India's government has suspended the export subsidiary for steel under the Duty Entitlement Pass Book (DEPB) scheme.
The decision is effective as of March 27 and is considered as a measure to control inflation and increase domestic supplies.
Prior to the government's decision, Indian steelmakers had enjoyed DEPB benefits of five percent for galvanized steel, four percent for billets, six percent for thermo-mechanically treated bars, four percent for hot rolled coils and six percent for cold rolled coils.