{"id":9433,"date":"2022-05-23T18:16:34","date_gmt":"2022-05-23T12:46:34","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=9433"},"modified":"2022-06-01T12:34:00","modified_gmt":"2022-06-01T07:04:00","slug":"steel-stocks-cascade-down-on-governments-imposition-of-export-taxes","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/","title":{"rendered":"Steel stocks cascade down on Government&#8217;s imposition of export taxes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9433\" class=\"elementor elementor-9433\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-542a14c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"542a14c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-52cfd85\" data-id=\"52cfd85\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89a9d91 elementor-widget elementor-widget-text-editor\" data-id=\"89a9d91\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Centre imposed an <b>export tax <\/b>of<b> 15%<\/b> on eight steel products late on Saturday 21<sup>st<\/sup> May 2022. It also waived customs duty on the import of some raw materials, including <b>coking coal <\/b>and<b> ferronickel,<\/b> used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.<\/p>\n<p><b>Export duty<\/b> on iron ore has been increased to 50% from 30% for lumps across all grades, while that on pellets has been imposed at 45% from nil earlier, making exports unviable. Further, the government has imposed a 15% export duty on hot-rolled and cold-rolled steel products from nil earlier. It comes as a massive blow for steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by <b>Russia&#8217;s <\/b>invasion of<b> Ukraine<\/b>.<\/p>\n<p>Steel stocks faced deep cuts in Monday&#8217;s trade after the announcement of export duties, which may prompt steel companies to review their capacity expansion plans.<\/p>\n<p><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-9445 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/05\/table-1024x245.png\" alt=\"Steel stocks cascade down on Government's imposition of export taxes \" width=\"1024\" height=\"245\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table-1024x245.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table-300x72.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table-768x184.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table-1536x368.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table-600x144.png 600w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/05\/table.png 1769w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><em>Data at 12:00 PM on 23rd May 2022<\/em><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/#Steel_makers_to_review_capacity_expansion_plans\" title=\"Steel makers to review capacity expansion plans\">Steel makers to review capacity expansion plans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/#Indian_Steel_Association_fears_loss_of_international_trade\" title=\"Indian Steel Association fears loss of international trade\">Indian Steel Association fears loss of international trade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/#Steel_stocks_take_a_beating_on_the_announcement\" title=\"Steel stocks take a beating on the announcement\">Steel stocks take a beating on the announcement<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Steel_makers_to_review_capacity_expansion_plans\"><\/span><strong>Steel makers to review capacity expansion plans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Commenting on this development, <b>VR Sharma<\/b>, managing director at Jindal Steel and Power told Reuters that the immediate outcome of such a decision is that Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products. \u201cThey should have given us at least 2-3 months of time, we did not know about such a substantial policy,\u201d Sharma told Reuters.<\/p>\n<p><b>Russia and Ukraine<\/b> exported 46.7 million tonnes in 2020, mostly to the European Union, the world&#8217;s second biggest importer of steel, according to the World Steel Association. The decision could raise industry costs by as much as $300 million, he said. &#8220;We alone have 2,60,000 tonnes of orders, which were taken when export duty was zero,&#8221; Sharma said.<\/p>\n<\/p>\n<p><b>JSPL<\/b>, India&#8217;s fifth-largest crude steel producer, targeted boosting its exports to 40% of sales, mostly to Europe. It might review its plans considering the latest developments. The export taxes on steel are part of a series of changes in taxes on crucial commodities aimed at reining in retail inflation, which has hit eight-year highs. Removal of import duties on <b>coking coal, PCI coal <\/b>and <b>anthracite<\/b> and imposing an export tax on iron ore, all key raw materials used in steelmaking, might not be enough to soften the blow to exports. According to steel industry veterans, coking coal prices are still very high and the export tax would benefit local carmakers and other heavy engineering industries, but impact exports.<\/p>\n<\/p>\n<p>The Centre\u2019s decision may force local steelmakers to review of capital-expenditure (capex) plans. According to industry veterans, they face stiff competition from Chinese and Russian mills globally and may lose export market share to them.<\/p>\n<p>India&#8217;s steel exports in FY20 stood at 11.2 million tonnes, while the same rose to 18.4 million tonnes in FY22.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Indian_Steel_Association_fears_loss_of_international_trade\"><\/span><strong>Indian Steel Association fears loss of international trade<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The steel industry fears that the quantity (export) cannot be absorbed in the domestic market as almost all steel manufacturers will be impacted by this decision.<\/p>\n<p>The steelmakers\u2019 body &#8211; <b>Indian Steel Association<\/b> (ISA), said that the industry welcomes the removal of import duty on coking coal and few other input raw materials for the industry. However, the imposition of export duty on steel will only send a negative signal to investors in the steel sector and will adversely impact the sector\u2019s capacity utilisation. India has been increasing its engineering and steel exports over the last two years and has the potential to become part of a larger global supply chain.<\/p>\n<p>India may lose the export opportunities now and this decision may also impact the overall economic activity in the country,\u201d the association said.<\/p>\n<p>The imposition of export duty will help other countries to increase their share in the global market, which will be India\u2019s loss. Regaining the lost ground may take a long time, as the supply chain will be disrupted, while India\u2019s credibility as a reliable exporter will take a hit, according to the ISA.<\/p>\n<p>Considering this decision, new capacity creation may get impacted as they would be seen as uneconomical thus affecting the much-awaited investment against PLI scheme for speciality steel.\u201d Besides, it may have a major impact on the entire supply chain in the long term. The economic activity of a few states dependent on minerals and steel will be further hit.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Steel_stocks_take_a_beating_on_the_announcement\"><\/span><strong>Steel stocks take a beating on the announcement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>On Monday, 23rd May 2022, within few minutes of the opening bell, three steel shares hit the lower circuit, namely <b>Tata Steel, Steel Authority of India (SAIL) <\/b>and<b> JSW Steel<\/b>.<\/p>\n<\/p>\n<p>Tata Steel share price today&nbsp;opened with a downside gap of near&nbsp;\u20b973 per share and went on to hit the lower circuit at&nbsp;\u20b91053.20 apiece levels on BSE. SAIL share price nosedived in early morning deals and hit lower circuit at&nbsp;\u20b974.70 levels on BSE. Similarly, JSW Steel&#8217;s share price opened under huge selling pressure and hit lower circuit at&nbsp;\u20b9567.80 per share levels.<\/p>\n<\/p>\n<p>Most brokerages too consider this development as a negative for the steel industry. <b>ICICI Securities<\/b> in a report says, &#8220;The Indian government has imposed export duties on steel, steelmaking raw materials and intermediaries to preserve higher domestic supplies and control rising prices. Most of the exports of steel\/stainless steel will attract 15% export duty now (from nil earlier). We see this as an extremely negative development for the steel sector and expect broad-based multiple de-rating. We downgrade Tata Steel, JSPL, JSW Steel and SAIL to REDUCE.&#8221; In fact, India\u2019s \u2018iron and steel\u2019 exports constituted 5.5% of total exports in FY22 \u2013 the highest at least since FY04,&#8221; was the analysis of brokerage firm <b>Motilal Oswal<\/b>.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36b9f2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36b9f2d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60412f0\" data-id=\"60412f0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d936d71 elementor-widget elementor-widget-text-editor\" data-id=\"d936d71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p><em>Research done by:\u00a0Ketan Sonalkar,\u00a0SEBI Rgn No INA000011255<\/em><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Centre imposed an export tax of 15% on eight steel products late on Saturday 21st May 2022. It also waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.<\/p>\n","protected":false},"author":5,"featured_media":26918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"metadata":{"_edit_lock":["1654067099:1"],"_edit_last":["1"],"qodef_content_behind_header":["no"],"qodef_show_header_widget_areas":["yes"],"qodef_top_area_header_in_grid":["no"],"_yoast_wpseo_primary_category":["24"],"_yoast_wpseo_estimated-reading-time-minutes":["5"],"_elementor_edit_mode":["builder"],"_elementor_template_type":["wp-post"],"_wp_page_template":["default"],"_elementor_data":["[{\"id\":\"542a14c\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"52cfd85\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"89a9d91\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p>The Centre imposed an <b>export tax <\\\/b>of<b> 15%<\\\/b> on eight steel products late on Saturday 21<sup>st<\\\/sup> May 2022. It also waived customs duty on the import of some raw materials, including <b>coking coal <\\\/b>and<b> ferronickel,<\\\/b> used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.<\\\/p>\\n<p><b>Export duty<\\\/b> on iron ore has been increased to 50% from 30% for lumps across all grades, while that on pellets has been imposed at 45% from nil earlier, making exports unviable. Further, the government has imposed a 15% export duty on hot-rolled and cold-rolled steel products from nil earlier. It comes as a massive blow for steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by <b>Russia's <\\\/b>invasion of<b> Ukraine<\\\/b>.<\\\/p>\\n<p>Steel stocks faced deep cuts in Monday's trade after the announcement of export duties, which may prompt steel companies to review their capacity expansion plans.<\\\/p>\\n<p><br><\\\/p>\\n<p><img class=\\\"alignnone wp-image-9445 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/table-1024x245.png\\\" alt=\\\"Steel stocks cascade down on Government's imposition of export taxes \\\" width=\\\"1024\\\" height=\\\"245\\\"><\\\/p>\\n<p><em>Data at 12:00 PM on 23rd May 2022<\\\/em><\\\/p>\\n<h4><strong>Steel makers to review capacity expansion plans<\\\/strong><\\\/h4>\\n<p>Commenting on this development, <b>VR Sharma<\\\/b>, managing director at Jindal Steel and Power told Reuters that the immediate outcome of such a decision is that Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products. \\u201cThey should have given us at least 2-3 months of time, we did not know about such a substantial policy,\\u201d Sharma told Reuters.<\\\/p>\\n<p><b>Russia and Ukraine<\\\/b> exported 46.7 million tonnes in 2020, mostly to the European Union, the world's second biggest importer of steel, according to the World Steel Association. The decision could raise industry costs by as much as $300 million, he said. \\\"We alone have 2,60,000 tonnes of orders, which were taken when export duty was zero,\\\" Sharma said.<\\\/p>\\n<p><\\\/p>\\n<p><b>JSPL<\\\/b>, India's fifth-largest crude steel producer, targeted boosting its exports to 40% of sales, mostly to Europe. It might review its plans considering the latest developments. The export taxes on steel are part of a series of changes in taxes on crucial commodities aimed at reining in retail inflation, which has hit eight-year highs. Removal of import duties on <b>coking coal, PCI coal <\\\/b>and <b>anthracite<\\\/b> and imposing an export tax on iron ore, all key raw materials used in steelmaking, might not be enough to soften the blow to exports. According to steel industry veterans, coking coal prices are still very high and the export tax would benefit local carmakers and other heavy engineering industries, but impact exports.<\\\/p>\\n<p><\\\/p>\\n<p>The Centre\\u2019s decision may force local steelmakers to review of capital-expenditure (capex) plans. According to industry veterans, they face stiff competition from Chinese and Russian mills globally and may lose export market share to them.<\\\/p>\\n<p>India's steel exports in FY20 stood at 11.2 million tonnes, while the same rose to 18.4 million tonnes in FY22.<\\\/p>\\n<h4><strong>Indian Steel Association fears loss of international trade<\\\/strong><\\\/h4>\\n<p>The steel industry fears that the quantity (export) cannot be absorbed in the domestic market as almost all steel manufacturers will be impacted by this decision.<\\\/p>\\n<p>The steelmakers\\u2019 body - <b>Indian Steel Association<\\\/b> (ISA), said that the industry welcomes the removal of import duty on coking coal and few other input raw materials for the industry. However, the imposition of export duty on steel will only send a negative signal to investors in the steel sector and will adversely impact the sector\\u2019s capacity utilisation. India has been increasing its engineering and steel exports over the last two years and has the potential to become part of a larger global supply chain.<\\\/p>\\n<p>India may lose the export opportunities now and this decision may also impact the overall economic activity in the country,\\u201d the association said.<\\\/p>\\n<p>The imposition of export duty will help other countries to increase their share in the global market, which will be India\\u2019s loss. Regaining the lost ground may take a long time, as the supply chain will be disrupted, while India\\u2019s credibility as a reliable exporter will take a hit, according to the ISA.<\\\/p>\\n<p>Considering this decision, new capacity creation may get impacted as they would be seen as uneconomical thus affecting the much-awaited investment against PLI scheme for speciality steel.\\u201d Besides, it may have a major impact on the entire supply chain in the long term. The economic activity of a few states dependent on minerals and steel will be further hit.<\\\/p>\\n<h4><strong>Steel stocks take a beating on the announcement<\\\/strong><\\\/h4>\\n<p>On Monday, 23rd May 2022, within few minutes of the opening bell, three steel shares hit the lower circuit, namely <b>Tata Steel, Steel Authority of India (SAIL) <\\\/b>and<b> JSW Steel<\\\/b>.<\\\/p>\\n<p><\\\/p>\\n<p>Tata Steel share price today&nbsp;opened with a downside gap of near&nbsp;\\u20b973 per share and went on to hit the lower circuit at&nbsp;\\u20b91053.20 apiece levels on BSE. SAIL share price nosedived in early morning deals and hit lower circuit at&nbsp;\\u20b974.70 levels on BSE. Similarly, JSW Steel's share price opened under huge selling pressure and hit lower circuit at&nbsp;\\u20b9567.80 per share levels.<\\\/p>\\n<p><\\\/p>\\n<p>Most brokerages too consider this development as a negative for the steel industry. <b>ICICI Securities<\\\/b> in a report says, \\\"The Indian government has imposed export duties on steel, steelmaking raw materials and intermediaries to preserve higher domestic supplies and control rising prices. Most of the exports of steel\\\/stainless steel will attract 15% export duty now (from nil earlier). We see this as an extremely negative development for the steel sector and expect broad-based multiple de-rating. We downgrade Tata Steel, JSPL, JSW Steel and SAIL to REDUCE.\\\" In fact, India\\u2019s \\u2018iron and steel\\u2019 exports constituted 5.5% of total exports in FY22 \\u2013 the highest at least since FY04,\\\" was the analysis of brokerage firm <b>Motilal Oswal<\\\/b>.<\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"36b9f2d\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"60412f0\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"d936d71\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p><em>Note \\u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\\\/recommendation\\\/advice<\\\/em><\\\/p><p><em>Research done by:\\u00a0Ketan Sonalkar,\\u00a0SEBI Rgn No INA000011255<\\\/em><\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false}]"],"_elementor_version":["3.6.5"],"_yoast_wpseo_content_score":["30"],"_yoast_wpseo_focuskw":["Steel stocks"],"_yoast_wpseo_title":["Steel stocks cascade down on Government's imposition of export taxes"],"_yoast_wpseo_metadesc":["Steel stocks faced deep cuts in Monday's trade after announcement of export tax of 15% on eight steel products late on 21st May 2022."],"_yoast_wpseo_linkdex":["67"],"_nectar_love":["0"],"nectar_blog_post_view_count":["283"],"_schema_ref":["11166"],"_schema_json":["a:12:{s:8:\"@context\";s:19:\"https:\/\/schema.org\/\";s:5:\"@type\";s:11:\"BlogPosting\";s:16:\"mainEntityOfPage\";a:2:{s:5:\"@type\";s:7:\"WebPage\";s:3:\"@id\";s:87:\"https:\/\/univest.in\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/\";}s:3:\"url\";s:87:\"https:\/\/univest.in\/steel-stocks-cascade-down-on-governments-imposition-of-export-taxes\/\";s:8:\"headline\";s:68:\"Steel stocks cascade down on Government's imposition of export taxes\";s:13:\"datePublished\";s:25:\"2022-05-23T18:16:34+05:30\";s:12:\"dateModified\";s:25:\"2022-06-01T12:34:00+05:30\";s:9:\"publisher\";a:4:{s:5:\"@type\";s:12:\"Organization\";s:3:\"@id\";s:32:\"https:\/\/univest.in\/#organization\";s:4:\"name\";s:7:\"Univest\";s:4:\"logo\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:62:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/Univest-Logo.png\";s:5:\"width\";i:600;s:6:\"height\";i:60;}}s:5:\"image\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:64:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/05\/table-1024x245.png\";s:5:\"width\";s:4:\"1024\";s:6:\"height\";s:3:\"245\";}s:14:\"articleSection\";s:6:\"Market\";s:11:\"description\";s:268:\"The Centre imposed an export tax of 15% on eight steel products late on Saturday 21st May 2022. 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