Secondary steel makers, Bhushan Steel and National Steel , have announced up to Rs 4,000 per tonne cut on all flat products toeing the line of primary producers even as the government is examini
The steel ministry has been gunning for measures like export tax on steel, ad valorem rates of tax on iron ore exports and cuts in excise duty on finished steel.
Steel producers agreed to roll back prices of the alloy after an assurance from the government that it would look into their demand for not imposing duty on steel exports.
The government imposed up to 15 per cent export duty on various steel products to contain rise of prices of the alloy, a move that will hit industry hard.
Prices of flat and long steel products have plunged by up to 14 per cent in May following government's measures to control inflation in the steel sector.
