Export cess hike may not hit sponge iron cos
DOMESTIC sponge iron makers which includes firms such as Jindal Steel and Power (JSPL), Monnet Ispat and Vikram Ispat may not face the heat of the government's move to increase export cess on sponge iron as their exports are negligible. With a view to control inflation and escalating steel prices, the government is looking at increasing export duty on sponge iron to 20% from 15% currently. Sponge iron is an alternative to steel scrap which is used as a raw material for manufacturing steel products.