The central government has restored the status quo that was applicable before May 22, 2022, withdrawing export duty on iron ore lumps and fines with Fe content below 58%, iron ore pellets and specified steel products including pig iron. Import duty concessions on anthracite/PCI coal, coking coal, coke and semi-coke and ferronickel were also revoked.
So with effect from November 19, 2022, –
•Export of iron ore lumps and fines < 58% Fe will require zero export duty.
•Exports of iron ore lumps and fine grade > 58% Fe will require a lower export duty of 30%.
•Export of iron ore pellets will not require any export duty.
•Exports of pig iron and steel products classified under HS 7201, 7208, 7209,7210,7213, 7214, 7219, 7222 and 7227 will be subject to zero export duty
•Anthracite/PCI and coking coal and ferronickel will be subject to an import duty of 2.5%.
•Coke and semi-coke will be subject to a 5% import duty.
In May 2022, as a result of the sharp and sustained rise in steel prices and to increase the availability of both finished steel and raw materials or intermediates needed for steel production, the government adopted several tariff measures earlier this year. With effect from 22 May 2022, the export duty on lump iron ores with Fe content above 58% was increased from 30% to 50% ad valorem; an export duty of 50% was imposed on iron ore with Fe content below 58%; an export duty of 45% was imposed on iron ore pellets; An export duty of 15% ad valorem was imposed on various forms of alloy and non-alloy steel including pig iron (HS 7201,7208,7209, 7210, 7213, 7214, 7219, 7222, 7227) and exemption from import duty was granted to anthracite / PCI coal, coking coal, coke and semi-coke and ferronickel. The current measures will give a boost to the domestic steel industry and boost exports.
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