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India: Steel & Mining: Jaitley adds shine to metals

Posted on 11 July 2014

Indian Finance Minsiter Arun Jaitley’s proposal to impose 2.5 per cent basic customs duty on metallurgical coke, in line with the duty on coking coal, will result in a rise in cost of steel production by Rs 450-500 a tonne. Most large steel companies will prefer to pass on the increased burden, as coal forms a large chunk of their manufacturing cost. The impact of reduction in the duty on steel-grade limestone and dolomite from five per cent to 2.5 per cent will be marginal.
“The finance minister has tried to please stainless steel makers only, with his move to increase the basic customs duty on their imported flat-rolled products from five per cent to 7.5 per cent. It will, however, have no benefit for carbon steel makers. Our costs will go up by $6-7 a tonne. We have to see if we can raise the prices for end-consumers,” said R K Goyal, managing director, Kalyani Steels………………………………………..Full Article: Source


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