Govt urged to abolish import duty on coking coal
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.