Duty cut could bring down domestic steel prices by 10%: ICRA

Government's proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers, rating agency ICRA said. In its report on implications of duty changes on the steel industr y, the agency, however, said that domestic steel demand may remain favourable in the coming months on the back of several positive announcements made in the Budget and this in turn is likely to keep domestic steel prices buoyant unless the international prices correct significantly from the current levels.