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

P-notes investment jumps to Rs 78,110 crore at March-end

With positive market sentiments, the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) jumped to Rs 78,110 crore at the end of March. According......

India's steel demand may grow above 7% in 2019, 2020: World Steel Association

The World Steel Association in its latest report 'Short Range Outlook April 2019' has said India's steel demand is likely to grow above 7 per cent in the current year (2019) as well as next year (2020).......

India likely to receive 'near normal' monsoon in 2019: IMD

Easing concerns over farm and economic growth in the country, the India Meteorological Department (IMD) in Long Range Forecast for 2019 southwest monsoon rainfall stated that the country is likely to have......

Top News

View all news

Lupin seeks more time from commerce ministry to complete project in Indore SEZ

Lupin has sought more time from the commerce ministry to complete its project, with proposed investment of Rs 205.69 crore, in the Indore Special Economic Zone (SEZ). The company is setting up its pharma......

Tata Sponge Iron to shift its registered office to Kolkata

Tata Sponge Iron has decided to shift its registered office from Keonjhar in Odisha to Kolkata, subject to the approval of the members of the company and other regulatory authorities. The company has also......

GVK Power's arms ink pact with ADIA, NIIF

GVK Power and Infrastructure's subsidiaries -- GVK Airports Developer (GVKADL) and GVK Airport Holdings (GVKAHL) have signed a term sheet and exclusivity agreement with Abu Dhabi Investment Authority (ADIA)......