BL reported that Indian stainless steel industry has sought imposition of up to 20% import duty on the alloy to check cheaper shipments from China, Korea and Taiwan amid slackening demand and volatility in raw material prices.

Mr NC Mathur president of Indian Stainless Steel Development Association said that “Government will have to impose more import duties on stainless steel products if it wants the industry to survive.''

The association has shot a letter to Mr P Chidambaram finance minister of India seeking enhancement of import duty on stainless steel HR flat rolled products from 5% to 15%, while that on stainless steel CR flat products from 5% to 20%. It also wants the government to remove the existing 5% import duty on stainless steel melting scrap, an essential raw material in the processing of the alloy.

Mr Mathur said the industry is passing through a major crisis, which might lead to cut in production as also layoffs. He said that "The problem being faced by the domestic stainless steel industry is on account of high cost inventory of imported inputs. In midst of this, some foreign manufacturers are dumping their products in our markets."