India's secondary steel producers, including Delhi-based Bhushan Steel and Mumbai-based Uttam Galva, have decided to reduce their prices for CRC and galvanized sheets by nearly Rupees 500/mt (approx. $12/mt). The move in question follows the price cut for HRC by India's leading steel companies including Ispat Industries and JSW Steel.
The successive price cuts in the Indian steelmaking industry are directly linked to the duty benefits provided by the government.
Commenting on the initiative, Bhushan Steel director, BS Johri, said, "The impact of duty benefits given to primary steelmakers by the government is far more than Rupees 500/mt. No matter what the reduction is, it would be passed on to the end-users." Meanwhile, president of the Cold Rolled Steel Manufacturers Association of India, SC Mathur, said the reduction rate is too small to combat the adverse effect of high steel prices on the economy.