Government waives import duty on some raw materials for steel industry, export duty on iron ore hiked up to 50 percent

The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 percent, and a few steel intermediaries to 15 percent, according to a notification. The duty changes was effective from Sunday. The import duty on ferronickel, coking coal and PCI coal has been cut from 2.5 percent, while the duty on coke and semi-coke has been slashed from 5 percent to nil.

The tax on the export of iron ores and concentrates has been hiked to 50 percent, from 30 percent, while that on iron pellets a 45 percent duty has been imposed. Duty on pig iron and spiegeleisen in pigs, blocks, or other primary formats; flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hot-rolled, not clad, plated or coated; Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, cold- rolled (cold-reduced), not clad, plated or coated, flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, clad, plated or coated have been hiked to 15 percent from nil.