India withdraws export duty on steel and iron ore
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New Delhi, Nov 19: The government has withdrawn the export duty on iron ore lumps and fines with below 58 percent iron content, iron ore pellets, and the specified steel products including pig iron, with effect from Saturday, November 19, 2022. The import duty concessions on anthracite / PCI coal, coking coal, coke, semicoke, and ferronickel have also been withdrawn.
With this decision, the status quo prevailing prior to May 22 this year has been restored, the Ministry of Finance said in a statement.
The Finance Ministry said in a statement on Saturday that with immediate effect, exports of iron ore lumps and fines ( less than 58 percent Iron) will attract nil export duty, iron ore lumps and fines (more than 58 percent Fe) will attract 30 percent, iron ore pellets nil export duty, pig iron, and steel products classified under HS 7201, 7208, 7209,7210,7213, 7214, 7219, 7222, and 7227 will attract nil export duty, anthracite/PCI and coking coal and ferronickel will attract import duty of 2.5 percent, and coke and semi coke will attract 5 percent import duty, In May earlier this year, in the wake of a sharp and steady rise in prices of steel and in order to augment the availability both of finished steel as well as raw materials or intermediates required for steel manufacture, the Government took several tariff measures.
With effect from May 22 export duty on iron ore lumps with more than 58 percent, Fe content was raised from 30 percent to 50 percent ad valorem; export duty of 50 percent was imposed on iron ore with Iron content below 58 percent; export duty of 45 percent was imposed on iron ore pellets; export duty of 15 percent ad valorem was imposed on different forms of alloy and non-alloy steel including pig iron (HS 7201,7208,7209, 7210, 7213, 7214, 7219, 7222, 7227) and import duty exemptions were given to Anthracite / PCI coal, coking coal, coke, and semicoke and ferronickel.
The Finance Ministry said the measures will provide a fillip to the domestic steel industry and boost exports.