India’s Central Board of Indirect Taxes and Customs has raised tariffs on brass scrap imports to $3,410/mt from the previous $3,189/mt, according to a notification issued on June 30.
A brass manufacturer from Jamnagar told Davis Index that the recent change in the tariff duty is in line with the soaring copper prices on LME. The three-month copper contract rose by $639.5/mt in a month to settle at $6,043.5/mt on June 30 from $5,404/mt on June 1.
Lakhabhai Keshawala, President of Jamnagar Factory Association, told Davis Index that the recent change in tariff is not going to affect Indian brass manufacturers much. India mainly imports scrap from the US, Germany, Saudi Arabia, the UK among others.
The new tariff duty will apply on refinery brass scrap of all grades covered under ISRI codes -Drink, Ebony, Enerv, Elder, Engel, Erin, Grape, Honey, Ivory, Label, Lark, Melon, Night and Noble.
Indian imports of brass scrap were at 154,666mt in Feb 19-2020, up by 9.77pc from 139,555mt in the prior-year period. India imported 42,584mt (27.53pc) of brass scrap from the US, followed by 13,495mt(8.73pc) from Saudi Arabia and 13,235mt(8.56pc) from Germany.