India to review duties on imported raw materials for steel making

India to review duties on imported raw materials for steel making

Indian Planning Commission will initiate a review of the duties on imported raw materials used in steel making basis the difficulties caused by the difference between the subject duties and the duties on imported finished steel products. As previously reported by SteelOrbis, duties on imported finished steel products, including hot rolled steel and cold rolled steel is 5% in India. However the fact that the duties on certain imported raw materials used in steel-making are higher than the duties on imported finished steel products increases the cost of production, thereby causing steel producers difficulty. For instance duties on imported re-rollable scrap, ferro alloys are 10% and 15% respectively. The duties on imported iron ore, coking coal, non-coking coal and pig iron stand at 5% as the duties on finished steel products. Now upon the request of the industry, the government will initiate a review to remedy the problem.