The Ministry Of Steel Publishes Steps To Reduce Steel Prices
Steel

The Ministry Of Steel Publishes Steps To Reduce Steel Prices

In a written reply to the Rajya Sabha, Shri Faggan Singh Kulaste, Minister of State for Steel, detailed the government's efforts to make raw materials and steel more affordable in a written reply. Since steel prices are highly variable, it is prudent to consider market conditions and the interests of both upstream and downstream consumers.

To regulate the now-deregulated sector, the government has taken a number of measures to mitigate the effects of demand and supply; global market conditions; trends in raw material prices; logistic costs; power costs; fuel costs; and so on:

(i) Reduction in Custom Duty on Semis, Flat and Long products of non-alloy, alloy and stainless steel to 7.5%, in Union Budget 2021-22.
(ii) Extension of exemption in Custom Duty on steel scrap up to 31.3.2023 along with revocation of Anti-Dumping Duties (ADD) and Countervailing Duties (CVD) on steel products, in Union Budget 2022-23.
(iii) Modifications in tariffs on raw materials of steel and other steel products vide notification dated 21.05.2022 wherein the import duty on Anthracite/Pulverized Coal Injection (PCI) Coal, Coke, Semicoke and Ferro-Nickel has been reduced to zero. An export duty on Iron ores/ concentrates and iron ore pellets has been raised to 50% and 45%, respectively, and a 15% export duty has been imposed on pig iron and several steel products.

See also:
Domestic steel sector hits by moving train post govt’s duty steps
Steel prices likely to drop by Rs 3000-5000 per tonne soon


In a written reply to the Rajya Sabha, Shri Faggan Singh Kulaste, Minister of State for Steel, detailed the government's efforts to make raw materials and steel more affordable in a written reply. Since steel prices are highly variable, it is prudent to consider market conditions and the interests of both upstream and downstream consumers. To regulate the now-deregulated sector, the government has taken a number of measures to mitigate the effects of demand and supply; global market conditions; trends in raw material prices; logistic costs; power costs; fuel costs; and so on: (i) Reduction in Custom Duty on Semis, Flat and Long products of non-alloy, alloy and stainless steel to 7.5%, in Union Budget 2021-22. (ii) Extension of exemption in Custom Duty on steel scrap up to 31.3.2023 along with revocation of Anti-Dumping Duties (ADD) and Countervailing Duties (CVD) on steel products, in Union Budget 2022-23. (iii) Modifications in tariffs on raw materials of steel and other steel products vide notification dated 21.05.2022 wherein the import duty on Anthracite/Pulverized Coal Injection (PCI) Coal, Coke, Semicoke and Ferro-Nickel has been reduced to zero. An export duty on Iron ores/ concentrates and iron ore pellets has been raised to 50% and 45%, respectively, and a 15% export duty has been imposed on pig iron and several steel products. See also: Domestic steel sector hits by moving train post govt’s duty stepsSteel prices likely to drop by Rs 3000-5000 per tonne soon

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