Govt starts review of steel, rice export curbs – Times of India

NEW DELHI: With prices cooling down and domestic supply improving, the government is reviewing export checks, including on steel and rice that had been imposed over the last few months.
While the commerce and industry ministry, which had pushed for the export duty on steel, has taken up the matter with the finance ministry, a final decision is yet to be taken, official sources told TOI. The proposal has also been supported by the steel ministry as domestic players are also complaining about the adverse impact, especially with the bottomlines of some of the large companies getting impacted.

Similarly, a group of ministers will decide on whether the ban on the export of broken rice should be eased or continue after factoring in the procurement of paddy across the country. According to official data, upto the end of October, procurement of paddy by Food Corporation of India and state agencies had topped 170 lakh tonnes.
With new supply coming into the market, the price situation is expected to ease, prompting a review by the panel of ministers. “The overall assessment is yet to be done,” an officer said.
In case of steel, a government official said that prices have softened from thepeaks seen a few months ago but are still ruling higher than a year ago. While construction activity in the country has picked up in recent weeks, the recession in several parts of the globe has resulted in a fall in demand and consequently in global commodity prices.
Officials indicated that a decision may not be taken in a hurry as the government did not want to send confusing signals to the market.

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