steel: Reduction in duty could reduce steel prices by up to 10% in near term: Icra

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New Delhi: The discount of duty on steel merchandise, as proposed in the Budget 2021-22, could convey down prices of the steel by up to 10 per cent in the near time period, in accordance to ICRA.

In her Budget Speech on Monday, Finance Minister Nirmala Sitharaman introduced lowering the duty to 7.5 per cent on merchandise like main/semi-finished merchandise of non-alloy steel, lengthy merchandise of non-alloy, stainless and alloy steel.

The 2.5 per cent duty on iron and steel melting scrap, together with stainless steel scrap, and uncooked supplies used in the manufacture of CRGO (cold-rolled grain oriented) steel has been lowered to nil in the Budget.

Besides, she additionally introduced revocation of anti-dumping duty (ADD), whereas countervailing duty (CVD) has additionally been revoked on sure steel merchandise.

“Duty cut could bring down domestic steel prices by up to 10 per cent in the near term,” ICRA stated in a press release on Friday.

The rankings company stated home hot-rolled coil (HRC) prices witnessed a steep rise of about 54 per cent throughout July-December 2020 from the extent of Rs 36,250 a tonne on the finish of June, on the again of a robust restoration in the home demand.

The prices elevated additional in January 2021 to contact a document of Rs 58,000 per tonne and are presently buying and selling at Rs 56,000 per tonne, it stated.

“The government, as part of the Union Budget 2021-22, announced a reduction in customs duty on flat steel products to protect the interests of the end-user industries of steel from such elevated steel prices,” the company famous.

ICRA believes that the duty discount on steel merchandise would make their imports extra aggressive and, in flip, exert near-term pricing pressures on home steelmakers.

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