BSE See NSE See 50,193.33
612.60 (1.24%)

Govt urged to abolish import duty on coking coal

Amir Shaikh
/ Categories: Mindshare
Rate this article:

Ahead of the Union Budget 2018, the steel ministry has appealed to the finance ministry for abolition of import duty on coking coal. This move aims at giving relief to the domestic steel players. Domestic coking coal has higher ash content which is not suitable for steel industry as it is using current technology. Currently, coking coal attracts 2.5 per cent import duty and if this recommendation is accepted then it will provide a big boost to the steel industry.

Further, the steel ministry has urged for the removal of import duty on ferro-chrome and ferro-nickel , ingredients used in making stainless steel. The steel ministry has written this recommendation to finance ministry ahead of India’s union budget which will be presented on February 1, 2018.

Through April-September of the financial year 2018, India imported 22.6 million tonne (MT) (provisional) of coking coal. In the last one year, premium coking coal prices have gone up significantly by almost 34 per cent.

Previous Article Sanofi to buy biotech company for US $11.6 billion
Next Article Pricol ties-up with China-based firm for electric water pump
Please login or register to post comments.

Get A Call From Industry Experts

Send Otp

   I authorize DSIJ Pvt Ltd to contact me. This will override registry on the NDNC.