Indian Steel Industry take over a significant part of the economy. With the start of the New Year, the new budget is also coming near and Indian Steel producers are coming out for the slashing Import duties on some critically used raw materials. Pet coke, coking coal, anthracite coal, and metallurgical coke are critical ingredients that are used in the industry. Owing to the lack of ample domestic resources, these ingredients were being imported from countries like Canada and the United States. The Indian steelmakers were substantially depended on the imports of these raw materials for the production processes.
A Steel Mill officer responded by saying “Anthracite coal, coking coal, coke, and pet coke are vital ingredients in steel making. Slashing import duties on these imported raw materials will help the steel industry to achieve and sustain cost competitiveness”.
The growth of the domestic steel industry is impeded by the Non-availability of these raw materials in both quality and quantity. The existing duty structure includes a 2.5 percent import duty on both coking coal and anthracite coal. The Imports of the pet coke attracts a 10 percent import duty, which is levied by the Government of India.