Story Idea: Steel exports to plunge 35-40% after duty revisions quote Dr. VK Vijayakumar, Geojit Financial Services
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Below is Story Idea: Steel exports to plunge 35-40% after duty revisions quote by Dr. VK Vijayakumar, Chief Investment Strategist
Story Idea: Steel exports to plunge 35-40% after duty revisions: CRISIL
India’s steel exports will drop 35-40% on-year to 10-12 million tonne this fiscal following the 15% export duty imposed on several finished steel products last month, a CRISIL Research analysis shows.
"Domestic steel prices have crashed nearly 20 percent recently from the peak following the excess supply in the market caused by the imposition of 15 percent export duty. Unless this decision is reversed, steel exports are likely to take a hit of nearly 35 percent. This will also severely impact the profitability of the steel sector and this is getting reflected in the prices of steel stocks which have taken a big hit. The positive side is that steel consumers, notably in the automobile and construction sectors will gain from this steep decline in prices"
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