The Ministry of Steel vide press release dated 20 March, 2022 has published the measures taken to facilitate a more conducive policy environment for more competitive domestic steel making and therefore exports including the following: –
- Policy intervention through calibration of import and export duties on iron ore, pellets, coking coal, iron and steel products between May-November ’22.
- Mining and Mineral Policy reforms to enhance production/availability of iron ore.
- Reduction of Basic Customs Duty uniformly to 7.5% on Semis, Flat and Long products of non-alloy, alloy and stainless steels vide Union Budget 2021-22.
- Exemption of Basic Customs Duty (BCD) on CRGO raw materials and steel scrap up to 31.03.2024.
- Notification of steel scrap recycling policy to enhance availability of domestically generated scrap.