India’s FIMI proposes higher import duties on zinc, copper, aluminum
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Update time : 2022-11-14 18:13:33
India’s Federation of Indian Mineral Industries (FIMI) submitted a report to the Ministry of Finance to ask the government to impose higher import duties on metals such as zinc, copper, and aluminum to curb cheap imported sources, especially from China.
Among them, the import taxes on several aluminum products were asked to rise to 10%-15%, of which duties on scrap should be hiked to 10% from 2.5%. The import duties on intermediate and finished goods of copper and zinc ingots should be raised to 7.5% from 5%.
In the fiscal year ending March 2023, the aluminum demand in India was expected to be 4.2 million tons. The country imported 2.3 million tons of aluminum in the previous fiscal year, driven by cheap imports.
FIMI also asked the government again to cancel export tariffs on low-grade iron ore lumps and fines with iron content below 58%, whose duty rate was increased to 50% from zero this May.
