Monday, March 28,
Industry experts believe that Government has exempted the custom duty on certain coking coal with an intention to curb inflation and it is not likely to impact steel prices..*
“Supply from Australia, which accounts for 90 %of the exports is affected due to floods in certain parts. Once the supply side is smooth, then the duty cut is going to reduce the steel prices, as it is a key raw material in steel making,” said MMTC’s Chairman H S Mann.
“This was on expected lines, as the types of coking coal that have been exempted are used for manufacturing iron and steel. As inflation remains a worry, this step was needed as it would help ensure that the prices of iron and steel do not shoot up,” said Pratik Jain, Executive Director, KPMG.
This has been done to contain inflationary spiral, by preventing the increase in prices of iron and steel, said, M S Mani, an Indirect tax expert at Deloitte.
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