Steel stocks crash, OMCs mixed after cut in duties

Stocks of iron & steel producers crashed on Monday, while that of oil marketing companies (OMCs) witnessed selling following the government’s Saturday decision to increase export duty on some steel products and iron pellets, and cut levies on petro products. The move led to speculation in the bond market too, about whether it would add to the already elevated borrowing by the central government. Going by the bond market’s initial reaction, however, it seems traders are divided on this front.