Steel Strip

The Indian Steel industry could be in for another shock with the government now considering banning exports of flat steel products with a view to check rising inflation. "If the prices of flat steel products are not being kept in check, either the export duty could be increased or a ban on exports could be considered to increase domestic availability," committee of secretaries (CoS) said.
It also noted that the government may consider increasing export duty on long steel products and subsequently explore the possibility of banning iron ore exports to increase domestic availability. Steel prices have since January this year shot up by around 50%, adding to the double-digit inflation, which is hovering at a 13-year high of just below 12%.
Government had on June 13 exempted flat rolled products of iron and steel, including galvanised products, pipes and tubes that attracted export duty ranging from 5-15%  from the purview of the export duty.