Due to import dumping and an export tax, the Indian stainless steel manufacturer Jindal Stainless reported a second-quarter profit that more than halved.
The company's combined earnings for the three months ending September 30 was INR 1.59 billion (USD 19.2 million), down from INR 4.07 billion a year earlier.
The domestic market dumping of Chinese and Indonesian producers has put intense pressure on India's stainless steel sector. The problems were made worse in May when the Indian government increased the export tariff for items made of carbon and stainless steel.
Jindal's operating revenue increased 11.5 percent to INR 56.05 billion (USD 677 mln).
While raw material prices decreased from their high, input costs decreased by 3%, while power and fuel prices increased by around 35%.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only