India's finished steel exports grow 25% to 13.49 MT in FY22; imports fell 1.68% to 4.67 MT

In FY22, completed steel exports from India increased by more than 25% to 13.49 million tonne (MT), according to Minister of Steel and Rural Development, Mr. Faggan Singh Kulaste. The exports for FY21 were 10.78 MT.

According to Mr. Kulaste, imports dropped to 4.67 MT in FY22 from 4.75 MT in FY21, a 1.68% decrease.

The basic customs duty (BCD) on scrap steel has been suspended till March 31 in the Union Budget 2022–2023. In a notification dated May 21, 2022, the government also made changes to the tariffs on steel raw materials and other steel products, reducing the import duty on anthracite/pulverized coal injection (PCI) coal, coke and semicoke, and ferronickel to zero.

Pig iron now carries a 15% export charge, and the export duties on iron ores/concentrates and iron ore pellets have been increased to 50% and 45%, respectively.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.