Kathmandu, May 24
The Indian government has imposed high tariffs on sponge iron exports (refined iron raw
material).
According to Reuters, India has dropped its customs tax on such imports to zero and increased its exports from 30% to 50%.
According to the Economic Times, the Indian government voted on Saturday to raise export
tariffs at the request of the Indian Steels Industry Association.
According to the Economic Times, the decision to raise production in India was made in
response to a possible scarcity of steel on the global market as a result of the Russia-Ukraine conflict.
India’s decision will have an impact on the industries in Nepal that produce imported billets by importing sponge iron.
