Bumps after a bumper year: Steel industry witnesses lower prices, input prices on the rise

Share


Indian steelmakers witnessed record-high prices at the beginning of December last year as global commodity prices rallied following a rebound from the second wave of the pandemic. Steel Prices have moderated towards the end of the year but input prices, which came down slightly in the November-December, are rising again. Industry wants ADD (anti-dumping duty) in certain steel products and a correction in the inverted duty structure to help small and medium business particularly hit hard among other measures.

BUDGET RECOMMENDATIONS

  1. Bring down dependency on coking coal by incentive to develop Jharkhand’s Jharia mines
  2. Lower basic customs duty and correct inverted duty structure on critical raw materials
  3. The GST Compensation Cess on coal was for only 5 years to July 1st, 2022. It should end
  4. Restore countervailing duty (CVD) on stainless steel products from China and Indonesia
  5. To promote Atmanirbhar Bharat, impose (Anti Dumping Duty) on certain steel products.
  6. Benefits of Taxation for green steel

Comments

“Hydrogen mission started by the government is an excellent move the same should be fast-tracked and just like other countries India must adopt a green steel public procurement policy in the budget,” said JSW Steel’s director, commercial and marketing, Jayant Acharya.

“The budget should be pro-infrastructure, if the budget is pro-infra then more planning will take place, which will boost and revive the entire steel sector,” said JSPL’s managing director V.R Sharma.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *