India withdraws export duty on steel, iron ore

The Central Government has restored the status quo as was prevailing prior to May 22, 2022, and withdrawn the export duty on iron ore lumps and Fines below 58 percent Fe content,  iron ore pellets, and the specified steel products including pig iron.

The import duty concessions on Anthracite / PCI coal, coking coal, coke & semi-coke, and ferronickel have also been withdrawn. 

In May 2022, in the wake of a sharp and steady rise in prices of steel and in order to augment the availability both of finished steel as well as raw materials or intermediates required for steel manufacture, the Government took several tariff measures earlier this year.

With effect from 22^nd  May 2022, export duty on iron ore lumps with more than 58 percent Fe content was raised from 30 percent to 50 percent ad valorem; export duty of 50 percent was imposed on iron ore with Fe content below 58 percent; export duty of 45 percent was imposed on iron ore pellets; export duty of 15 percent 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.