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India increases export duties on some stainless steel products

India increases export duties on some stainless steel products

On May 22, according to the Ministry of Finance of India (Notices No. 28/2022 and 29/2022 of the Indian Customs), in order to reduce the production cost of domestic steel products, the import tariff of coking coal and anthracite has been reduced from 2.5% to 0, and the import tariff of coke from 5% to 0.

At the same time, in order to increase the supply of iron ore and iron and steel intermediates in India, export duties will be imposed on 10 related products, including tariff code 7219 (stainless steel flat products with a width of 600mm and above), 7222 and 7227 (rods) Steel and alloy steel) export tariffs were raised from 0% to 15%. The tariff adjustment will take effect on May 22, 2022.

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