Steel Prices to Dip by 15% in Domestic Market: EEPC
According to industry body Engineering Export Promotion Council (EEPC), the rally in domestic prices of steel products is likely to stall. It foresees up to 15% decline in domestic steel prices, in reaction to the recent government decision to impose export duty on certain iron and steel intermediates.
It must be noted that the government had decided to hike the export duty on iron ore by up to 50% and some steel and iron intermediaries to 15%. It had also waivered customs duty on imports of key steelmaking raw materials such as coking coal and ferronickel.
