New Delhi, Jan. 11 As the steel prices begin to re-bound, the Government has lifted restrictions on imports of hot-rolled coils into the country.
Till the Directorate-General of Foreign Trade's order on Friday, HR coils could be imported into the country only by the user. However, now even traders can import HR coils.
Hot rolled coils are a vital steel input for the automotive and consumer durables sectors. Low cost imports had forced domestic steel makers to cut prices in November 2009. The industry had even asked for an imposition of a safeguard duty on HR coils, sheets and strips. This plea was rejected by the Directorate-General (Safeguards) in December.
However, following an increase in global steel prices, domestic steel majors had increased prices by 3-8 per cent in recent weeks. With the increasing concerns over rising steel prices, this comes as the first step by the Government to check steel prices.
The Steel Secretary, Mr Atul Chaturvedi, had told media persons on Monday that steel prices are likely to come down in next 10-12 days and said that the recent price increase by domestic steel makers was speculative.
Source : Business Line