Russia and Ukraine account for nearly 20 per cent of the global export of steel. In the aftermath of the war, the price of steel has gone up in India by Rs 14,000 per tonne. This has affected construction, auto-parts and bicycle industries.
To save the domestic steel consuming industries, PM Narendra Modi has been urged to intervene and ban the export of iron ore, withdraw duties and customs on import of steel and impose a 10 per cent export duty.