India sets export duties on steel, steelmaking raw materials

India has started to impose a 15% export duty on iron and steel products and raised the export duty on steelmaking raw materials such as iron ore to 50%

“We are calibrating customs duty on raw materials and intermediaries for iron and steel to reduce their prices. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied,” Indian finance minister Nirmala Sitharaman tweeted on Saturday.

The imposition of an export duty on steel and steelmaking raw materials by the Indian government is aimed at curbing inflation and increasing supply in India’s domestic market.

As per the Indian finance ministry’s notification on Saturday, May 21, an export duty of 15% has been imposed on all finished flat steel and long steel, including hot-rolled coil, cold-rolled coil, coated products, plate, rebar, angle, section and wire rod.

Stainless long and flat steel, as well as pig iron, also incur the same 15% export duty.

Meanwhile, the Indian government has removed import duties of 5% on metallurgical coke, 2.5% on coking coal and 2.5% on ferro-nickel.

The three key steelmaking raw materials can now be imported at zero duty.

The Indian government has also raised the export duty on iron ore lump, fines and concentrate to 50%, from 30% previously, to discourage exports from the country.

A 45% duty also applies to exports of iron ore pellets now, compared with zero previously.

What to read next
This price assessment aims to enhance transparency in the Indonesian coke market. Fastmarkets has observed a significant volume of Indonesian coke entering the global market in recent months, establishing Indonesia as a key exporter of coke worldwide since 2023. In the first seven months of 2024, Poland, China and Indonesia were the top three coke exporters globally.  […]
Due to the Commemoration of Atatürk, Youth and Sports Day on Monday May 19, these prices will be published instead on May 20, in accordance with Fastmarkets’ policy. This change was not initially noted on Fastmarkets’ 2025 pricing schedule. The pricing schedule has now been updated. The affected prices are:MB-STE-0093 steel scrap, auto bundle scrap, […]
The Mexico Metals Outlook 2025 conference explored challenges and opportunities in the steel, aluminum and scrap markets, focusing on tariffs, nearshoring, capacity growth and global trends.
The prices in question are: MB-STE-0100 Steel scrap, HMS 1&2 (80:20 mix), export, fob main port UK, $ per tonneMB-STE-0099 Steel scrap shredded, export, fob main port UK, $ per tonneMB-STE-0095 Steel scrap shredded, import, cfr delivered Turkish port, $ per tonneMB-STE-0420 Steel scrap, HMS 1&2 (80:20 mix), fob Rotterdam, $ per tonne. Increasing the frequency of assessment of […]
This consultation was done as part of our annual methodology review process. This notice was delayed past its original May 2 schedule. No feedback was received during the consultation period and therefore no changes will be made to the methodology at this stage. This consultation sought to ensure that our methodologies continue to reflect the […]
Given the prevailing specifications of mid-grade fines in the seaborne spot market, Fastmarkets proposes to launch the index to track and reflect the spot price of 60-63% Fe iron ore fines in the CFR Qingdao spot market, aligning with the latest quality of mid-grade fines commonly traded in the market. The specifications would be as […]