📍India imposed 15% export duty on the export of Pig Iron, Non Alloy HR Flat, Non Alloy CR Flat, Non Alloy Coated Flat, Non Alloy Bars and Rods, Non Alloy Other Bars, Stainless Flat, Stainless Bars and Sections, Stainless Wire Rod.
📍 To reduce the cost of domestic production of steel products, import duty on coking coal and anthracite (high energy coal) has been reduced from 2.5% to zero while the same on coke and semi-coke has been brought down from 5% to zero.
📍 To increase local availability of iron ore and a few steel intermediates, export duty has been raised on one item and imposed on 10 other items afresh.
📍 For iron ore and concentrates, the duty has been raised to 50% on all categories, up from 30% that is now applicable on lumps above 58% iron content.
📍 In the case of iron ore pellets, which currently does not attract export duty, a 45% duty has been imposed. In the case of nine other classes of iron ore and steel intermediates a 15% export duty has been imposed.
📍 The new duties is valid from 22 May 2022.
📍 India is 7th largest steel exporter of the World, exporting 19.9 mmt total steel export in 2021. India is also 2nd largest steel producer of the world.
📍 The export tonnage of India’s steel products subject to export duty in 2021 was 13.3 mmt steel products in 2021.
📍 Considering India’s total steel export tonnage of 19.9 mmt in 2021, the steel products subject to export duty accounted for 66.5% of India’s total steel export in 2021.
📍 In the case of products subject to export duty;
👉 The largest export tonnages by product was HRC and Coated Flat Steel.
👉 Largest export markets in 2021 were Vietnam, Italy, BNelgium, UAE and Turkey.
👉 Largest export regions were Asia and EU.