CICU proposes 20% excise duty on export of iron ore pellets

Ludhiana, January 30, 2014: Avtar Singh, President, Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana in a statement released today said that MSME Steel Sector is already passing through crucial phase due to the present adverse economic scenario.    Current Steel prices for HR Steel are Rs.45000 per tonne and Rs.50500 for CR Steel.

He further said that presently Iron Ore fines and lumps attract 30% export duty whereas there is no custom duty on Iron Ore Pellets.  Iron Ore exporters are taking undue advantage of aforesaid situation which has resulted in spurt in the exports of Iron Ore Pellets from 20 tonnes in 2012-13 to 1.60 MTs in November’ 2013.

Upkar Singh Ahuja, General Secretary, CICU revealed that Iron Ore which is used for production of steel, is the basic raw material for key Industries in India which is comparably highly priced.  There is no significant value addition by manufacture of Iron Ore Pellets.  The sudden jump in the export of Iron Ore Pellets is a causing concern which is aggravating the shortage of Iron Ore in the country and further lead to rise in steel prices.  In order to address this current issue, there is an urgent need to impose Custom Duty on export of Iron ore Pellets.

While giving a representation to the Union Finance Minister, they urged upon to impose Custom Duty at 20% ad valorem on export of Iron Ore Pellets for the survival of MSME Steel Industry.  This step will ensure conserving the raw material for domestic steel makers to safeguard domestic supply.//ludhiana news online, ludhiana news in English, ludhiana news, ludhiana current news, ludhiana news live, Ludhiana breaking news, Ludhiana headlines, Ludhiana latest news, punjab news, india news, punjab news live, punjab news online, punjab news, punjab news headlines, punjab breaking news, india news, punjab news,

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