What was the rationale behind steel export duty? Sanjay Kumar Singh, Union Steel Secretary

Speaking to ET NOW, Sanjay Kumar Singh, Union Steel Secretary says "Steel players were complaining about higher raw material prices. The higher raw material problem is addressed through a reduction in import duty." We have to ensure that there is adequate supply of steel for domestic consumption. Export duty is in the broader interest of the country, he adds. Steel prices will definitely fall due to an increase in supply and demand will rise due to the fall in prices. Watch the exclusive interview to find out more.
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