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Duty cut on steel products to exert near-term pressure in Indian cos: Icra

Decision will make imports competitive, Chinese firms may gain

steel, iron, metal, manufacturing, production, molten
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Icra believes that the duty reduction on steel products would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers.

Aditi Divekar Mumbai
Domestic hot-rolled coil (HRC) prices witnessed a steep rise of about 54 per cent during July-December 2020 from end-June 2020 level of Rs 36,250 per tonne on the back of a strong recovery in the domestic demand and a similar 56 percent increase in international steel prices.

While the prices increased further in January 2021 to touch a record of Rs 58,000 per tonne, resistance from the end-user industries led to a roll-back in prices, which are currently trading at Rs 56,000 per cent.

To protect the interests of the end-user industries of steel from such elevated steel prices, the Government, as

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