No import duty on some raw materials of steel

NEW DELHI: The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.

Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 pc, and a few steel intermediaries to 15 pc, as per a notification.

The duty changes will be effective from Sunday.

The import duty on ferronickel, coking coal, PCI coal has been cut from 2.5 per cent, while the duty on coke and semi-coke has been slashed from 5 per cent to ‘nil’. The tax on the export of iron ores and concentrates has been hiked to 50 per cent, from 30 per cent.