The Indian government has finally taken a decision to impose measures to curb the continuous rise in domestic steel prices.
According to Indian Finance Minister Palaniappan Chidambaram, India will impose an export duty on steel products (up to 15 percent), and abolish import duties on several steel and steel related products, especially for steel producing essentials such as ferroalloys, pig iron and metallurgical coke. In addition, the countervailing duty on imports of certain steel products is likely to be canceled as well. The definitive measures are to be worked out by the relevant authorities.