Steps Taken to Bring down the Prices of Steel

Steel is a deregulated sector where prices are a function of demand and supply, global market conditions, trends in price of raw materials, logistic cost, power, and fuel cost etc. Appropriate measures are taken by the Government keeping in view the market conditions and concerns of both upstream and downstream users. In recent times, Government has taken various steps towards making raw material and steel available at reasonable prices, these include: -

(i) Reduction in Custom Duty on Semis, Flat and Long products of non-alloy, alloy and stainless steel to 7.5%, in Union Budget 2021-22.

(ii) Extension of exemption in Custom Duty on steel scrap up to 31.3.2023 along with revocation of Anti-Dumping Duties (ADD) and Countervailing Duties (CVD) on steel products, in Union Budget 2022-23.

(iii) Modifications in tariffs on raw materials of steel and other steel products vide notification dated 21.05.2022 wherein the import duty on Anthracite/ Pulverized Coal Injection (PCI) Coal, Coke, Semicoke and Ferro-Nickel has been reduced to zero. Export duty on Iron ores/ concentrates and iron ore pellets has been raised to 50% and 45% respectively and 15% export duty has been imposed on pig iron and several steel products.

This information was given by the Minister of State for Steel, Faggan Singh Kulaste in a written reply in the Rajya Sabha on 8 August, 2022.