India's Export Duties on Iron Ore, Chrome Typify Country's 2012

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india steel factory agartala

Source: Wall Street Journal

The Indian government has also recounted, in its recent year-end report (detailed in Part One), some of the major achievements it had initiated in the steel sector in 2011-12.

It said in order to conserve the country’s iron ore resources for long-term domestic value addition, export duty on all varieties of iron ore (except pellets) had been increased from 20 percent to 30 percent ad valorem with effect from Dec. 30, 2012.

current steel prices - MetalMiner IndXExport duty on chrome, used in steel manufacturing, and its concentrates, had also been enhanced to 30 percent ad valorem from March 17, 2012.

Among the other measures, the expansion and modernization plans of some public sector undertakings (PSUs) also began rolling.

India’s Steel Industry in 2013

The Steel Authority of India Limited (SAIL) undertook expansion and modernization of its integrated steel plants at Bhilai, Bokaro, Rourkela, Durgapur, Burnpur and Salem. In the current phase, the crude steel capacity was being enhanced from 12.8 million tons per year to 21.4 million tons per year.

Another PSU, the Rashtriya Ispat Nigam Limited (RINL) had also almost completed expansion from the existing 3 mtpa to 6.3 mtpa of liquid steel.

A high-level steel ministry delegation had also visited Afghanistan in April 2012 and an MoU on Co-operation in this sector had been signed between India’s minister of steel and Afghanistan’s minister of mines.

Another delegation had visited Japan in July 2012 and signed an MoA with Kobe Steel Limited, Japan for ITmK3 technology. It foresees the installation of a half-million-ton, ITmk3 technology-based plant at ASP in Durgapur. This unit will produce premium-grade iron nuggets from iron ore fines and non-coking coal.

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