New Delhi, Feb 29: In a bid to check spiralling steel prices, government today notified a package including drastic cut in excise and customs duties on whole gamut of steel, iron and coal products. Central Excise duty has been reduced to eight per cent from 16 per cent now, virtually across the board, including pig iron, Fero Alloys and pellets. In the customs duty cut, pig iron, a major input in steel making has been the major gainer as it has been lowered to five per cent from existing 10 per cent, which had come into effect only three days ago. It may be recalled that on February 24, the Government had reduced import duty on pig iron to 10 per cent from 20 per cent prevailing at that time. The package, which was finalised on Friday at a high level inter-ministerial meeting chaired by Prime Minister Atal Bihari Vajpayee, is aimed at enhancing supply of steel in the domestic market and check the prices which had sky rocketed in the recent past. Customs duty on non coking coal, including anthracite, bituminous coal and steam coal has been slashed to five per cent from 15 per cent. Coking coal of ash content below 12 per cent, which was subject to five per cent duty has been exempted from customs duty while the coking coal of ash content of over 12 per cent has been prescribed at 15 per cent import duty. The duty rates come into effect from today. Bureau Report