The Ministry of Finance of India has announced that it will not revise the steel export tax for now to keep the local prices low.
From May 22, 2022, export duties of 15% started to be applied in India. Steel companies say that this tax causes a significant decrease in foreign sales.
Indian steel exports decreased by 53 percent compared to the same period of the previous year, from around 11 million tons to 5 million tons.
High steel and cement prices also negatively affect the implementation of housing and infrastructure projects.
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