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Domestic stainless steel is almost completely dependent on imports to meet its requirements.

“There is zero duty on imported stainless steel scrap. Chromium and nickel currently attract import duties. Chromium is in good supply but nickel is not available and we have taken it up with the ministry of finance to reduce the nickel import duty to nil as it is a very important raw material for stainless steel production,” a government official said.

Industry circles said that, even though India does not import any nickel from Russia, the latter controls over eight percent of global trade and, following its invasion of Ukraine, there have been severe disruptions among global suppliers and Indian stainless steel producers are feeling the pinch.