Title: India's finished steel exports grow 25% to 13.49 MT in FY22; imports fell 1.68% to 4.67 MT
The exports of finished steel from India jumped over 25 per cent to 13.49 million tonne (MT) in 2021-22, Union Minister Faggan Singh Kulaste said Wednesday. During the preceding 2020-21 fiscal, the exports stood at 10.78 MT, the Minister of State for Steel said in a reply to the Lok Sabha.
The imports fell to 4.67 MT in 2021-22 from 4.75 MT a year ago, a fall of 1.68 per cent, according to Kulaste.
"Government has taken various steps to increase the availability of iron ore and make them available at reasonable prices, which, inter-alia, including Mining and Mineral Policy reforms to enhance production/availability of iron ore," he said.
In the Union Budget 2022-23, the basic customs duty (BCD) on steel scrap has been exempted up to March 31, 2023.
The government also made modifications in tariffs on raw materials of steel and other steel products vide notification dated May 21, 2022, wherein import duty on anthracite/pulverised coal injection (PCI) coal, coke and semicoke and ferronickel has been reduced to zero.
Export duty on iron ores/concentrates and iron ore pellets has been raised to 50 per cent and 45 per cent, respectively, and a 15 per cent export duty has been imposed on pig iron.