India  

Export duty on steel products and iron ore withdrawn, know why

The government last Friday decided to repeal export tariffs on iron ore and several steel products. Exports also slowed for iron ore and steel, with overall exports down more than 16% in October, one of the first declines in nearly 20 months.

On Friday, the government decided to repeal export duties on iron ore lumps and fines and pellets. Exports of pig iron and steel products classified under some headings are also not subject to export duty. Anthracite/PCI and coking coal and ferronickel are currently subject to a 2.5% import duty, and coke and semi-coke are subject to a 5% import duty.

The government imposed curbs on wheat and steel in the summer amid rising inflation. Then there was a check on the export of certain types of rice. Earlier this month, TOI reported on a review of export controls on steel and rice.

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