As the government continued its attempts to tame rising prices, India’s secondary steel makers on Wednesday announced that they would cut prices by up to Rs 4,000 per tonne on all flat products.They will maintain the new price line for the next three months. Now the government was also examining the industry’s request to reduce the export duty on steel. The combined output of secondary steel makers is of 7 million tonnes per year which include products like hot rolled (HR) and cold rolled (CR) sheets, coils,
slit coils as also flats and pipes used in construction and automobiles.

Bhusan steel Bhushan Steel, Jindal Saw and National Steel come under secondary steel maker. An industry executive said companies had offered to reduce prices for three months and the reduced prices would be applicable only for new orders and not for existing contracts. Because of the inflation, the government
has announced a slew of measures, including an export tax on some steel products and abolition of the basic customs duty on three critical inputs for steel manufacture: metallurgical coke, ferro alloys, and zinc.

A 15 per cent export duty has been specified by the government on specified primary forms an semi-finished products, and hot rolled coils and sheet, 10 per cent export duty on specified rolled products, including cold rolled coils and sheets and pipes and tubes, and 5 per cent export duty on galvanised steel in
coil and sheet form. The existing 14 per cent countervailing duty on thermo-mechanically treated steel bars and structurals, commonly used in construction, has also been abolished by the government.

Categories: Business
Tags: Auto, construction, Government, inflation, secondary steel, Steel, tax