India withdraws export duties on steel, iron ore

The Indian government has removed export duties on steel products and iron ore imposed in late-May effective from Saturday, the country's Ministry of Finance said in a notification.

The government said the amendments have been made "on being satisfied that it is necessary in the public interest to do so".

Export duties on nine steel products with HS code 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 will attract nil duty compared with the 15pc imposed since May, according to the notification.

While exports of iron ore lumps and fines with less than 58pc Fe and iron ore pellets will attract nil duty compared with the 50pc and 45pc duties, respectively, levied earlier in the year.

Iron ore lumps and fines of more than 58pc will attract a 30pc duty. The duties on high-grade ore were raised to 50pc in May.

By Sumita Layek