Steel import duties may be cut to zero as prices jump 50%

The government is set to propose slashing import duties on steel items to near zero levels as per reports. 

A decision had been taken to review duties on steel products and reduce or withdraw them altogether in an effort to help the user industry which has been hit hard by rising price of the metal in the domestic market.

Domestic hot-rolled coil (HRC) prices rallied to a multi-year high of Rs 56,000 per tonne marking a a jump of over 50 per cent in last 13 months.