Financial Daily from THE HINDU group of publications
Tuesday, Oct 18, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 18, 2005 |
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Agri-Biz & Commodities
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Metals Industry & Economy - Exports & Imports Bombay Metal Exchange seeks duty cut on base metal imports Our Bureau
Mumbai , Oct. 17 THE Bombay Metal Exchange has urged the Government to reduce excise, countervailing and customs duties on import of non-ferrous metals. In a memorandum to the Union Finance, Commerce and Industry; and Coal and Mines Ministries, the exchange said excise duty and countervailing duty on non-ferrous metals must be revised to 8 per cent from 16 per cent. The import duty should be brought to nil from the current levy of 10 per cent. "The non-ferrous metals industries definitely need immediate relief," Mr Rohit V. Shah, President of Bombay Metal Exchange, said. Copper prices have risen considerably during the last year, increasing to new records and reaching their highest peak. The LME price of copper was around $2,425 in January 2004. It rose to a high of $3,970 in October. A considerable rise in copper prices has put great pressure on most industries like electrical, air-conditioning and heating, railway, telecom and construction as well industries that are major copper users. "Our country is a developing country and we are signing many free trade agreements with the neighbouring countries. The boom in the prices may ultimately affect the consumers and also have an adverse effect on the development and prosperity of the country," Mr Shah said, in a message. "If no timely action is taken now, neighbouring countries like China will capture the total global market and Indian manufacturers will become uncompetitive in the export market," he said. The working of the copper and copper base downstream and semis industry has been adversely affected and some of them are on the verge of closing down.
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