New Delhi: The reduction of duty on steel products, as proposed in the Budget 2021-22, may bring down prices of the metal by up to 10 per cent in the near term, according to ICRA.
In her Budget Speech on Monday, Finance Minister Nirmala Sitharaman announced reducing the duty to 7.5 per cent on products like primary/semi-finished products of non-alloy steel, long products of non-alloy, stainless and alloy steel.
The 2.5 per cent duty on iron and steel melting scrap, including stainless steel scrap, and raw materials used in the manufacture of CRGO (cold-rolled grain oriented) steel has been lowered to nil in the Budget.
Besides, she also announced revocation of anti-dumping duty (ADD), while countervailing duty (CVD) has also been revoked on certain steel products.
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