Indian Steel Alliance to ask for reduction in duties on raw materials

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%.