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Construction steel prices rose up to 117% in 6 years: Govt

In Union Budget 2021-22, customs duty has been reduced uniformly to 7.5% on semis, flat and long products of non-alloy, alloy and stainless steels.In Union Budget 2021-22, customs duty has been reduced uniformly to 7.5% on semis, flat and long products of non-alloy, alloy and stainless steels.

Prices of various steel products used in the infrastructure sector such as wire rods, plates and TMT bars have gone up by up to 117% in the last six years, minister for steel RCP Singh informed Parliament on Wednesday.

Answering a question in Lok Sabha, the minister said that the average price of plates (10 mm) increased the most, by 117%, to Rs 69,852 per tonne (excluding GST) in November this year compared with Rs 32,244 per tonne in November 2016.

This was followed by a 102% rise in the price of TMT bars (10 mm) in the retail market to Rs 57,314/tonne in November this year from Rs 28,438 a tonne in November 2016.

Retail prices for other products such as wire rods and GP sheets have also been steadily increasing to stand at Rs 55,338 per tonne and Rs 85,237 per tonne in November this year, up by 80% and 94% respectively over the November 2016 price.

In a separate question, the minister said the average retail price for HR Coils and CR Coils have increased by 15% and 8% to stand at Rs 71,623 and tonne and Rs 78,860 per tonne respectively in November this year compared with their prices in April.

To a question, the minister said the government has taken various steps to increase the availability of iron ore and steel and make them available at a reasonable price, including reforms in the mining and mineral policy to enhance production and availability of iron ore, early operationalisation of forfeited working mines of Odisha by the steel and Central public sector units.

“In Union Budget 2021-22, customs duty has been reduced uniformly to 7.5% on semis, flat and long products of non-alloy, alloy and stainless steels. Further, to provide relief to metal recyclers, mostly MSMEs, basic customs duty on steel scrap has been exempted for a period up to March 31, 2022. In addition, anti-dumping duty and countervailing duty on certain steel products have also been revoked/temporarily revoked,” Singh said.

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