Domestic unavailability, low reserves, and the
need to lower the cost of production for steel mills are being cited as reasons
for the removal of duty
The
revenue implications on the exchequer are pegged at nearly ₹3,700 crore,
documents accessed by businessline show
(Representative pic)
The Steel Ministry has proposed the removal of import duty on key
steel-making raw materials — coking coal, anthracite, met coke, ferro nickle,
limestone, manganese ore, and chrome ore — while batting for lowering of duty
on graphite electrodes in the upcoming Budget 2023-24.