Hit by surging input costs, the foundry industry in the country has demanded reduction of import duty for pig iron and other raw materials, an official said on Friday.

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Prices of pig iron and other raw materials for the industry have gone up by 30-50 per cent, Institute of Indian Foundrymen (IIF) president Vijay S Beriwal said.

The industry body has also sought subsidies on power from the government to stay competitive in the global markets.

"Steel prices have increased by 30-50 per cent in the last 5-6 months and foundry chemicals have become expensive by 15-20 per cent," Beriwal said.

Compared to other countries, the cost of power in India is high, which is hurting the energy-intensive foundry industry, he claimed.

"Energy cost accounts for 15-20 per cent of the manufacturing expense, which is the highest. The Chinese government had extended a 10 per cent incentive to their units before the COVID-19 pandemic and again 5 per cent after the crisis. Such measures were proposed by the foundry industry in India," Beriwal said.

The high input cost has an adverse impact on the USD 3-billion foundry exports from India and makes units uncompetitive in the international markets, he said.