India's leading steelmaker JSW Steel Ltd has announced on May 5 that it has cut its HRC prices by Rupees 500/mt (approx. $12/mt) to pass on the benefit of a duty cut to customers.
The company has also reduced galvanized product prices by Rupees 750/mt (approx. $18/mt).
On April 29, India's finance minister announced the withdrawal of a five percent customs duty on metallurgical coke, ferroalloys and zinc - main steelmaking feedstocks - in order to boost supplies of metal alloys and to counteract inflation.
On May 1, another private sector steelmaker, Ispat Industries, had informed its customers of its decision to reduce prices of HRC by Rupees 400/mt (approx. $10/mt) and prices of galvanized products by Rupees 500/mt (approx. $12/mt).
The move in question is expected to be followed by other mills in the country.