Govt should enhance export duty on iron ore: Assocham President
A day after China enhanced export duty on coke and coking coal, two key inputs for steel making, Assocham President Sajjan Jindal on Tuesday sought a similar move by India on iron ore to check the prices of alloy.
By PTI |
NEW DELHI: A day after China enhanced export duty on coke and coking coal, two key inputs for steel making, Assocham President Sajjan Jindal on Tuesday sought a similar move by India on iron ore to check the prices of alloy.
"China has increased export duty on coke and coking coal. I think India should do a similar thing," Jindal told reporters here. Jindal, who is also the Managing Director of JSW Steel, said India should hike the export duty on iron ore not in response to what China has done, "but even otherwise".
He said China's decision to hike duty on coke and coking coal would impact India's steel industry. The government had imposed a 15 per cent ad-valorem export duty on iron ore as part of its measures to curb soaring inflation that touched a 13-year high of 12.44 per cent in early August. Jindal said China's move to hike duty on coke and coking coal would not affect JSW Steel as its coal imports are less.
But he said the steel price freeze that has been enforced by the Indian government since May would have a "long-term negative impact" on steel firms. Jindal was non-committal when asked if JSW Steel would raise prices in September. "We'll look at it next month," he said.
The Assocham president said steel prices have softened in the international market following which "there won't be much pressure on the domestic industry".
"China has increased export duty on coke and coking coal. I think India should do a similar thing," Jindal told reporters here. Jindal, who is also the Managing Director of JSW Steel, said India should hike the export duty on iron ore not in response to what China has done, "but even otherwise".
He said China's decision to hike duty on coke and coking coal would impact India's steel industry. The government had imposed a 15 per cent ad-valorem export duty on iron ore as part of its measures to curb soaring inflation that touched a 13-year high of 12.44 per cent in early August. Jindal said China's move to hike duty on coke and coking coal would not affect JSW Steel as its coal imports are less.
But he said the steel price freeze that has been enforced by the Indian government since May would have a "long-term negative impact" on steel firms. Jindal was non-committal when asked if JSW Steel would raise prices in September. "We'll look at it next month," he said.
The Assocham president said steel prices have softened in the international market following which "there won't be much pressure on the domestic industry".
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