Tata Steel Share Price BIG fall:

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The government has decided to impose export duty on steel. Due to which the shares of steel companies fell sharply today.

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Till now there was zero duty on the export of steel, but now the government has imposed an export duty of 15 percent.

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With this move of the Government of India, now the price of Indian steel in the international market will increase by 15 percent.

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Shares of Tata Group company Tata Steel fell up to 14 per cent. Shares of Tata Steel fell 14 per cent to 1007.30.

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The government announced the imposition of export duty on raw materials like iron ore and pellets used for making steel.

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The Government of India has increased the export duty on all types of iron ore from 30 per cent to 50 per cent.

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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.

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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.

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Domestic steel consumption during FY2022 stood at 106 million tonnes as against 94 million tonnes in the previous year.

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