Industry & Economy
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Steel
Review of duty on steel-making input likely
Our Bureau
New Delhi
,
Oct. 18
THE Planning Commission is likely to undertake a review of the import duties of various inputs used in making steel as it is found that there are certain anomalies when compared to the import duty of finished steel.
While import duty on finished steel, which include hot rolled steel, cold rolled steel and galvanised steel, currently stands at 5 per cent, a number of materials used by the steel makers attracts much higher duties, as a result of which production cost for domestic users increase, sources said.
For example, re-rollable scrap, mainly used by the secondary producers, stands at 10 per cent. The duty for importing ferro alloys is 15 per cent while that for graphite electrodes ranges between 15 and 20 per cent. Refractories and limestone, both attract a 15 per cent Customs duty.
However, the import for the major inputs such as iron ore, coking coal, pig iron and non-coking coal are at the same level as finished steel and attract a 5 per cent duty.
The domestic steel industry had been demanding rationalisation of the duties for these inputs, which, the government sources said, would be taken up for review. However, no timeframe has been fixed for the exercise, the sources said.
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