Government actively studying duties levied on steel exports | The Financial Express

Government actively studying duties levied on steel exports

On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent.

Government actively studying duties levied on steel exports
The move was aimed at increasing the availability of raw material for the domestic manufactures. (IE)

The government is actively studying the issue of export duty which was imposed on certain grades of steel in May this year.

The matter is being discussed at the highest level, Union steel minister Jyotiraditya Scindia told reporters at the National Management Convention organised by the All India Management Association (AIMA) here.

“This is something which is under active study by my department as well as the government. We are certainly discussing this at the highest level. When a decision is taken on this you shall be be informed,” he said in reply to a question whether government is considering removing export duty on iron ore and steel intermediaries.

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On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. It also waived customs duty on the import of some raw

materials, including coking coal and ferronickel, used by the steel industry. The move was aimed at increasing the availability of these raw material for the domestic manufactures.

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When asked if he has written a letter to the finance minister seeking removal of the duties, the minister replied: “I have written to the finance ministry on a number of issues facing steel industry. I will be in discussions with the finance ministry and based on the discussions the government will take a considered view on all those issues.” Expressing concern over the duty levied on overseas shipments of the metal, the Indian Steel Association (ISA), which represents the domestic steel companies, had said India may lose export opportunities and the decision may also impact the overall economic activity in the country.

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