NEW DELHI: The Centre has reinstated the pre-May 22 status quo and removed the export tariff on lumps and fines of iron ore with a Fe content of less than 58, iron ore pellets, and the designated steel products, including pig iron.
The reductions in import duty on anthracite/PCI coal, coking coal, coke and semi-coke, and ferronickel have also been withdrawn.
Officials said that the existing policies will give the domestic steel industry a boost and increase exports.
With effect from this Saturday, export taxes on lumps and fines of iron ore containing less than 58 percent iron will be zero, while those containing more than 58 percent iron would be lower at 30 percent.
In a similar vein, exports of pig iron and steel products falling under the headings HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222, and 7227 will not be subject to export taxes.
Following a sudden and persistent increase in steel prices, the government implemented numerous tariff measures in May to increase the supply of both finished steel and the raw materials or intermediates needed to make steel.
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