SPOTLIGHT: Indian secondary non-ferrous industry needs clear majority in upcoming election – Shah January 28, 2014 - 16:45 GMT Location: London KEYWORDS: India , scrap , non-ferrous , secondary metals , MRAI , Dhawal Shah , Metco Indian non-ferrous metal recyclers are hoping for a stable, majority government, following this year’s elections, to avoid a further squeeze on the ailing secondary metal sector, Dhawal Shah, director of Metco India and a vp of the Metal Recycling Assn of India (MRAI), told Metal Bulletin. Over the past year, India’s scrap and secondary metal industry has been struggling with a weak rupee, rising import duties on scrap, increased competition from imported semi-finished products, high interest rates, and restrained demand for end-products due to a weak economy. The election of a stable, industry-focussed government could help address some of the political and economic issues that have contributed to the squeeze in the secondary metal industry, local sources say. “The performance of the industry has not been good over the past year,” Shah said. The secondary non-ferrous sector is fuelled by imported scrap. Indian importers-cum-manufacturers buy scrap on a dollar basis, and sell their products on a rupee-basis, presenting a currency risk that has worked against them in recent months. “We’d have hoped that...
Posted on: Fri, 31 Jan 2014 06:29:04 +0000
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