23 May 2022 – Market sources report that Indian steelmakers have already reacted to the new stainless steel and steel export tax introduced by the government over the weekend. Previously, the Indian media had assumed that this would be to the detriment of manufacturers’ margins. But shipments currently leaving the country are already showing an additional tax surcharge of 15% on the corresponding invoices.
New Indian stainless steel export tax unveiled on 21 May
On 21 May 2022, the Indian government had announced the introduction of an export tax on alloy and non-alloy steel and stainless steel products – coils and sheets, but also for bars, rods, angles and profiles – of 15% and set the effective date of the new regulation for 22 May 2022.
Background: Securing raw materials and the energy crisis
The background here is the Indians government’s desire to keep important raw materials in the country. In addition, the government would like to recover the subsidies for energy costs, which would not benefit the domestic market if exported.
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