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Indian Steel Industry Calls For Abolishing Import Duty On Coking Coal

Steel News - Published on Tue, 18 Jun 2019

Image Source: West Cumbria Mining
Business Standard reported that iron ore and steel industry has urged the government to abolish import duty and GST compensation cess on coking coal. An industry source said that “Since 2016, international coking coal prices have been highly volatile. Prices have zoomed 140% since April 2016 whereas the corresponding rise in pig iron prices is only 46%. Coking coal has no substitute in steel making. Import duty of 2.5% and GST compensation cess of INR 400 per tonne is piling up burden for the producers.”

India doesn’t have good quality coking coal deposits, leading pig iron and steel manufacturers to lean heavily on imports. At the end of this financial year, the country’s coking coal imports are pegged at 49.1 million tonnes this corresponds to a share of 78%of domestic consumption.

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Posted By : Ratan Singh on Tue, 18 Jun 2019
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