The Government of India has made a welcome decision to withdraw prevailing export duties on iron ore and steel products. As per notification issued by the Ministry of Finance dated November 18, 2022, the following changes have been made to the duty structure:
- Exports of iron ore lumps and fines with ‘less than 58 per cent Fe’ – NIL export duty
- Exports of iron ore lumps and fines with more than ‘58 per cent Fe’ – the rate of duty will be 30%.
- Exports of iron ore pellets – NIL export duty
- Exports of pig iron and steel products* – NIL export duty.
(*classified under Harmonised System or HS Codes 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 & 7227)
The Notification 58/2022-Customs shall come into force on November 19, 2022. A copy of the same can be accessed
here.
