Reduction in the duties has no effect on steel prices in India

Reduction in the duties has no effect on steel prices in India

As reported yesterday by SteelOrbis, Indian government decreased duties on steel imports in order to keep steel prices in control. As per the news recently received, the reduction in the duties will not cause a further increase in the prices for a definite period. In line with the recently announced duty rates, the price of imported hot rolled coil is expected to increase to the level of Rupees 33'000 ($729) per ton from the current levels of Rupees 25'000-27'000 ($552-596) per ton. Moreover, prices of imported galvanized steel and cold rolled coil are stated to be higher than domestic prices. However, common belief in the market is that the higher prices of imported steel products will not decrease the domestic prices.