Budget 2020 wishlist: Steel firms want zero duty on pet coke, coking coal

According to the current obligation structure, both coking coal and anthracite coal pull in 2.5% import obligation

In the approach the Budget for FY21, steel makers have pitched for cutting import obligations on basic fixings, for example, pet coke, coking coal, anthracite coal and metallurgical coke. The nation’s steelmakers had substantive reliance on imports for these crude materials inferable from absence of sufficient residential assets.

According to the current obligation structure, both coking coal and anthracite coal pull in 2.5 percent import obligation. The legislature of India demands 10 percent obligation on pet coke imports while anthracite coal imports are burdened at 2.5 percent. “Anthracite coal, coking coal, coke and pet coke are imperative fixings in steel making. Slicing import obligations on these imported crude materials will help the steel business to accomplish and support cost aggressiveness. Non-accessibility of these sources of info both in amount and quality is obstructing the development of the local steel industry”, said an authority with a main steel maker.

Fifty to 80 percent of all low-debris metallurgical coal is brought into India. In its pre-Budget accommodation, Federation of Indian Mineral Industries (Fimi) has recommended that the import obligation on low debris metallurgical coal referenced above ought to be brought down to 2.5 percent from existing 10 percent to give motivating force to the residential…

Keep reading: Union Budget 2020