SEATTLE (Scrap Monster): Leading Indian steelmaker Tata Steel foresees tremendous export prospects for domestically manufactured steel. The announcement comes on the back of recent government decision to scrap export duty on steel products, earlier imposed in May 2022 citing inflationary concerns.
T.V. Narendran, Managing Director, Tata Steel noted that the country should manufacture steel for the world. India is in a fairly advantageous position as the country has its own iron ore resources, as opposed to other major steel exporting countries which need to import iron ore for steelmaking. A thriving steel industry in the country will help create jobs in economically weaker regions, thus contributing to the overall development of the country, he added.
The company had always believed that the export duty regime was a temporary measure and it is glad that the government has decided to scrap it now.
Commenting on high coking coal and other raw material prices, Narendran said that companies should make better use of coking coal available in the country, rather than being largely dependent on imported coking coal from countries such as Australia, Russia and Mozambique.
The ongoing focus by the government on infrastructure projects should boost domestic steel demand in the country, Tata Steel noted.