The Union steel ministry has proposed the finance ministry to raise the duty on iron-ore exports from 15% to 20% as a mean to curb exports of iron ore further.
Steel minister Ram Vilas Paswan said that the steel ministry was is favour of complete ban of iron ore exports but other concerned ministries were not inclined to it.
The government decided to impose 15% export duty on iron ore in June after iron ore prices increased by 50% because of low availability in the domestic market.
The government should at least consider raising export duty of iron ore having 62% ferrous content.” Paswan said.
The committee of secretaries also decided to roll back export duty on steel, barring primary and semi-finished products as a measure to control steel prices and control inflation.
Paswan said that prices of steel has already come down by 15-20% and it is expected to remain stable at that level as the prices of steel has also started coming down internationally. He was in the city to attendthe 44 th anniversary of Metal & Scrap Trading Corporation.
“We have had a review meeting on August 7 and found that prices of steel in India were low compared with international prices. But steel prices internationally has also started coming down so there are no reasons for the prices to go up,” Paswan said.
He said if the steel companies are earning a profit margin of 15%, there are no reasons for the steel companies to increase prices, Paswan said
source: http://www.financialexpress.com/news/Steel-ministry-wants-20-export-duty-on-iron-ore/359317/
Tags: annealed steel strip, blue tempered steel strips, carbon steel strip, carbon steel strips, cold rolled steel strip, cold rolled steel strips, crca steel strip, crca steel strips, hardened tempered steel strip, hardened tempered steel strips, rolling hard steel strip, sorbitic hardened, spring steel strip, spring steel strips, steel strip, steel strips, textured steel strips