Indian Government Removes Export Duty on Some Steel Products

Updated on: 20/11/2022

In a bid to give impetus to the export of steel and iron ore items, the government on Friday removed export duty on those steel products and iron ore imposed 22 May this year with effect from 19 November 20225 Saturday, Finance Ministry notification said.

According to the decision that entered into force as of 19 November 2022;
📍 Export tax were reduced from 50% to 0% in the export of iron ore with less than 58% FE.
📍 Export tax rates were reduced from 50% to 30% in the export of iron ore with a grade more than 58% FE.
📍 15% export tax applied to the export of pig iron, unalloyed hot rolled sheet, unalloyed cold rolled sheet, unalloyed steel coated products, unalloyed wire rod, unalloyed bar and rebar, stainless steel flat rolled products, stainless steel bars and profiles, alloy steel wire rod products has been totally abolished.
📍 Import duties in anthracite and coking coal imports, which were zeroed in May, has been increased to 2.5% again.
📍 Import duty in coke and semi-coke imports, which were zeroed in May, has been increased to 5% again.
📍 In the April-September 2022 period, which is the first 6 months of the 2023 fiscal year, India’s steel product exports decreased by 53% from 11 million tons to 5 million tons. Export tax contributed to that sharp drop in Indian steel export.

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📍 In the same period, flat steel exports decreased 44% from 6.53 million tons to 3.66 million tons, long steel exports decreased 69% from 1.40 million tons to 0.43 million tons.
📍 In the same period, iron ore exports decreased by 63% from 18.91 million tons to 6.98 million tons.
📍 Due to the 15% export tax imposed on non-alloyed flat steel products on May 22, India’s flat steel exports started to shift from non-alloyed flat steels to alloyed flat steels. The share of alloyed flat steels in India’s total flat steel exports, which was 0.6% in April 2022, had increased to 84.4% in August.
📍 India exported a total of 13.3 million tons of taxable products in 2021, and 5.7 million tons in the first 8 months of 2022, and 30% of the said exports were made to the European Union region.

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📍 After the removal of the export duties, India is expected increase its steel export the EU market and will be faster in quota usage.
📍 Despite the export duties, Türkiye’s total steel product imports from India increased by 12% in the first 9 months of the year to 827,000 tons, especially in the first 9 months of the year, due to high imports in the February-June periods.
📍 599,000 tons of Turkiye’s total steel import from India consists of flat products, whose imports increased by 9.8%.
📍 In the current environment of weak demand, excess supply and low prices/margins, it can be expected that India’s abolition of export duty on steel products will again increase the country’s orientation to export markets in steel products exports, which will put additional pressure on the already weak markets.

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Source: SteelData

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