India’s Steel Exports

Major steelmakers reported a drop in profits in the December quarter, in part because the government in May imposed the tax, which applied to exports of some intermediate steel products, such as bars

India's steel exports is expected to come down by 40% to 12 million tonnes (MT) in the ongoing fiscal, as a result of the duty-related measures taken by the government last month, according to CRISIL

Fall comes on the back of the govt's decision to impose export duty on steel in a bid to cool off domestic prices

Three-month exemption will provide some relief to the players whose orders are in the pipeline, an industry executive said.

India's steel exports are expected to remain strong in the coming months as higher prices and regional demand would drive the steel companies to divert part of their output to exports

Motilal Oswal says demand for long steel has moderated, possibly weighed by weakened construction activity

Global prices stay at an elevated level, home demand also seen picking up