Foundry Daily News

India - Ban export of steel

COIMBATORE: The Coimbatore District Small Industries Association has welcomed the steps announced by the Union Finance Minister, P. Chidambaram, to control steel prices.

In a release, the association president, C. Muthusami, said that the export duty increase on primary steel, 10 per cent export duty on specified rolled products such as cold rolled coils, TR coils and sheets and the 15 per cent duty on HR coil exports were concrete measures to bring down the steel prices.

President of the Southern India Engineering Manufacturers’ Association C.R. Shanmugasundaram has said in a release that Import Duty exemption for steel products would help stabilise the domestic market prices.

The association and the foundries had appealed to the Centre to exempt steel products from import duty and to ban export of steel and iron ore. The association appealed to the Union Finance Minister to ban iron ore exports or impose high Export Duty on iron ore.

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