According to Minister Faggan Singh Kulaste, the tax cut caused steel prices to drop to Rs 70,915 per tonne in June
Any change in the price of steel, one of the most often used alloys, has an effect on consumers in industries like infrastructure and automotive.
admin
According to Union minister Faggan Singh Kulaste, prices for Cold Rolled Coils (CRC) steel dropped from their peak of Rs 85,237 per tonne in April to Rs 70,915 per tonne in June.
Any change in the price of steel, one of the most often used alloys, has an effect on consumers in industries like infrastructure and automotive.
The import duty on anthracite/pulverized coal injection coal, coke, and semi-coke has been reduced to zero, the Minister of State for Steel said in a statement to the Rajya Sabha. "Government has made modifications in tariffs on raw materials of steel, which includes coking coal, vide notification dated 21.05.2022," the Minister of State for Steel said.
Kulaste claims that after rising to Rs 72,081 in 2021, the per-tonne pricing for CRC continued to trend upward, reaching a high of Rs 85,237 in April 2022.
However, as the government announced measures relating to duties in May 2022, the price of steel decreased to Rs 79,106 per tonne and then to Rs 70,915 per tonne in June 2022.
In the first week of July, Indian primary mills cut the price of flat steel by Rs 3,000 to Rs 5,000 per tonne while longs remained largely steady, according to steel industry consultancy SteelMint India. Following the implementation of the 15% export charge, mills cut the price of flats mostly due to a lack of export orders.
"Prices appear to have almost reached their lowest point. This can be inferred from the fact that many mills chose to reduce production in July in order to balance the market, particularly for flat steel. Thus, prices will be supported "While outlining its predictions for the price trend, the research organisation made this statement.
