The Indian Steel Industry witnessed a hard hit with the latest announcement from the Government of India increasing the export tariffs by 15% on hot-rolled & cold-rolled steel products across all grades. In addition, a 50% Export Duty on iron ore fines & a 45% on iron ore pellets has been levied.
The announcement comes amidst a global meltdown due to the Russia-Ukraine war & Increase in Repo Rate. The action on the steel industry has been exercised to balance the supplies in the domestic market and the rising prices.
The HSN Codes highlighted are 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227. The products associated with these Codes are pig iron, hot-rolled, Cold-Rolled, Coated Steel, Bars and rods and Stainless Steel.
In 2008, a similar export duty on flat steel products was withdrawn in a month. Let’s see how long the 2022 steel announcement on the export hike shall continue.
