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Steel Industry seeks duty cut on key raw materials in Union Budget 2020

Federation of Indian Chambers of Commerce and Industry (FICCI) recommended zero customs duty on steel grade limestone and dolomite as increase in steel production has led to rising demand for steel melting shop. In 2014-15 Budget, exemption was granted to Limestone and Dolomite for metallurgical use and all the samples which were before not being tested are now being sent to Bengaluru laboratories for testing due to which finalization of provisional assessments are getting unduly delayed and due to which the transaction cost has been increased. Additionally, anti-dumping duty was also imposed on its imports with effect from November 25, 2016. “As a result, the cost of (met coke) vital input in steel manufacturing has gone up necessitating increase in price of steel which is acting as deterrence to the competitiveness of domestic products in international markets vis-à-vis similar products of other countries like China.