Steel Industry likely to face challenges from export duty shows CRISIL research

  • 05-Sep-2022
  • Steel Industry likely to face challenges from export duty shows CRISIL research

Import, Export, Trade for MSMEs: The steel industry is likely to encounter double challenges, after the quick adjustment in domestic steel prices and following the imposition of export duty by the government. These changes are likely to result in a 2-4 percent decline in industry revenue in 2022-23 (FY23), according to the report research.

However, CRISIL Research that micro, small, and medium enterprises (MSMEs), with more elevated exposure to long steel, will increase by 5-10 percent. The growth in domestic steel prices over the period of January-May this year led to the imposition of export duty. 

The report additionally says that long-steel prices of prior players are 6-8 percent higher year on year (YoY) for August 2022 and the prices of secondary players’ are even higher owing to the increasing price of thermal coal, an essential input for them.

Moreover, the report locates that secondary players can expect healthy demand growth from the infra and housing segment and lower dependence on exports. Also, a strong need for pig iron and sponge iron will support segment revenues.

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