(FE)
The government is likely to cut or abolish the recently-imposed export taxes on key steel products soon, while also raising the impost on iron ore dispatches, sources told. The move comes amid concerns expressed by steelmakers that while domestic demand has remained muted in recent months, companies are losing out overseas customers due to the export taxes.
Top executives of major steel firms, under the aegis of the Indian Steel Association, met finance minister Nirmala Sitharaman on June 16. They are learnt to have not just briefed the minister about the state of demand and supply but also sought a reduction of the export duty, if not an outright abolition of the impost. “Talks on reviewing the export duties on steel and iron ore are on. But a final decision is yet to be taken by the government,” said an official source.
