Breaking News

You are here » Indian-Commodity  :  Economy  :  India's aluminium scrap import rises 21% to 6,57,000 tonnes in H1FY19: AAI

22-Oct2018

India's aluminium scrap import rises 21% to 6,57,000 tonnes in H1FY19: AAI

Industry body Aluminium Association of India (AAI) has indicated that India's aluminium scrap import rose 21.44 percent to 6,57,000 tonnes during April-September period of financial year 2018-19 (H1FY19). It noted that aluminium scrap import had stood at 541,000 tonne during H1FY18. In July, it had urged the government to increase the duty on imports of aluminium scrap as the domestic sector may become victim of escalating trade war between the US and China.

The association has showed that in the first quarter of 2018-19 financial year ending June 30, aluminium scrap import was at 3,12,000 tonnes, up 24 percent from 2,51,000 tonnes in the April-June quarter of 2017-18 fiscal.  It also noted that the import of aluminium scrap grew 19 percent to 3,45,000 tonnes during the quarter ended September, from 2,90,000 tonne in the year-ago-period.

AAI further said that the government must take immediate steps to restrict the import of low quality scrap. It is a major threat posing the industry. It pointed out that aluminium is required by the industries like automobile, construction, consumer goods, etc which are on a growth trajectory in India. It noted that one can imagine the life of the products which is made up of substandard raw material. It said “We have suggested an increase in the duty to 10 per cent on scrap from the current 2.5 per cent. We also want quantitative restrictions to be put in place.” It has also been demanding an increase in import duty on primary aluminium to 10 percent from current 7.5 percent.


Related News

View all news

India's growth rate likely to improve to 7.3% in FY20: Crisil

Crisil Ratings in its latest 'India Outlook FY20' report has stated that India's economic growth may improve to 7.3% in the fiscal year 2019-20 (FY20), provided that there are normal rains, oil prices......

India's economy to grow at 7.5% in 2019, 7.7% in 2020: IMF

The International Monetary Fund (IMF) in its January World Economy Outlook update has said that India's economy is expected to grow at 7.5% in the 2019, keeping an upward trajectory as the rest of the......

India has potential to be $5 trillion economy in next 7-8 years: Suresh Prabhu

Expressing confidence over growth of Indian economy, Union Commerce and Civil Aviation Minister Suresh Prabhu stated that India has potential to be a $5 trillion economy in the next 7-8 years. He added......

Top News

View all news

Power Finance sanctions Rs 7,785-crore term loan for Telangana irrigation project

Power Finance Corporation (PFC) has sanctioned a Rs 7,785-crore term loan in two packages for the Kaleshwaram irrigation project in Telangana. The project envisages irrigation facilities for an ayacut......

Surya Roshni incorporates WOS company

Surya Roshni  has incorporated a wholly owned subsidiary (WOS) namely Surya Roshni Led Lighting Projects, having Registered office at New Delhi (India) on January 21, 2019 vide Certificate of......

Spice Mobility incorporates foreign subsidiary in Nepal

Spice Mobility has incorporated 'Digispice Nepal', a 100% foreign subsidiary of the company, in Nepal. The main object of the company is to operate in the information technology industry and provide software......