SEATTLE (Scrap Monster): JSW Steel announced that it will maintain steel export prices to its European customers. The company will not pass on the additional costs, on account of hiked export duties, to its customers in the Europe region.
Seshagiri Rao, Joint Managing Director and the Group Financial Head of JSW Steel said that the European steel buyers anticipate accelerated steel shipments from India, especially due to slowdown in supplies from China. The sudden stoppage of exports would hamper its business in future. The exports would continue, without the extra costs being passed on to them, he clarified.
The company will be definitely impacted by short-term loss by absorbing the extra cost. It hopes that the government would abolish the hiked steel export duties once inflation is eased. Furthermore, JSW Steel expects that the dip in domestic iron ore prices and scrapped import duty on coking coal could help it to negate the impact of steel export tax.
The latest data suggests that JSW Steel exported 4.57 million tonnes out of 17.62 million tonnes of crude steel produced in March this year. The exports had witnessed 8% surge over the previous year.
Also, Indian steel mills’ exports to Europe totalled 4 million tonnes in 2021-’22. It must be noted that the total exports by the country had touched 18 million tonnes during the year.
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