Abolition of duty on steel exports will boost demand

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New Delhi: The steel industry has welcomed the government's decision to abolish export duty on steel items. The government late on Friday evening decided to abolish the export duty on steel products and Aryan ore from November 19, 2022. This duty has been reduced six months after the imposition of duty on steel exports from May 2021.

The entrepreneurs said that this decision will increase the demand of steel. According to a notification issued by the Finance Ministry late on Friday night, there will be no export duty on specified pig iron and steel products as well as ore pellets. Sesagiri Rao, CFO of JSW Steel & Group, said the government's decision will be an important step to boost domestic steel demand and improve sentiment at a time when global steel demand has fallen sharply.

Secretary-General of Indian Steel Association Alok Sahay said that the government's decision to reduce the inflation figure shows that the government is concerned for both the general public and the industry. Dilip Omen, CEO, ArcelorMittal Nippon Steel India, said the decision to withdraw the export duty will invigorate and encourage the industry.

Jindal is MD of Stainless Steel. Abhyudaya Jindal also said that this long awaited step has been taken. This was necessary to enable local manufacturers to face global competition.

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