इंडियन आवाज़     04 Mar 2024 07:35:52      انڈین آواز
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Govt abolishes export duty on iron ore pellets

AMN /

Government has reduced export duty on iron ore pellets to zero from 5 per cent, a move that will make the commodity more competitive amid subdued demand and weakening prices. A notification in this regard was issued by the Central Board of Excise and Customs. Steel and Mines Minister Narendra Singh Tomar said this will improve capacity utilisation of pellet plants and give a necessary boost to the sector.

In 2014, government had levied a 5 per cent export duty on iron ore pellets, which are value-added products of leftover material or low-grade iron ore and are used in steel-making. Iron ore pellet makers as well as some miners had earlier sought a reduction in the export duty on iron ore to make it more competitive. Steel and its related raw material market is facing a tough time on account of subdued demand and high production, adversely impacting the prices.

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