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In order to provide support to the domestic steel industry and increase exports, the government has restored the status quo, which prevailed before May 22, 2022.
The government has withdrawn the 15% export duty on steel products (previously imposed in May 2022). Steel products now carry no export duty compared to 15% previously.
Removal of export duties is a significant relief and positive in the long run for the domestic steel sector.
The government has also withdrawn export duty on iron lumps and fines below 58% Fe content and iron pellets. Exports of iron lumps and fines above 58% Fe content will now be subject to a lower duty of 30% (down from 50% earlier).
Import duty concessions on coal for injection of anthracite/pulverized coal, coking coal, coking and semi-coking coal and iron ore have also been withdrawn. All these changes to the tariff came into effect from November 19, 2022.
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