Also, to increase domestic availability, tariffs on iron ore exports have been increased by 50 per cent and on some steel intermediaries by 15 per cent, according to a notification.
The tariff change will take effect from Sunday.
Import duty on ferronicle, coking coal, PCI coal has been reduced from 2.5 per cent and duty on coke and semi-coke has been reduced from 5 per cent to ‘zero’.
The duty on iron ore and concentrated exports has been increased from 30 per cent to 50 per cent, while the duty on iron ore has been increased to 45 per cent.
Tariffs on pig iron and spigelisen in pig, block, or other primary formats; Flat-rolled products of iron or non-alloy steel 600 mm or more wide, not hot-rolled, worn, coated; Flat-rolled products of iron or non-alloy steel 600 mm or greater in width, cold-rolled (cold-redsuded), not clad, not plated or coated, flat-rolled products of iron or alloy steel, 600 mm or more in width, Worn, coated or coated has now been increased to 15 per cent from ‘nil’.
Also, a 15 percent duty is levied on flat-rolled product widths of stainless steel> = 600 mm, other bars and rods of stainless steel; Angles, sizes and stainless-steel sections; Bars and rods, hot-rolled, irregularly wound coils, other alloy steels.
Finance Minister Nirmala Sitharaman said the change in tariffs on raw materials for iron and steel and intermediaries would “lower their prices”.
In addition, tariffs on imports of raw materials used in the plastics industry have been reduced to reduce the cost of domestic production.
The import duty on naphtha has been reduced from 2.5 per cent to 1 per cent and the duty on propylene oxide has been halved to 2.5 per cent.
Import duty on vinyl chloride (PVC) polymers has been reduced from 10 per cent to 7.5 per cent.
Announcing the reduction in tariffs on plastics, Sitharaman said tariffs were being levied on raw materials and intermediaries where import dependence was high.
“This will reduce the price of the final product,” he tweeted.
Rajat Mohan, a senior partner at AMRG & Associates, said import duty on these products would help curb high inflation.
“Global economies have fallen ill due to rising debt and high inflation. In light of the collapse of a weak developing economy due to high inflation, the Indian government has taken several measures to relieve the high prices of petrol, diesel, coal, iron, steel and steel. Mohan said.