The 15 percent export duty on most steel products imposed by the Indian government recently is likely to continue till at least December 2022, a ministry of steel note said on Thursday, September 15.
According to the ministry, any withdrawal of the duty right now will lead to increased exports at cost of meeting domestic demand and distort the market.
It said that domestic demand for steel products was expected to rebound with the withdrawal the monsoon season and scrapping of the duty would lead to higher overseas sales and unmet local demand putting pressures on prices.
Hence, the continuation of the export duty for the next few months will act as stabilizer and prevent volatility in the market, the ministry said.