Budget 2018 impact: Steel sector to see a marginal increase in fuel cost

India imports nearly 85 per cent of its annual coking coal requirement of about 57 million tonnes

The steel sector is likely to see a marginal increase in fuel cost, since the new Customs duty surcharge will affect the price of imported coking coal. 

The surcharge may also not help the domestic industry much, as it will be calculated on imported steel without including anti-dumping and safeguard duties, say sources in the sector. Currently, coking coal attracts Customs duty of 2.5 per cent.

According to an industry official, “The impact on us is not (going to be) huge. Any rise in Customs duty structure helps the domestic industry.” 

After the announcement in the Union Budget proposals, Sajjan Jindal, chairman of