Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Confederation of Indian Industry (CII) has recommended duties on steel producing raw materials either be removed or reduced in the upcoming FY2021-2022 Union Budget. Such reduction, CII believes, will render the Indian domestic steel industry competitive. 

 

The industry body stated that low ash metallurgical coke accounts for 46pc of the total raw material cost. CII, on the behalf of the steel industry suggested halving this duty to 2.5pc. It has also sough nullification of duties on coking and anthracite coal from the present 2.5pc. Amid a shortage of good quality, the steel industry depends on imports. 

 

Graphite electrodes, another import raw material for steelmaking invokes 7.5pc duty. The industry is calling out for doing away with the duty on electrodes. With 60pc of the domestic output exported, many steelmakers are forced to import the material. 

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