Prices for domestic HRC steel, which have dropped by about INR 10,000 (USD 128) per ton over the past month, might drop even more soon. Since the announcement of the application of an export levy on steel and related items, prices have decreased by around 14%.
According to a recent analysis by Motilal Oswal, trade market prices for Indian steel have declined from their top of INR 75,000 (USD 960) per ton to INR 61,500 (USD 787) per ton. Additionally, it is anticipated that the automobile sector in India would work hard to negotiate to reduce the contractual price for Q1 FY23 as a result of the enforcement of the 15 pct export tariff and subsequent drop in local steel prices.
According to a recent study by CRISIL, India's steel exports are anticipated to decline by 35 to 40% to 10-12 million tons this fiscal year as a result of the 15 percent export charge imposed on a variety of finished steel products. Additionally, there is a chance that exports of iron ore and pellets could fall this fiscal year as well, which might cut local prices.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
