Iron ore duty to ease steel prices in 2-3 months
Steel

Iron ore duty to ease steel prices in 2-3 months

The Union Budget’s proposal to increase iron ore export duty to 20 per cent may lead to a fall in prices of around Rs 1,000 a tonne in the next two-three months.

However, a rise in prices is expected in the short term because of high raw material costs and strong demand on the rapid growth of the economy and manufacturing sectors. Most steel companies such as SAIL, Tata Steel, and Essar Steel have hiked prices by about Rs 2,000 a tonne in the last two months, citing a surge in cost of iron ore and coking coal prices.

The Union Budget’s proposal to increase iron ore export duty to 20 per cent may lead to a fall in prices of around Rs 1,000 a tonne in the next two-three months. However, a rise in prices is expected in the short term because of high raw material costs and strong demand on the rapid growth of the economy and manufacturing sectors. Most steel companies such as SAIL, Tata Steel, and Essar Steel have hiked prices by about Rs 2,000 a tonne in the last two months, citing a surge in cost of iron ore and coking coal prices.

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