The government has withdrawn the export duty on iron ore lumps and fines with below 58 per cent iron content, iron ore pellets and the specified steel products including pig iron, with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The import duty concessions on anthracite / PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn.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 per cent Iron) will attract nil export duty, iron ore lumps and fines (more than 58 per cent Fe) will attract 30 per cent, 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 per cent, and coke and semi coke will attract 5 per cent 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 per cent Fe content was raised from 30 per cent to 50 per cent ad valorem; export duty of 50 per cent was imposed on iron ore with Iron content below 58 per cent; export duty of 45 per cent was imposed on iron ore pellets; export duty of 15 per cent 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 semi coke and ferronickel.
The Finance Ministry said the measures will provide a fillip to the domestic steel industry and boost exports.
( With inputs from ANI )
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