PTI reported that India’s domestic HR coil producers have dismissed allegations that higher exports have led to a rise in steel prices and said that only surplus in the domestic market is being exported.

Indian Steel Alliance in a letter to Mr Ram Vilas Paswan union steel minister has objected to campaign carried out by the Cold Rolled Steel Manufacturers Association asking for lowering the custom duty on HR coil and imposing duty on their exports.

ISA in their letter said that “There has been massive 300% to 400% rise in input and freight cost. HR coils price charged by domestic producers are in consonance with economically viable cost or products. Moreover, the national policy does not permit intervention in fixing prices. Also, increasingly exports of HR coils from India are of high grade products which do not find a local market. Exports are in line with the declared National Steel Policy.”

ISA also said that the domestic prices of CR coils have increased at a higher proportion than that of HR coils.

ISA includes all HR coil manufacturers except TATA Steel.