The Institute of Indian Foundrymen (IIF) expressed on May 26 that the Indian steel foundry industry assented to the government's decision to lower import tariffs on steelmaking raw materials, saying that it will stabilize prices.

Devendra Jain, President of IIF, said that the Indian steel foundry industry has been facing challenges of an unprecedented surge in raw material prices in recent months. Therefore, lower import tariffs will lead to a drop in finished product prices and uphold the industry, thereby strengthening the competitiveness in the global market.