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Steel products prices should fall by 10% for primary producers: EEPC

The government’s decision to remove import duty on raw materials for manufacturing of steel would lower the cost for domestic steel industry and therefore prices.Premium
The government’s decision to remove import duty on raw materials for manufacturing of steel would lower the cost for domestic steel industry and therefore prices.

  • Rising inflation has emerged as a major headache for policymakers world over. Persistent elevated price poses serious risk to demand and growth. The latest decision of the government should partly neutralise the negative impact of surging raw material prices

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NEW DELHI: In the wake of rising input costs, especially those of primary steel, the government’s decision to remove import duty on raw materials for manufacturing of steel would lower the cost for domestic steel industry and therefore prices, EEPC India said.

Engineering goods manufacturers and exporters would benefit from the move and become more competitive in the global markets, said EEPC India chairman Mahesh Desai.

He said an increase in or imposition of export duty on iron ores and a host of steel intermediaries would increase domestic availability of the key industry inputs.

“Downstream exporters feel primary steel products prices will fall by 10% for primary producers and 15% for secondary steel producers," Desai said.

He also reduction in auto fuel prices would ease off logistics costs which have been hurting the sector for quite some time.

“All the steps together would not only help the industry beat the surging input costs but also improve liquidity. We welcome the government decision and greatly appreciate timely response," he said.

“Rising inflation has emerged as a major headache for policymakers world over. Persistent elevated price poses serious risk to demand and growth. The latest decision of the government should partly neutralise the negative impact of surging raw material prices," Desai added.

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