The steel industry today demanded withdrawal of 2.5 per cent import duty imposed on melting and stainless steel scraps, saying that the move will slacken demand further and companies will be forced to pass on the burden to end-consumers. The industry said its costs will go up by about Rs 600-700 per tonne in case of melting scrap, while for stainless steel it would be as high as Rs 2,500 per tonne. On the other hand, the government is expected to garner Rs 500 crore revenues from the duty imposition.
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