NEW DELHI: India’s removal of export duty on steel intermediates “immensely helps” domestic companies compete in international markets amid a global slowdown in steel consumption, JSW Steel finance chief Seshagiri Rao MVS told Reuters on Monday. .
India on Saturday eliminated export taxes on low-grade iron ore and some intermediate steel products, after months of complaints from miners and steelmakers about the loss of overseas sales opportunities.
“We are restoring relationships that were broken due to export tariffs. These markets are especially in Europe,” Bimalendra Jha, managing director of Jindal Steel & Power, told Reuters on the sidelines of an industry event.
The taxes imposed in May were intended to boost domestic supplies of iron ore, a raw material for making steel, and thus reduce inflation.
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