According to Reuters, India's Finance Minister Nirmala Sitharaman stated during her annual budget speech on February 1st that India has scrapped customs duties on waste and scrap from a dozen critical minerals, including those of antimony, cobalt, tungsten, copper, lead, zinc, as well as waste and scrap of lithium-ion battery.
Sitharaman said that this move will help secure their availability for manufacturing in India. Furthermore, the Indian government will also launch a policy for recovery of critical minerals from tailings or by-products of mining.
It is noteworthy that this is not the first time India has taken tariff reduction measures in the field of critical minerals. Last year, the Indian government scrapped customs duty on 25 critical minerals that are not available domestically. According to China Tungsten Online, these critical minerals include antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, hafnium, indium, lithium, molybdenum, niobium, nickel, potassium, Rare earth elements (REE), rhenium, strontium, tantalum, tellurium, tin, tungsten, vanadium, zirconium, selenium, cadmium, and silicon other than quartz & silicon dioxide.
Tungsten is a metal with a high melting point and high density. Due to its unique physical and chemical properties, it is widely used in carbide tools, special steels, electronic materials, aerospace, and other fields.
Molybdenum is renowned for its excellent high-temperature resistance, wear resistance, and corrosion resistance. It is an indispensable alloy element in the steel industry, significantly enhancing the strength, hardness, and toughness of steel. Additionally, molybdenum plays a crucial role in various fields such as chemicals, electronics, and energy.
Rare earth elements are praised as the "vitamins of modern industry" due to their unique electronic structure and magnetic properties. They hold an irreplaceable position in permanent magnet materials, luminescent materials, catalysts, and new energy fields. As the global demand for clean energy and environmental protection technologies grows, the importance of rare earth elements becomes increasingly prominent.
Cobalt is a silvery-white metal with ferromagnetic and ductile properties, resistant to high temperatures and corrosion. Due to its excellent physical, chemical, and mechanical processing properties, it is widely used in machinery manufacturing, electronics and electrical appliances, aerospace, battery manufacturing, and other industries. It is a crucial strategic resource for the country.
It is reported that last week, India approved 163 billion rupees ($1.88 billion) to develop its critical minerals sector, as the world's fastest-growing major economy aims to secure raw materials such as lithium.
