The Indian domestic steel industry has petitioned the government seeking an imposition of 40 percent tax on graphite electrode export and ensure higher supplies to local steel mills, an official of Indian Steel Alliance (ISA) said on Tuesday, August 14.
He said that the representative body of all domestic steel producers has also sought that the government eliminate the antidumping duties on graphite electrodes, ranging between $238/mt and $900/mt, based on country of origin so that local steel mills have the option to import the key input at competitive prices at a time when domestic prices are surging.
Indian steel producers pointed out that graphite electrode prices in the domestic market increased fivefold over the last three years to $15,000/mt from levels of $2,300/mt in June 2015.
ISA has reckoned that the surge in domestic graphite electrode prices increased the domestic cost of steel production by INR 1,500-1,700/mt ($22-25/mt).