The Ministry Of Steel Publishes Steps To Reduce Steel Prices
Steel

The Ministry Of Steel Publishes Steps To Reduce Steel Prices

In a written reply to the Rajya Sabha, Shri Faggan Singh Kulaste, Minister of State for Steel, detailed the government's efforts to make raw materials and steel more affordable in a written reply. Since steel prices are highly variable, it is prudent to consider market conditions and the interests of both upstream and downstream consumers.

To regulate the now-deregulated sector, the government has taken a number of measures to mitigate the effects of demand and supply; global market conditions; trends in raw material prices; logistic costs; power costs; fuel costs; and so on:

(i) Reduction in Custom Duty on Semis, Flat and Long products of non-alloy, alloy and stainless steel to 7.5%, in Union Budget 2021-22.
(ii) Extension of exemption in Custom Duty on steel scrap up to 31.3.2023 along with revocation of Anti-Dumping Duties (ADD) and Countervailing Duties (CVD) on steel products, in Union Budget 2022-23.
(iii) Modifications in tariffs on raw materials of steel and other steel products vide notification dated 21.05.2022 wherein the import duty on Anthracite/Pulverized Coal Injection (PCI) Coal, Coke, Semicoke and Ferro-Nickel has been reduced to zero. An export duty on Iron ores/ concentrates and iron ore pellets has been raised to 50% and 45%, respectively, and a 15% export duty has been imposed on pig iron and several steel products.

See also:
Domestic steel sector hits by moving train post govt’s duty steps
Steel prices likely to drop by Rs 3000-5000 per tonne soon


Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

In a written reply to the Rajya Sabha, Shri Faggan Singh Kulaste, Minister of State for Steel, detailed the government's efforts to make raw materials and steel more affordable in a written reply. Since steel prices are highly variable, it is prudent to consider market conditions and the interests of both upstream and downstream consumers. To regulate the now-deregulated sector, the government has taken a number of measures to mitigate the effects of demand and supply; global market conditions; trends in raw material prices; logistic costs; power costs; fuel costs; and so on: (i) Reduction in Custom Duty on Semis, Flat and Long products of non-alloy, alloy and stainless steel to 7.5%, in Union Budget 2021-22. (ii) Extension of exemption in Custom Duty on steel scrap up to 31.3.2023 along with revocation of Anti-Dumping Duties (ADD) and Countervailing Duties (CVD) on steel products, in Union Budget 2022-23. (iii) Modifications in tariffs on raw materials of steel and other steel products vide notification dated 21.05.2022 wherein the import duty on Anthracite/Pulverized Coal Injection (PCI) Coal, Coke, Semicoke and Ferro-Nickel has been reduced to zero. An export duty on Iron ores/ concentrates and iron ore pellets has been raised to 50% and 45%, respectively, and a 15% export duty has been imposed on pig iron and several steel products. See also: Domestic steel sector hits by moving train post govt’s duty stepsSteel prices likely to drop by Rs 3000-5000 per tonne soon

Next Story
Infrastructure Energy

India’s RE Investments Hit $1.23 Billion in August 2025

Investments in India’s renewable energy (RE) sector surged to $1.23 billion (approx. Rs 102.2 billion) in August 2025, marking a 45 per cent increase from $848 million (approx. Rs 70.4 billion) recorded in the same month last year, according to a report by JMK Research.The sharp rise in funding reflects sustained momentum in the clean energy space, particularly in solar, wind, and battery energy storage systems (BESS).Among the largest investments in August was a Rs 31.84 billion long-term project financing secured by Acme Hybrid Urja, a subsidiary of ACME Solar, from REC Ltd. The funds will..

Next Story
Infrastructure Energy

WRI, CII Launch Alliance to Drive Clean Energy in Industry

WRI India and the Confederation of Indian Industry (CII) have jointly launched the CI-NERGY Alliance – Steering Energy Transitions to accelerate clean energy adoption within India’s commercial and industrial (C&I) sector. The initiative was unveiled during Connect Karo 2025 in New Delhi.The alliance seeks to support India’s broader climate goals—achieving 50 per cent of power capacity from non-fossil fuel sources by 2030, and net zero emissions by 2070. Given that the C&I sector is among the highest electricity consumers in the country, its decarbonisation holds substantial pot..

Next Story
Real Estate

Unified RERA Portal Launched to Boost Sector Transparency

The 5th Meeting of the Central Advisory Council (CAC), constituted under the Real Estate (Regulation and Development) Act, 2016 (RERA), was held at Sankalp Bhawan, New Delhi, marking eight years of regulatory reform in India’s real estate sector. The meeting was inaugurated with a welcome address by Shri Kuldip Narayan, Joint Secretary (Housing), Ministry of Housing and Urban Affairs (MoHUA), followed by key insights from Secretary (HUA), Shri Srinivas Katikithala, on RERA’s evolution.Union Minister of Housing & Urban Affairs, Shri Manohar Lal, and Minister of State, Shri Tokhan Sahu, ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?