Tuesday, 01 Mar 2011
The withdrawal of export duty on pellets should encourage mining firms to set up more pellet plants in India
Chinese pallet plant technology and equipment providers should benefit from this move.
Showing posts with label Budget update. Show all posts
Showing posts with label Budget update. Show all posts
Tuesday, March 1, 2011
Budget update - Incentive for setting iron ore pallet plant
Tuesday, 01 Mar 2011
The withdrawal of export duty on pellets should encourage mining firms to set up more pellet plants in India
Chinese pallet plant technology and equipment providers should benefit from this move.
Budget update -Indian steel companies cheer iron ore export tax hike
Tuesday, 01 Mar 2011
India's steel industry cheered the 20% export duty hike on iron ore in the FY12 federal budget that will help contain escalating raw material costs and gave thumbs up to higher infrastructure spends, which will boost steel demand in the country.
Mr CS Verma chairman of Steel Authority of India said that "Higher export duty on iron ore has been a long pending demand of the steel industry and the budget has taken care of the issue.”
Mr H M Nerurkar MD of TATA Steel said “The increase in export duty is a step in the right direction but the exemption of duty on pellets also reduces the scope for greater value addition within the country. The value addition at pelletization stage is much less as compared to finished steel stage and aim should be to encourage steel production within the country, which would lead to more jobs, output and value addition within the country.”
Mr Sajjan Jindal vice CMD of JSW Steel hailing the move said this would lead to greater value addition at home and encourage domestic steel industry.
Mr K Ranganath CMD of KIOCL observed that iron ore is a natural resource which needs to be conserved. He said “Export of a value added product from iron ore will not only generate value in export but also provides higher scope for employment and generation of wealth in the value added industry.”
Mr Nittin Johari CFO of Bhushan Steel said that "The increase in export duty on iron ore will increase its availability in the domestic market, thereby stabilizing price and helping domestic steelmakers.”
Mr Ankit Miglani director at Uttam Galva Steels said that "There is nothing dramatic but there are more positives for the steel sector in this budget than negatives.”
(sourced:ET and PTI)
India's steel industry cheered the 20% export duty hike on iron ore in the FY12 federal budget that will help contain escalating raw material costs and gave thumbs up to higher infrastructure spends, which will boost steel demand in the country.
Mr CS Verma chairman of Steel Authority of India said that "Higher export duty on iron ore has been a long pending demand of the steel industry and the budget has taken care of the issue.”
Mr H M Nerurkar MD of TATA Steel said “The increase in export duty is a step in the right direction but the exemption of duty on pellets also reduces the scope for greater value addition within the country. The value addition at pelletization stage is much less as compared to finished steel stage and aim should be to encourage steel production within the country, which would lead to more jobs, output and value addition within the country.”
Mr Sajjan Jindal vice CMD of JSW Steel hailing the move said this would lead to greater value addition at home and encourage domestic steel industry.
Mr K Ranganath CMD of KIOCL observed that iron ore is a natural resource which needs to be conserved. He said “Export of a value added product from iron ore will not only generate value in export but also provides higher scope for employment and generation of wealth in the value added industry.”
Mr Nittin Johari CFO of Bhushan Steel said that "The increase in export duty on iron ore will increase its availability in the domestic market, thereby stabilizing price and helping domestic steelmakers.”
Mr Ankit Miglani director at Uttam Galva Steels said that "There is nothing dramatic but there are more positives for the steel sector in this budget than negatives.”
Friday, February 18, 2011
Budget update - Steel industry wants infrastructure status higher import duty and export tax of iron ore
Friday, 18 Feb 2011
The domestic steel industry, which raised prices in wake of some stimulus measures being withdrawn after the last budget, has warned of another price hike if stimulus is completely withdrawn in Budget 2011-12. An industry official said that “We will have no option but to pass on the burden to the consumers if excise duty concessions are withdrawn.”
1. Infrastructure status to the steel industry
The steel industry has also reiterated its long standing demand of being accorded infrastructure status. Steel firms have asked the finance ministry to grant infrastructure status to the steel industry. Such a move by the finance ministry would ensure long term funds and tax holidays for the steel industry.
A SAIL spokesperson told Business Line that “SAIL has submitted its demands and expectations from Budget 2011-12 to the finance ministry. The crux of it is that we want steel to be given infrastructure status. This would help in securing long term funds for the expansions taking place in the domestic steel industry.”
2. Hike import duty on HR coils
For the growth of industry, steel makers along with Associated Chambers of Commerce and Industry has called on the finance ministry to raise import duty on HR coils to 10% from the current 5%. ASSOCHAM in a statement said that “Pro active policy measures adopted by government of India can help extend HR coil capacity by an additional 8 million tonnes during 2011-12, making India surplus for HR coils by more than 6 million tones.”
3. Export tax on iron ore
Steelmakers have also asked the Finance Ministry to increase the export duty on iron ore. A Jindal Steel and Power Ltd spokesperson said that “Recent hikes in steel prices have been mainly driven by the increasing commodity prices. To contain this, the Government should consider increasing the export duty on iron ore.”
The government had last year raised export duty on iron ore lumps to 15%. The industry expects at least a 5% increase on the export of iron ore lumps, but it wants duty to be increased on iron ore fines as well.
An industry official that “It is time we start conserving iron ore fines as technology is coming up which will also make domestic steelmakers to use iron ore fines increasingly.”
(Sourced from BL)
Tags:Budget update, Indian steel industry, infrastructure status, higher import duty, export tax of iron ore, steelmakers, raw material, Indian government
The domestic steel industry, which raised prices in wake of some stimulus measures being withdrawn after the last budget, has warned of another price hike if stimulus is completely withdrawn in Budget 2011-12. An industry official said that “We will have no option but to pass on the burden to the consumers if excise duty concessions are withdrawn.”
1. Infrastructure status to the steel industry
The steel industry has also reiterated its long standing demand of being accorded infrastructure status. Steel firms have asked the finance ministry to grant infrastructure status to the steel industry. Such a move by the finance ministry would ensure long term funds and tax holidays for the steel industry.
A SAIL spokesperson told Business Line that “SAIL has submitted its demands and expectations from Budget 2011-12 to the finance ministry. The crux of it is that we want steel to be given infrastructure status. This would help in securing long term funds for the expansions taking place in the domestic steel industry.”
2. Hike import duty on HR coils
For the growth of industry, steel makers along with Associated Chambers of Commerce and Industry has called on the finance ministry to raise import duty on HR coils to 10% from the current 5%. ASSOCHAM in a statement said that “Pro active policy measures adopted by government of India can help extend HR coil capacity by an additional 8 million tonnes during 2011-12, making India surplus for HR coils by more than 6 million tones.”
3. Export tax on iron ore
Steelmakers have also asked the Finance Ministry to increase the export duty on iron ore. A Jindal Steel and Power Ltd spokesperson said that “Recent hikes in steel prices have been mainly driven by the increasing commodity prices. To contain this, the Government should consider increasing the export duty on iron ore.”
The government had last year raised export duty on iron ore lumps to 15%. The industry expects at least a 5% increase on the export of iron ore lumps, but it wants duty to be increased on iron ore fines as well.
An industry official that “It is time we start conserving iron ore fines as technology is coming up which will also make domestic steelmakers to use iron ore fines increasingly.”
(Sourced from BL)
Tags:Budget update, Indian steel industry, infrastructure status, higher import duty, export tax of iron ore, steelmakers, raw material, Indian government
Monday, February 14, 2011
Budget update - Steel users want zero import duty on steel
Monday, 14 Feb 2011
The Indian small and micro steel industry has requested the government to cut down import duty to nil from 5% and also levy duty on HR coils to contain inflation.
All India Confederation of Small & Micro Industries Association President Mr Sudarshan Sareen said that “Steel manufacturers have increased prices by 30% in the last two months anticipating that Australia may hike the coke price in view of the recent floods that impacted its coal mines.”
Mr Sareen said that there is no reason for the Indian steel producers to effect a hefty INR 9,000 per tonne increase in prices in January and February 2011.
(sourced:PTI)
The Indian small and micro steel industry has requested the government to cut down import duty to nil from 5% and also levy duty on HR coils to contain inflation.
All India Confederation of Small & Micro Industries Association President Mr Sudarshan Sareen said that “Steel manufacturers have increased prices by 30% in the last two months anticipating that Australia may hike the coke price in view of the recent floods that impacted its coal mines.”
Mr Sareen said that there is no reason for the Indian steel producers to effect a hefty INR 9,000 per tonne increase in prices in January and February 2011.
(sourced:PTI)
Subscribe to:
Posts (Atom)
Posts
