Nickel import duty cut to make stainless steel cheaper by 2%

Stainless steel industry uses nickel upto 8% for manufacturing industrial & utensil grade materials

Stainless steel is likely to become cheaper by up to 2% or Rs 2,000 – 2,500 a tonne effective April 1 following the government’s decision to abolish import duty on the key raw material – nickel.

The Finance Minister Arun Jaitley in the Union Budget on Wednesday proposed abolishing import duty of 2.5% on nickel, which would make the cost of stainless steel production cheaper in India. Stainless steel industry uses nickel up to 8% for manufacturing industrial and utensil grade materials depending upon its quality and grade. Thus, the cost of stainless steel production in India varies depending upon