Written by Tharushan Fernando
29 Nov, 2015 | 8:21 pm
The Sri Lanka Scrap Traders Association convened a media briefing on Sunday where they pointed out that their trade has been severely affected due to the downward revision of import duties on steel, proposed by the 2016 budget.
The association states that the local industry is facing a collapse as a result and claimed that the price of a kilogramme of scrap metal which stood at Rs.63 has fallen down to Rs. 23.
Chairman of the Sri Lanka Scrap Traders Association,R. Vijay Kumar stated:
In 2003 we exported scrap metal to India and we did not face any problems at the time. But in 2013, the former government removed all taxes on the billet type material and this was a blow to the stomach for the traders who dealt with this material. Because no one wants to buy from them anymore. So we call on the government to put a stop to this because of the impact it has on all scrap metal dealers.
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