In line with the recently announced Indian Budget 2006-2007, the Indian government amended customs duties of certain products, regarding steel industry.
According to the new Budget, the customs duty on primary and non-primary steel and alloy products has been decreased from 10 percent to 7.5 percent. The customs duty on ores and concentrates has been reduced to 2 percent from 5 percent. Moreover, the customs duty on ferrous alloy has been decreased to 7.5 percent from 10 percent. The new customs duty on
scrap has been set as 5 percent.