In May 2022, the Government imposed Export Duty on iron ore lumps with more than 58% Fe content was raised from 30% to 50% ad valorem; an export duty of 50% was imposed on iron ore with Fe content below 58%; export duty of 45% was imposed on iron ore pellets; export duty of 15% ad valorem was imposed on different forms of alloy and non-alloy steel including pig iron (HS 7201,7208,7209, 7210, 7213, 7214, 7219, 7222, 7227)  and import duty exemptions were given to Anthracite / PCI coal, coking coal, coke & semi-coke and ferronickel.

ISA met with Shri Piyush Goyal, Hon’ble Union Minister of Commerce and Industry, and Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister to discuss the issues plaguing the Indian Steel Industry. 

On 19 November 2022, the Government withdrew the Export Duty imposes on various Iron and Steel products. Thus, with effect from 19 Nov 2022:

• Exports of iron ore lumps and fines < 58% Fe will attract nil export duty;
• Exports of iron ore lumps and fines > 58% Fe will attract lower export duty of 30%;
• Exports of iron ore pellets will attract nil export duty;
• Exports of pig iron and steel products classified under HS 7201, 7208, 7209,7210,7213, 7214, 7219, 7222 & 7227 will attract nil export duty;
• Anthracite/PCI & coking coal and ferronickel will attract import duty of 2.5%;
• Coke and Semi coke will attract a 5% import duty.

We are thankful to the Hon’ble Union Minister of Commerce and Industry, Hon’ble Union Minister of Finance, and Hon’ble Union Minister of Steel for their help & support in withdrawing the Export Duty on Iron & Steel Products. The current measures will provide a fillip to the domestic steel industry and boost exports.