Govt. waives import duty on some raw materials for steel industry, export duty on iron ore raised by up to 50%

Changes aimed at lowering cost of materials used by the domestic steel industry

The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce prices.

Also, to increase domestic availability, the duty on exports of iron ore has been raised by up to 50%, and that for a few steel intermediaries to 15%, according to a notification.

The duty changes will be effective from Sunday.

The import duty on ferronickel, coking coal, PCI coal has been cut from 2.5%, while the duty on coke and semi-coke has been slashed from 5% to 'nil'.

The tax on the export of iron ores and concentrates has been increased to 50%, from 30%, while for iron pellets, a 45% duty has been imposed.