SEATTLE (Scrap Monster): According to official sources, the Indian government is likely to cut or abolish the recently imposed export duties on steel products. The move follows concerns raised by steelmakers that domestic demand has remained flat and that they are unable to take advantage of the export market demand due to the high export levies introduced by the government.
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The representatives of the Indian Steel Association (ISA) had recently met the Union Finance Minister Nirmala Sitaraman to highlight the troubles faced by steel sector in the country. The Minister was briefed about the supply and demand situation of the commodity. They are believed to have sought a reduction in higher export duty, if not an outright abolition of the same.
The government is considering a review of the duties imposed on steel and iron ore. However, a final decision is yet to be taken, official sources confirmed. It must be noted that the government had imposed 15% export duty on select steel and stainless steel products, in addition to raising the export duty on iron ores and concentrates from 30% to 50%.
The country’s steel exports had crashed from 1.38 million tonnes in May to 0.68 million tonnes in June this year. Also, domestic steel consumption had recorded sharp decline from 9.56 million tonnes in March to 8.67 million tonnes in May 2022.
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