The Indian government has scrapped a tax on steel exports

In India, the government abolished the export tax on steel. Following the sharp rise in prices, the government of India on May 22, 2022 abolished the export duty on some iron ore, input and steel products to control the cost in the domestic market. The decision takes effect on November 19, 2022. According to the decision of the Government of India, the export duty rate has been reduced by 22 May 2022. India exported a total of 13.3 million tonnes of taxable products in 2021 and 5.7 million tonnes in the first eight months of 2022, with 30 per cent of exports going to the EU region. In the April-September 2022 period, the first six months of FY2023, India's steel product exports fell 53 per cent from 11 million tonnes to 5 million tonnes. In the current environment of weak demand, oversupply and low price space, India's removal of export tariffs on steel products is expected to increase the country's positioning in the steel product export market, which is likely to put additional pressure on the market, according to Hainan West Asia Import and Export Corporation.

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