Govt rolls back export duty on flat steel products

NEW DELHI: Government on Friday rolled back the export duty on flat steel products and imposed a 15 per cent ad-valorem duty on overseas sales of iron ore.

Export duty on long steel products has been enhanced from the present 10 per cent to 15 per cent.

"Flat rolled products of iron and steel including galvanised products, pipes and tubes that attracted export duty ranging from 5 to 15 per cent ad-valorem, have been fully exempted from export duty," an official release said.

The rate of export duty on long products such as bars and rods, angles, shapes, sections and wire has been increased from 10 per cent to 15 per cent to improve their availability in the domestic market, it added.

It further said export duty on iron ore, which was so far levied at specific rates, will now attract an ad-valorem duty at 15 per cent irrespective of content.

As of now, export duty at a specific rate of Rs 300 per tonne was imposed on iron ore lumps and fines with over 62 per cent iron content, and Rs 50 per tonne on lower grade ore.

"In order to strengthen a policy regime that enables conservation of good quality ore and ensures its availability to domestic industry at a reasonable price, the effective rate of duty on iron ore has been enhanced to a uniform rate of 15 per cent ad-valorem, irrespective of iron ore content," the government said.