Govt waives customs duty on imports of certain raw materials
Steel

Govt waives customs duty on imports of certain raw materials

The government has waived customs duty on some raw materials imports, including coking coal and ferronickel used in the steel industry, which will reduce the cost for the domestic industries and reduce prices.

To increase the domestic availability of coal, the duty on iron ore exports has risen to 50%, and a few steel intermediaries to 15%.

The duty on the import of ferronickel, coking coal, and PCI coal has reduced from 2.5%, while the duty on coke and semi-coke has been dropped from 5% to nil.

The tax on the export of iron ores and concentrates increased to 50%, from 30%, while 45% on iron pellets.

Duty on pig iron and spiegeleisen in pigs, blocks and other primary formats, including flat-rolled products of iron or non-alloy steel of 600 mm or more, hot-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, cold-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, clad, plated, or coated has increased to 15% from nil.

Another 15% duty has been imposed on flat-rolled products of stainless steel of 600 mm, other bars and rods of stainless steel, angles, shapes and sections of stainless steel, bars and rods, hot-rolled, wound coils, of other alloy steel.

Minister of Finance, Nirmala Sitharaman, said that customs duty changes in raw materials and intermediaries for iron and steel would lower their prices.

Apart from the duty on raw materials imports, used in the plastic industry has also been lowered to reduce the cost of domestic manufacturing.

The import duty on naptha has been reduced to 1%, from 2.5%, while the duty on propylene oxide has dropped to 2.5%.

Additionally, the import duty on Polymers of Vinyl Chloride (PVC) has reduced to 7.5%, from 10%.

Senior Partner of AMRG & Associates, Rajat Mohan, said that a steep reduction in import duty on such products would result in high inflation.

He added that global economies are ailing due to increasing debt and high inflation. The government has taken several measures to provide relief from the high prices of petrol, diesel, coal, iron, steel and plastic.

Image Source

Also read: Stainless steel industry seeks import duty cuts on key raw materials

The government has waived customs duty on some raw materials imports, including coking coal and ferronickel used in the steel industry, which will reduce the cost for the domestic industries and reduce prices. To increase the domestic availability of coal, the duty on iron ore exports has risen to 50%, and a few steel intermediaries to 15%. The duty on the import of ferronickel, coking coal, and PCI coal has reduced from 2.5%, while the duty on coke and semi-coke has been dropped from 5% to nil. The tax on the export of iron ores and concentrates increased to 50%, from 30%, while 45% on iron pellets. Duty on pig iron and spiegeleisen in pigs, blocks and other primary formats, including flat-rolled products of iron or non-alloy steel of 600 mm or more, hot-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, cold-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, clad, plated, or coated has increased to 15% from nil. Another 15% duty has been imposed on flat-rolled products of stainless steel of 600 mm, other bars and rods of stainless steel, angles, shapes and sections of stainless steel, bars and rods, hot-rolled, wound coils, of other alloy steel. Minister of Finance, Nirmala Sitharaman, said that customs duty changes in raw materials and intermediaries for iron and steel would lower their prices. Apart from the duty on raw materials imports, used in the plastic industry has also been lowered to reduce the cost of domestic manufacturing. The import duty on naptha has been reduced to 1%, from 2.5%, while the duty on propylene oxide has dropped to 2.5%. Additionally, the import duty on Polymers of Vinyl Chloride (PVC) has reduced to 7.5%, from 10%. Senior Partner of AMRG & Associates, Rajat Mohan, said that a steep reduction in import duty on such products would result in high inflation. He added that global economies are ailing due to increasing debt and high inflation. The government has taken several measures to provide relief from the high prices of petrol, diesel, coal, iron, steel and plastic. Image Source Also read: Stainless steel industry seeks import duty cuts on key raw materials

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code