India’s Ministry of Steel has asked the Ministry of Finance to cancel the current basic tariffs of 2.5% on ferronickel, which will help to decrease production costs for domestic stainless steel manufacturers.

India's stainless steel manufacturers meet most of their demand for nickel with ferronickel and stainless steel scrap. Ferronickel is a raw material that is used to produce corrosion-free steel applied in fields such as automobiles, defense, railways, and infrastructure.