Center removes duties on some steel items after exports plummet

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Center removes duties on some steel items after exports plummet
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Center removes export tax on low-grade iron ore and certain steel intermediates

NEW DELHI:

The finance ministry, in a notification, said the government had scrapped the 15% export tax it had previously imposed on several steel intermediaries after exports plummeted last month.

As steel and iron ore exports saw a dramatic reduction in October 2022, the decision to lower tariffs on stainless steel products has been taken, the notification from Friday evening, which takes Saturday effect.

The export tax has also been reduced on low-grade iron ore lumps and fines containing less than 58% iron, reversing a previous May order that raised the duty to 50% to control inflation. .

Besides roasted iron pyrites, the center also reduced the export tax on iron ore and concentrates from 50% to 30%.

The notification said:

The following stainless steel related items/products will now be subject to zero percentage duty from 19e November 2022:

— Flat-rolled products of stainless steel, of a width of 600 mm or more

— Other stainless steel bars and rods; angles, shapes and profiles in stainless steel

— Bars and wire rod, hot-rolled, irregularly wound, of other alloy steel

The government determined that these changes were necessary in the interest of the general public.

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