Center’s decision to impose 15% duty on steel exports pulls down prices of key raw material

Rajkot: Rajkot Engineering Association sources say that the central government’s decision to impose 15% duty on steel has led to easing of prices from Rs 78/kg to Rs 63/kg. This has come as a big relief to domestic producers such as auto manufacturers, engineering and castings.

Industry sources are claiming that looking at current decline in prices, we have applied the brakes on orders of higher price and further purchasing will happen only after prices stabilize.

Only if you consider Rajkot, iron is being used in 20,000 factories and 1,100 construction sites. Builders in Rajkot and other cities of Gujarat had hiked the prices of flats and offices in accordance with the increasing prices of raw materials like steel and cement.

Now because of this step of imposing duty on steel exports the expenditure on construction projects being implemented by the government and municipal corporations will also come down. DeshGujarat