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Print[Ferro-Alloys.com] The Indian steel ministry has sought incentives, including zero import duty on machinery for iron ore beneficiation units, saying exporting the raw material without value addition will not get desired returns.
A steel ministry official said that "We have suggested that the value addition of iron ore is a must as exporting the raw material minus value addition does not ensure desired returns and domestic reserves are not in plenty.”
The official said sops, aimed to encourage domestic firms for setting up pelletisation and beneficiation facilities for adding value to the raw material, as suggested by the steel ministry include zero duty on imports of equipment from 2.5% now.
The official said that exports of the raw material in the form of pellets after beneficiation will not only ensure higher earnings but also curtail indiscriminate exports, mainly fines which have less iron content.
To preserve iron ore and discourage its exports, the government had in the last year's budget reduced basic customs duty on plant and machinery for setting up or substantial expansion of iron ore pellet plants or iron ore beneficiation plants from 7.5% to 2.5%.
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