India’s removal of export duty on steel intermediates “immensely helps” domestic companies compete in international markets amid a global slowdown in steel consumption, JSW Steel’s finance chief Seshagiri Rao M.V.S. told Reuters today.
India scrapped export taxes on low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about the loss of foreign sales opportunities.
“We are restoring the relationships that were broken because of the export duties. These markets are particularly in Europe,” Bimlendra Jha, managing director of Jindal Steel and Power, told Reuters on the sidelines of an industry event.
The taxes imposed in May were intended to boost the domestic supply of iron ore, a raw ingredient for making steel, and thereby hold down inflation.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
India’s Industrial Production Grows 3.1% In September