According to a statement from the finance ministry, export duties will be “zero” for certain pig iron and steel products as well as iron ore pellets.
Industry participants said on Saturday that the government’s plan to eliminate the export tax on steel products would increase demand for the metal.
Six months after the levy’s implementation on May 21, the government has reduced the export tariff on steel goods and iron ore, with effect from November 19, 2022.
According to a statement from the finance ministry published late Friday night, export duties will be “zero” for certain pig iron and steel products as well as iron ore pellets.
Seshagiri Rao, Joint MD, JSW Steel & Group CFO, said, “Reviving domestic steel demand will be a significant sentimental booster, particularly at a time when the global steel demand is on a precipitous decline.”
The move, which was made as soon as the inflation rates dropped to a manageable level, according to Indian Steel Association (ISA) Secretary-General Alok Sahay, demonstrates the government’s concern for the average citizen and the industry.
This would re-energize and further push the industry to move on with complete confidence to put the steel sector on a path of inclusive growth, according to Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India. Oommen also serves as the ISA president.
The CEO of Jindal Stainless, Abhyuday Jindal, referred to it as a long-awaited action.
“In order for indigenous producers to compete with their international rivals, this was urgently needed.” “I am convinced that this would support the government’s Make in India and Local to Global visions,” added Jindal.
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