The Steel Industry across the world is in a dilemma. Estimates show that the demand for steel has gone down not because there is no need for it but rather because the feeder element of the steel industry has been capped. As an industry, steel sales are directly influenced by companies which require it for their purposes. When these companies as part of an industry are themselves experiencing a tough time, then they put projects on hold. It’s this that the steel industry has recognized as the fundamental reason it’s started to experience a downturn.

By Bharat RatnaSteel Pipes

• Govt. asked steel manufactures to reduce the prices to make supplies available in domestic market

• Govt. of India raised duties on long steel products and iron ore to tame inflation

• Govt. of India scrapped export duties on flat rolled products to save the profits and margins of steel manufacturers

• Rs.15,000 excise duty on 1500-1999 cc Multi & Sports Utility Vehicles and Rs.20,000 excise duty on 2000 cc and above