Indian Steel Alliance to ask for reduction in duties on raw materials
Indian Steel Alliance (ISA), representing five Indian steel producers; Steel Authority of
India Ltd (
SAIL), Tata Iron and Steel Corp (TISCO), Ispat Industries, Essar Steel and
Jindal Vijaynagar has recently announced that it will demand the government to reduce import duty on raw materials to 5% during preparation of forthcoming budget.
In
India current, import duty on low ash metallurgical coke, nickel and nickel
alloys is 10%, whereas import duty on non-
coking coal for steel making is 25%. Import duty on other raw materials also varies. ISA will ask the government to reduce all these duty rates to 5% level.
On the excise duty side, ISA will ask for amendment in the previous procedures.
For railway
freight rate for steel, ISA will ask for reduction of 16%.