Duty cuts to benefit miners, steel companies

NEW DELHI: The government on Friday revised the export duty structure on iron ore fines. The 15% ad valorem export duty on fines has been replaced with a specific duty of Rs 200 per metric tonne. The rate of export duty
on iron ore lumps continues to remain unchanged.

It also came to the rescue of the steel industry by withdrawing 15% export duty on certain items such as pig iron, iron and steel ingots, bars and rods, angles shapes and sections although it retained the duty on scrap.

However, the government deferred a decision to reimpose import duty on steel to protect the industry from cheap imports. The high-grade iron ore lumps would, however, continue to attract 15% export duty.

The ministry withdrew full exemption from basic Customs duty on import of ferro-molybdenum and ferro-vanadium. The items will now attract basic Customs duty of 5%.