Budget 2020 wishlist: Steel firms want zero duty on pet coke, coking coal
In
the run-up to the Budget
for FY21, steel producers have pitched for slashing import duties on
critical ingredients such as pet coke, coking coal, anthracite coal
and metallurgical coke. The country's steelmakers had substantive
dependence on imports for these raw materials owing to lack of ample
domestic resources.
As
per the existing duty structure, both coking coal and anthracite coal
attract 2.5 per cent import duty. The government of India levies 10
per cent duty on pet coke imports whereas anthracite coal imports are
taxed at 2.5 per cent.
“Anthracite
coal, coking coal, coke and pet coke are vital ingredients in steel
making. Slashing import duties on these imported raw materials will
help the steel industry to achieve and sustain cost competitiveness.
Non-availability of these inputs both in quantity and quality is
impeding the growth of the domestic steel industry”, said an
official with a leading steel producer.
Fifty
to 80 per cent of all low-ash metallurgical coal is imported into
India. Read
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