Domestic steel prices rise after safeguard duty

“Production cuts by smaller steelmakers helped restore balance between demand and supply, while the imposition of a three-year safeguard duty gave producers room to raise prices, as domestic steel was trading at a discount to the landed cost of imports from countries such as Japan and China,” said Dhruv Goel, CEO of Big Mint. The price hike will “help improve profitability of the mills.”