August 30, 2008

Steel prices in Nepal to surge die to Indian export tax

Himalayan News Service reported that steel and iron prices in the Nepalese local markets are going to shoot up by about NPR 10 per kilogram due to India’s decision of imposing 5% to 15% export tax.

Mr Kiran Prakash Saakha of Saakha Iron & Steel Industry said that "The new export tax will increase the prices of steel and iron raw materials by about USD 160 per tonne."

He added that the price per kilogram of iron and steel would shoot up by NPR 10.

According to him, Nepal imports steel and iron raw materials at an average rate of USD 900 per tonne. He said that "The option for the Nepali industries would be seeking special preferences on imports from India or find new import partner."