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Steel exports grow 111% in first half - Views on News from Equitymaster
 
 
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  • Nov 18, 1999

    Steel exports grow 111% in first half

    The steel industry is witnessing a surge in exports. The sector has exported goods worth US$ 700 m (up 111% YoY) during the first half of the current year.


    source CMIE

    The domestic steel industry has had mixed fortunes during the first half of the year. The revival in the domestic economy pushed up demand leading to a sharp increase in volume sales. Moreover, the pick up in global consumption provided an opportunity to Indian companies to beef up exports. Overall, the sales volume growth during the first half was satisfactory.

    However, the industry has failed to witness a corresponding increase in profitability. This is mainly due to the fact that international steel companies have been dumping steel in the domestic markets. This is despite the existence of floor rates on imports. This situation has been made worse after the government eased floor rates and stated that they would be done away by January 2000. Already, the influx of imports has begun to hurt certain segments of the industry. Thus, even though volumes surged, realisations continued to remain under pressure.

    Steel exports however hold much promise for Indian companies. This is so because realisations in international markets are still attractive. Moreover, the earnings are in US Dollars, which helps Indian companies to finance imports, or better still, gain from a depreciation of the Indian Rupee. The international steel markets are expected to remain firm for sometime and it is likely that Indian companies will only increase their focus on the export market.

     

     

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