Consumption of steel in the country has shown an increase of 10.3 per cent during April 2010 to January 2011 as compared to the same period of previous year. This shows that demand of steel in the country is increasing. He said, in order to enhance availability of steel in the country and create a level playing field Government has the following fiscal measures in place:-
- Import duty on all steel products is 5%.
- Import duty on iron and steel scrap including stainless scrap is NIL
- Import duty on Nickel, Ferro-Nickel and Vanadium Pentaxide raw materials used for special steel products, which are not available in the country, is kept at NIL.
- Export duty on iron ore of all sizes and grades is 20%.
Source: PIB
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