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Axis Securities Report
In a surprise announcement on Saturday, May 21, 2022, The Government of India has imposed an export duty on steel.
It has increased the export duty on iron ore and reduced the import duty on key raw materials for the steel sector to zero.
The announcement stands in line with the government's intent of containing inflation, which has also been manifested in its decision of reducing the excise duty on petrol and diesel and curb wheat exports.
The imposition of the 15% export duty on steel products is the first time in the sector's history and it will have a major impact on the steel industry's export ambitions.
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