Tata Steel Share Price BIG fall:
There was a huge fall in the shares of steel companies today. Know full details.
The government has decided to impose export duty on steel. Due to which the shares of steel companies fell sharply today.
Till now there was zero duty on the export of steel, but now the government has imposed an export duty of 15 percent.
With this move of the Government of India, now the price of Indian steel in the international market will increase by 15 percent.
Shares of Tata Group company Tata Steel fell up to 14 per cent. Shares of Tata Steel fell 14 per cent to 1007.30.
The government announced the imposition of export duty on raw materials like iron ore and pellets used for making steel.
The Government of India has increased the export duty on all types of iron ore from 30 per cent to 50 per cent.
In FY2022, India exported 13.5 million tonnes of finished steel while in the financial year it had exported 10.8 million tonnes of steel.
In the financial year 2022, 153 million tonnes of iron ore were exported from the country. 11 million tonnes of iron ore pellets were exported.
Domestic steel consumption during FY2022 stood at 106 million tonnes as against 94 million tonnes in the previous year.
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