DELIVERIES FROM INDIA'S STEEL WERE HAMPERED BY EXPORT TAXES IN Q1 FY23

9 July, 2022 by
Administrator

Due to the government's May tariff on steel exports, Tata Steel India saw a two percent YoY decline in overall deliveries.

Tata Steel reported provisional production and delivery figures for the first quarter of FY23, which concluded on June 30, and found that domestic output increased by 6% to 4.92 million tons, but that deliveries to both Indian and international destinations decreased by 2% to 4.06 million tons.

The company blamed the decline on shipments slowing down after a 15 percent export tariff was imposed.

The export charge, which took effect on May 22 and affected 95% of the country's finished steel export basket, was anticipated by the market to result in decreased deliveries by steel companies.

On a QoQ basis, Tata Steel's deliveries decreased by 20.70 percent. The business said that domestic dispatches were up 5% YoY thanks to a powerful marketing network and an adaptable business approach.

According to Tata Steel, deliveries to the automotive and special products category increased by 22 percent year over year. Deliveries for the retail category and branded goods were largely comparable.

In comparison to 6.83 million tons a year ago, Tata Steel's overall delivery volumes in India, Europe, and Thailand were 6.53 million tons. When compared to 7.65 million tons in Q1FY22, production was 7.66 million tons.

The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.

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