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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code