ET reported that Indian government has decided to put its plan to amend export duty structure of steel products on hold and changes would now be considered only after evaluating the current market conditions and resolving the tussle between miners and steel makers over iron ore prices.

     AS per report, Committee of Secretaries while reviewing the prices of essential commodities took this decision. The CoS was to consider proposals to re impose 15% export duty on flat steel products and increase export duty on pig iron and sponge iron to 20% from 15% currently to restrict exports and maintain comfortable supply situation in the local market.

     The report cited an official as saying that “The government has decided to hold back the changes in export duty to facilitate long-term iron ore supply agreements between steel and mining companies being facilitated by the respective ministries. As changes in duty structure could impact the negotiations, it has been decided to hold back any duty changes for now.”