The government's decision to remove export duty on steel items will boost demand for steel, industry members said on Saturday.
The government has cut the export duty on steel products and iron ore with effect from November 19, 2022 -- six months after imposition of the levy on May 21.
As per a finance ministry notification issued late night on Friday, exports of specified pig iron and steel products as well as iron ore pellets will attract 'nil' export duty.
"It will be a big sentimental booster to revive domestic steel demand, particularly when the global steel demand is on a steep decline," Seshagiri Rao, Joint Managing Director, JSW Steel & Group Chief Financial Officer said.
Alok Sahay, Secretary-General, Indian Steel Association said the decision, immediately when the inflation numbers came to a reasonable level, shows the concern of the government towards the common man and the industry.
Dilip Oommen, Chief Executive Officer, ArcelorMittal Nippon Steel India said, this will re-energise and further motivate the industry to move forward with full confidence to put the steel sector towards an inclusive growth path. Oommen is also the president of ISA.
Abhyuday Jindal, Managing Director of Jindal Stainless called it a much-awaited move.
"This was need of the hour to enable domestic manufacturers to compete with global counterparts. I am confident this will give a thrust to Make in India and Local to Global vision of the government," Jindal said.
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