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The 15% duties on Indian steel exports will make shipments abroad less attractive and ultimately exert pressure on domestic prices and capacity utilisation, says credit rating agency ICRA. Indian steel capacity utilisation touched 83% in the fiscal year ended 31 March 2022 (FY22), its highest for seven years. Many steelmakers thus announced large-scale expansions. Following the export duty levy, the pace of execution of some of these expansion projects could slow …
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