Steel mills hike prices despite custom duty reduction
Steel

Steel mills hike prices despite custom duty reduction

Indian steel mills have hiked the price of the hot-rolled coil by Rs 1,000-1,500 per tonne this week, despite a reduction in the customs duty on a list of steel products announced in the Union Budget in a bid to bring down high domestic prices.

State-owned Steel Authority of India Ltd (SAIL) increased the price by around Rs 1,000 per tonne, while ArcelorMittal Nippon Steel (AMNS) and JSW Steel increased it by around Rs 1,500. Other steelmakers are expected to follow the trend.

However, steel mills cut down the price of TMT bars by around Rs 3,500 per tonne this week, citing the global demand-supply scenario, said sources.

Currently, the hot-rolled coil prices stand at Rs 54,000-55,000 a tonne, almost a 55% rise since it hit the lowest in February 2020 at Rs 36,000-38,000. Price of TMT bars is now at Rs 62,500-65,000 depending on the quality and size.


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Make in Steel 2021

24 February 

Click for event info


While announcing the budget, Finance Minister Nirmala Sitharaman said customs duty would be reduced to 7.5% from 12.5% on semis, flat, and long products of stainless steels, non-alloy and alloy. The budget also has exempt duties on steel scrap temporarily and suspended countervailing duties and anti-dumping duties on certain products.

Reacting to the budget, top steelmakers and analysts said the customs duty reduction would have minimal impact on the domestic prices as most of the imports are from free-trade agreement countries like South Korea and Japan.

As we have been reporting over the past few months, steel price rise, while good news for manufacturers of the material, has been a cause of concern for the construction and infrastructure industry.

Click here to know current steel prices.

Also read: Gadkari bats for a steel and cement regulator

Image Source

Indian steel mills have hiked the price of the hot-rolled coil by Rs 1,000-1,500 per tonne this week, despite a reduction in the customs duty on a list of steel products announced in the Union Budget in a bid to bring down high domestic prices. State-owned Steel Authority of India Ltd (SAIL) increased the price by around Rs 1,000 per tonne, while ArcelorMittal Nippon Steel (AMNS) and JSW Steel increased it by around Rs 1,500. Other steelmakers are expected to follow the trend. However, steel mills cut down the price of TMT bars by around Rs 3,500 per tonne this week, citing the global demand-supply scenario, said sources. Currently, the hot-rolled coil prices stand at Rs 54,000-55,000 a tonne, almost a 55% rise since it hit the lowest in February 2020 at Rs 36,000-38,000. Price of TMT bars is now at Rs 62,500-65,000 depending on the quality and size. 4th Indian Cement Review Conference 202117-18 March Click for event infoMake in Steel 202124 February Click for event infoWhile announcing the budget, Finance Minister Nirmala Sitharaman said customs duty would be reduced to 7.5% from 12.5% on semis, flat, and long products of stainless steels, non-alloy and alloy. The budget also has exempt duties on steel scrap temporarily and suspended countervailing duties and anti-dumping duties on certain products. Reacting to the budget, top steelmakers and analysts said the customs duty reduction would have minimal impact on the domestic prices as most of the imports are from free-trade agreement countries like South Korea and Japan. As we have been reporting over the past few months, steel price rise, while good news for manufacturers of the material, has been a cause of concern for the construction and infrastructure industry. Click here to know current steel prices. Also read: Gadkari bats for a steel and cement regulator Image Source

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?