Removal Of Export Duty On Steel; Long Term Positive: ICICI Direct

The government has withdrawn the 15% export duty on steel products (which was earlier levied during May 2022).

<div class="paragraphs"><p>Interior view of a steel factory. (Source: freepik)</p></div>
Interior view of a steel factory. (Source: freepik)

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ICICI Direct Report

In a bid to provide a fillip to the domestic steel industry and boost exports, the government has restored the status quo, which was prevailing prior to May 22, 2022.

The government has withdrawn the 15% export duty on steel products (which was earlier levied during May 2022). Steel products now attract nil export duty compared to 15% earlier.

The removal of export duty is a significant relief and a long term positive for the domestic steel sector.

The government has also withdrawn the export duty on iron ore lumps and fines below 58% Fe content and iron ore pellets. Export of iron ore lumps and fines above 58% Fe content will now attract a lower duty of 30% (reduced from 50% earlier).

The import duty concessions on anthracite/pulverised coal injection coal, coking coal, coke and semi coke and ferronickel have also been withdrawn. All these changes in duty came into effect from November 19, 2022.

Click on the attachment to read the full report:

ICICI Direct Steel Sector Update.pdf


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