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PrintTo encourage Indian steel makers to export despite falling global prices, the Government withdrew the export duty on certain steel products like pig iron, iron and steel ingots, bars, rods, angles, shapes and sections.
However, export duty on scrap steel will remain unchanged, an official release said. Earlier all these products attracted an export duty of 15 per cent.
Similarly, with fall in global iron ore prices, a 15 per cent ad-valorem export duty on iron ore was making Indian ore uncompetitive in the international market.
With a view to improve the export competitiveness of the mining industry, the ad-valorem duty has been replaced with a Rs 200 a tonne fixed duty for iron ore fines. However, for lumps the rate remains unchanged.
On the other hand, in order to provide protection to domestic ferro-molybdenum and ferro-vanadium industry, the full exemption from basic customs duty for import of these two products has been withdrawn and importers will now have to pay five per cent basic customs duty, the release added. –Business Line
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