The price cut will positively impact sectors like automobiles, consumer durables and consumer goods but as in the case of primary producers, it does not apply to long-term contracts. Speaking to reporters after the meeting, Pandey denied reports that primary producers are considering raising prices after Saturday’s notification of a 15 per cent export duty. “It is incorrect to say that the price cut is dependant on the export duty.

The cuts by primary producers last week and secondary producers today is unconditional and they have only suggested that the export duty be not levied,” he said. Pandey also rejected the claims that price cuts have not actually taken place despite the announcements. “It is absolutely untrue that cuts have not happened and the ministry is keeping a close watch on prices. Long product prices have come down by 20 per cent in the last month while flat product prices have declined by 10 per cent since last week’s cut,” he said.

In the last financial year, the country produced 52.75 million tonnes of steel while exports declined by 6 per cent to 4.6 million tonnes and imports grew by 51 per cent to 6.7 mt.