Steel Exchange India welcomes revision of import and export duties

24 May 2022 , 09:46 AM

Government of India has announced the Reduction of Import Duties on coking coal (high energy coal) and Coke and semi-Coke. Further to the above, the Government of India has also announced the levy of Export Duty on Pellets Nil to 45% and increased the Duty on Iron Ore lumps from 30% to 58%. Also, an Export Duty of 15% was announced on the Export of Pig Iron.

BSE and NSE listed Steel Exchange India Ltd has welcomed the decision of the Government of India which will ease the Raw Material procurement and also reduce the cost. Coal and Iron Ore are the key Raw Materials in the manufacturing of Billets and Rebars. With the decision of the Government of India, the availability of Iron Ore and Coal will increase, and also the cost of the materials will come down significantly. Also, other raw Materials such as Pig Iron and Pellets are drastically reduced which eases the manufacturing cost thereby reducing the Working Capital requirements. Also, product salability improves significantly.

The above announcement of the Government of India is going to help the small player of Rebar and Billet manufacturers like us and the same also helps the end consumers as well.

Further, there is no Export Duty on sale of Billets which is our Finished Product, we are not selling Rebar outside India hence no impact on the levy of Export Duty announced by the Government of India.