Steel players have been raising concerns with various ministries including steel and commerce over the surge in steel imports from select countries like China and Vietnam.
The domestic steel consumption also registered an 11 percent year-on-year (y-o-y) increase to 58.4 MT in the first half of 2023, from 52.7 MT in the same period of 2022.
The governement has reduced the railway freight on iron ore meant for exports by 16% effective Tuesday, an industry body official said, a move expected to help exporters who have come under pressure after an increase in export duty in January.