected to bring down profitability.

"In 2016, 3,65,000 tonnes of extra capacity has come into the market and additional 1,80,000 tonnes is expected to come in 2017," he said.

According to association, India produces around 3.5 million tonnes of ferro alloys and the Rs 23,000 crore industry employs around one lakh people.

Out of this India consumes around 2.3 million tonnes of ferro alloys and the rest 1.3 million tonnes is exported which earns foreign exchange of around Rs 8,900 crore, he said.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 26 Oct, 2020
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» 'Centre open to further economic stimulus'(1)
» Delay in dealing with GST refund delays(1)
» NPAs hurdle to banks' rate cut transmission(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter