Aluminium Woes

Aluminium firms are looking for safeguards from the government because of cheap Chinese imports.

By SUMANT BANERJI

THE INDUSTRY IS PITCHING FOR INCREASING THE EXPORT DUTY ON BAUXITE TO DISCOURAGE CHINA AND OTHERS FROM BUYING IT CHEAP FROM INDIA AND THEN SELLING BACK VALUE-ADDED MATERIAL WHAT’S PUTTING PRESSURE ON THE ALUMINIUM INDUSTRY Steep rise in cheap exports from China Higher taxes on coal which accounts for big input costs Inverted duty structure that allows China to import bauxite from India and sell back finished goods AND WHAT THE INDUSTRY WANTS Raising import duty on aluminium finished products from 5 per cent to 15 per cent Reducing import duty on raw materials from 7.5 per cent to 2.5 per cent Increasing export duty on bauxite from 20 per cent to 50 per cent Increasing Duty Drawback An unprecedented downturn in the global commodity cycle and persistent rise in steel and aluminium imports from countries such as China have…

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Business Today (Digital) - 1 Issue, February 28, 2016

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