Financial Express reported that India’s Steel Ministry said that reduction in export duty may be considered after stabilization of the present volatile market condition, cooling of inflationary pressures and the steel price trends in the next quarter. It said “Reduction in duty may be considered after stabilization of the present volatile market condition, cooling of inflationary pressures and the steel price trends in the next quarter.” It added “Higher exports may have, in part, helped sustain high prices of steel during FY22.” In 2021-22, India’s steel exports at 18.37 million tonnes, comprising both finished and semi-finished steel, was the highest. However in April-August 2022, finished steel exports have declined by 53% YoY to 3.02 million tonnes The 15% export duty was imposed on 21 May on a range of items covering around 95% of the finished steel export basket
Financial Express reported that India’s Steel Ministry said that reduction in export duty may be considered after stabilization of the present volatile market condition, cooling of inflationary pressures and the steel price trends in the next quarter. It said “Reduction in duty may be considered after stabilization of the present volatile market condition, cooling of inflationary pressures and the steel price trends in the next quarter.” It added “Higher exports may have, in part, helped sustain high prices of steel during FY22.” In 2021-22, India’s steel exports at 18.37 million tonnes, comprising both finished and semi-finished steel, was the highest. However in April-August 2022, finished steel exports have declined by 53% YoY to 3.02 million tonnes The 15% export duty was imposed on 21 May on a range of items covering around 95% of the finished steel export basket
