The steel industry has urged the Government to levy export duty of 40 per cent on graphite electrodes, one of the key raw materials, to improve domestic supply and bring down prices. The industry also wants the Government to remove the Country-specific high anti-dumping duty of $238 -900 a tonne levied on graphite imports.

The levy of anti-dumping duty and strong demand has pushed up domestic graphite electrode prices by over five times in the last three years to $15,000 a tonne, from $2,350 a tonne in June 2015. The rise in graphite prices has pushed up steel making cost by about Rs. 1,500-1,700 per tonne.

Bhaskar Chatterjee, Secretary General, Indian Steel Association, said it is important that export of graphite electrodes is restricted given that the Indian steel industry is at the crossroads and several steel producers are going through insolvency proceedings.

Source:- Dailyshippingtimes.com