Govt Announces withdrawal of 15% Export Duty on Steel
The government today withdrew the 15 per cent export duty on pig iron, iron and steel ingots, bars and rods, angles and sections. It also replaced the 15 per cent ad valorem export duty on iron ore fines. The export duty on scrap and iron ore lump remains unchanged.
The ministry also withdrew full exemption from basic customs duty on import of ferro-molybdenum and ferro-vanadium. The items will now attract basic customs duty of 5%.
The major players of the steel industry have welcomed this move. Neeraj Singal, Managing Director, Bhushan Steel said, "We are the largest exporter of billets from the country but international prices are very low.
However, this is a good message from the Government" Ankit Miglani, Director (commercial) of Uttam Galva Steels said "the move was extremely positive because it showed that the government was concerned and was willing to help the industry". He also added that this announcement would safeguard prices from going further down.
This decision will also benefit those who send semi-finished products to their own finishing mills outside India.