SEATTLE (Scrap Monster): Leading steelmaker Jindal Steel and Power Ltd. (JSPL) expects steel exports from India to hit fresh records during this fiscal. The crisis following the Evangrade downfall is unlikely to domestic steel manufacturers in the country, it noted.
According to V.R. Sharma, Managing Director, JSPL, the ripples of the debt crisis will only be felt within China and not in other countries. Moreover, China is not the primary export market for domestically produced steel. The prime markets, including Indonesia, Malaysia and Thailand, Australia, and West Asia, are readily available, he added.
During the previous month, China had announced its decision to cut steel output, as part of its efforts to achieve previously declared ultra-low carbon emission levels at steelmaking facilities. The lowered crude steel production by the world’s largest steel producing nation will help Indian companies to expand its export markets to countries previously served by China.
The steel exports by Indian companies are likely to total around INR 1.8-2.0 trillion this fiscal year. The country had exported 10.78 million tonnes of finished steel in 2020-’21, while the imports had totalled 4.75 million tonnes.
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