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IDBI Capital Report
During May 2022, the government had imposed hefty export duties on steel and its raw materials to cool down rising prices and to preserve domestic supplies.
These export duties will lead to decline in realisations for steel companies which have been resorting to exports in the last few years. Also, the government had cut import duty on coking coal and metallurgical coke as well as PCI and anthracite coal to offer some relief to domestic end-users grappling with high inflation.
However, existing duties were very low (2.5-5.0%); hence, it will not have any meaningful impact on costs for steel companies. In light of this event, we are cutting our realisations estimates for Tata Steel Ltd. by 5-10% for FY23-24.
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