Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Higher local demand may hurt steel exports in FY21.


Date: 27-01-2020
Subject: Higher local demand may hurt steel exports in FY21
MUMBAI: India’s steel exports are likely to decline in the next fiscal year starting April 1 on higher domestic demand from automotive and infrastructure companies, analysts said.

Exports of finished steel during the April-December period of the ongoing fiscal year increased marginally to 6.5 million tonnes from 6.36 mt in the same period last year, according to provisional figures released by the Joint Plant Committee, an authoritative and independent source of information about the Indian iron and steel industry.

In December, however, steel exports fell 11.5% to 767,000 tonnes, according to the report.

“The auto sector has seen one of the worst periods in the last 9 months and we see that the worst is behind...we expect better demand from auto and infra companies in FY2021E on a low FY2020 base and we are seeing that restocking has resumed since December 2019,” Kotak Institutional Equity analyst Sumangal Nevatia said.

Analysts, however, said the numbers are likely to come down marginally this year.

Iron ore exports should fall in FY2021 because of an interim disruption due to licence expiry and auctions of iron ore mines in Odisha, Nevatia said. “A tight domestic market should elevate domestic iron ore prices and inflate costs for steel companies,” he added.

Jayant Acharya, director (commercial and marketing), JSW SteelNSE -3.70 %, said “green shoots for steel demand are coming from various sectors, especially from construction and auto companies. Along with this, the government’s spending on infrastructure will further boost demand, which will continue for the next 3-4 months.”

The company cut down steel exports to 24% from 31% in the second quarter of the current fiscal year.

“Steel supply could be lower in India and in the global market in 2020 due to rising Chinese demand and increasing prices of coking coal and iron ore, the basic raw material for steel,” said Manoj Jain, director, commodities and forex banking, India Nivesh.

Iron ore prices have increased by 14% in the last one month to $106 a tonne and coking coal prices have gone up about 10% to $145, data sourced from the Indian Commodity Exchange showed. While exports may come down, India will still be a net exporter, Jain said.

“Dumping of Chinese steel into other countries could be lower and India can tap the opportunity. Rising steel and iron ore prices could support Indian steel export and probably India could still be a net exporter of steel in the year 2020,” he said.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001