October 12, 2008

Indian government may put export tax on flat products

It is reported that Indian steel industry could be in for another shock with the government now considering banning exports of flat products with a view to check rising inflation.

Committee of Secretaries in its last meeting said that "If the prices of flat steel products are not being kept in check, either the export duty could be increased or a ban on exports could be considered to increase domestic availability."

It is also reported that the government may consider increasing export duty on long steel products and subsequently explore the possibility of banning iron ore exports to increase domestic availability.