Indian steel sector market players were greeted on 19 November evening with news of Indian government removing duties imposed on 21 May on export of low grade iron ore, iron ore pellets, pig iron, HR, CR, Galvanized flat steel, non-alloy & alloyed rounds & wire products and stainless steels, effective from 19 November 2022. Indian Steel Association President & AM/NS India CEO Mr Dilip Oommen said “Domestic Steel Industry is grateful to the Hon’ble Prime Minister of India for taking the decision to withdraw the export duty imposed on Iron and Steel items on May 21, 2022. We are also thankful to the Hon’ble Union Ministers of Home, Finance, Commerce, and Steel for supporting the Industry. This will re-energize and further motivate the industry to move forward with full confidence to put the steel sector towards an inclusive growth path.”Indian Steel Association’s Secretary-General Mr Alok Sahay added that the decision, immediately when the inflation numbers came to a reasonable level, shows the concern of the government towards the common man and the industry.India’s Ministry of Finance said in a notification no 58/2022 Customs dated 18 November said that on being satisfied that it is necessary in the public interest to do so, the amendments have been made as under1. 2601 11 21, 2601 11 22, 2601 11 41, 2601 11 42Iron ore and concentrates (Non Agglomerated) with less than 58% Fe – Nil, from 50% earlier2. 2601 11Iron ore and concentrates (Non Agglomerated) with more than 58% Fe - 30%, from 50% earlier3. 2601 12Iron ore and concentrates (Non Agglomerated) with more than 58% Fe - 30%, from 50% earlier4. 2601 12 10Iron ore pellets – Nil, from 45% earlier5. 7201Pig iron and spiegeleisen in pigs, blocks or other - Nil, from 15% earlier6. 7208Flat rolled products of iron or non-alloy steel, hot rolled, not clad, plated or coated - Nil, from 15% earlier8. 7209Flat rolled products of iron or non-alloy steel, cold rolled (cold-reduced), not clad, plated or coated- Nil, from 15% earlier 9. 7210 30.7212 30Flat rolled products of iron or non-alloy steel, plated or coated with zinc- Nil, from 15% earlier10. 7213Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel- Nil, from 15% earlier11. 7214Other bars and rods of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but including those twisted after rolling- Nil, from 15% earlier12. 7217Wire of iron or non-alloy steel- Nil, from 15% earlier13. 7219Flat-rolled products of stainless steel, of a width of 600 mm or more - Nil, from 15% earlier14. 7222Other bars and rods of stainless steel; angles, shapes and sections of stainless steel- Nil, from 15% earlier15. 7227Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel- Nil, from 15% earlier
Indian steel sector market players were greeted on 19 November evening with news of Indian government removing duties imposed on 21 May on export of low grade iron ore, iron ore pellets, pig iron, HR, CR, Galvanized flat steel, non-alloy & alloyed rounds & wire products and stainless steels, effective from 19 November 2022. Indian Steel Association President & AM/NS India CEO Mr Dilip Oommen said “Domestic Steel Industry is grateful to the Hon’ble Prime Minister of India for taking the decision to withdraw the export duty imposed on Iron and Steel items on May 21, 2022. We are also thankful to the Hon’ble Union Ministers of Home, Finance, Commerce, and Steel for supporting the Industry. This will re-energize and further motivate the industry to move forward with full confidence to put the steel sector towards an inclusive growth path.”Indian Steel Association’s Secretary-General Mr Alok Sahay added that the decision, immediately when the inflation numbers came to a reasonable level, shows the concern of the government towards the common man and the industry.India’s Ministry of Finance said in a notification no 58/2022 Customs dated 18 November said that on being satisfied that it is necessary in the public interest to do so, the amendments have been made as under1. 2601 11 21, 2601 11 22, 2601 11 41, 2601 11 42Iron ore and concentrates (Non Agglomerated) with less than 58% Fe – Nil, from 50% earlier2. 2601 11Iron ore and concentrates (Non Agglomerated) with more than 58% Fe - 30%, from 50% earlier3. 2601 12Iron ore and concentrates (Non Agglomerated) with more than 58% Fe - 30%, from 50% earlier4. 2601 12 10Iron ore pellets – Nil, from 45% earlier5. 7201Pig iron and spiegeleisen in pigs, blocks or other - Nil, from 15% earlier6. 7208Flat rolled products of iron or non-alloy steel, hot rolled, not clad, plated or coated - Nil, from 15% earlier8. 7209Flat rolled products of iron or non-alloy steel, cold rolled (cold-reduced), not clad, plated or coated- Nil, from 15% earlier 9. 7210 30.7212 30Flat rolled products of iron or non-alloy steel, plated or coated with zinc- Nil, from 15% earlier10. 7213Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel- Nil, from 15% earlier11. 7214Other bars and rods of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but including those twisted after rolling- Nil, from 15% earlier12. 7217Wire of iron or non-alloy steel- Nil, from 15% earlier13. 7219Flat-rolled products of stainless steel, of a width of 600 mm or more - Nil, from 15% earlier14. 7222Other bars and rods of stainless steel; angles, shapes and sections of stainless steel- Nil, from 15% earlier15. 7227Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel- Nil, from 15% earlier
