India’s government may scrap levies on steel-product exports after the companies agreed to lower prices last week to help rein in inflation.
``Inter-ministerial committees are involved but we are trying to expedite a decision,’’ Steel Secretary R.S. Pandey said in a telephone interview from New Delhi today.
India notified the taxes on May 10 on shipments of products including hot-rolled and cold-rolled coil to bolster supplies and help curb the fastest inflation since 2005. The levy was first announced on April 29.
Steelmakers last week agreed to lower prices by as much as 10 percent on the assurance by the government that it would not impose the tax, J. Mehra, chief executive officer at Essar Steel Holdings Ltd., which controls India’s third-biggest steelmaker, said yesterday.
``We are expecting the government to rethink about the tax and scrap it,’’ Mehra said.
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