|Import Duty on Steel|
|The Minister of Steel, Shri Beni Prasad Verma has said that The Ministry of Finance has not removed import duty on iron ore lumps, fines and pellets. The present import duty on iron ore (including fines, lumps and pellets) is 2.5%.|
In a written reply in the Rajya Sabha today Shri Verma said, at present, production of iron ore in the country is in excess of the total estimated domestic consumption by the iron and steel industry. During the year 2011-12, the country’s total production of iron ore was 169.66 million tonnes (provisional) as against the total estimated consumption of about 116.3 million tonnes by domestic iron and steel industry. Therefore, overall there is no scarcity of iron ore for domestic iron and steel industry.