The cost of imported raw material for secondary steel producers in the country rose owing to the recent sharp depreciation in the Indian currency. Secondary steel producers import steel scrap and coking coal, besides other things. The exchange rate of rupee depreciated up to Rs 60 per dollar thereby raising the imported raw material cost of companies. Some reports indicate that the secondary steel units conc
Tag: scrap
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Steel firms prefer scrap over local sponge iron
Indian steel companies are said to be preferring to import cheap steel scrap from African and West Asian countries, whose prices are falling, instead of buying domestic sponge iron. In 2012-13, the country's import of steel scrap is estimated to have risen 25 per cent to 7.5 million tonne from the previous year, Metal Recycling Association of India said. Scrap prices declined 8 per cent to $390 a tonn
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SIMA seeks hike in customs duty on sponge iron
Sponge Iron Manufacturers Association (SIMA), in a pre-Budget memorandum, urged the government to raise customs duty on sponge iron to 10 per cent from the current level of 5 per cent in the union budget 2013-14. The association wants the government to raise duty in order to reduce the rising import of sponge iron. The indu
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AIIFA seeks CENVAT credit on duty
Secondary steel manufacturers want the union government to consider deemed duty paid on steel scrap for availing CENVAT credit in the union budget 2013-14. According to the All India Induction Furnaces Association (AIIFA), the revenue collection of the central government would rise remarkably by allowing Deemed Duty Cre
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Maritime board struggles to sell 999 ton tanker
Maharashtra Maritime Board has been making efforts to sell a 999-ton crude oil tanker named MT Pavit for the last over six months, but in no vain. The ship, whose route is still unclear to authorities drifted to the Juhu beach over a year ago and as its owners were not coming forward, the maritime board had to ta
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MSTC to build steel scrap unit for Rs 120 cr
Media reports suggest that public sector trading firm MSTC plans to set up a automotive and white goods steel scrap shredding unit in Dahej at a cost of Rs 120 crore. The plant, to be located at Dahej, may be operationalised in the first half of 2013-14. For installing the unit, to be built on a 20-acre plot, selection of an EPC contractor would be done through a global tendering