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
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000