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Indian steel mills hike prices despite customs duty cut
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Synopsis
State-run Steel Authority of India hiked the price by around Rs 1,000 per tonne, while JSW Steel and ArcelorMittal Nippon Steel (AMNS) increased it by around Rs 1,500. Other steelmakers are expected to follow suit.
Agencies
MUMBAI: Indian steel mills increased the price of the benchmark hot rolled coil by Rs 1,000-1,500 per tonne on Wednesday, despite a reduction in the customs duty on a list of steel products announced in the union budget as a move to bring down high domestic prices.
State-run
Steel Authority of India hiked the price by around Rs 1,000 per tonne, while