Government Withdraws Export Duty on Steel

New Delhi: Government has withdrawn export duty on steel with effect from Saturday.

Finance Ministry said the Centre has restored the status quo as was prevailing prior to 22nd May this year.

It has withdrawn the export duty on iron ore lumps and Fines below 58 person iron content, iron ore pellets, and the specified steel products including pig iron.

The import duty concessions on Anthracite, coking coal, coke, and semicoke and ferronickel have also been withdrawn.

The measures will provide a fillip to the domestic steel industry and boost exports.

These decisions were taken when India’s steel exports dipped 66 percent in October to 360,000 tonnes on weakened global demand and higher prices compared with competitors. According to Steel Ministry data, exports in October 2021 were 1.05 million tonnes.