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