Steel mills hike prices despite custom duty reduction

05 Feb 2021 Editorial Team

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

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..