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IDBI Capital Report
In highly significant development, the government rolled back export duty on steel and iron ore pellets. In 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 (alongside global fall in steel prices) led to sharp fall in steel prices in domestic markets. Also, steel exports in H1 FY23 fell 53% YoY to 5 million tonnes.
Nevertheless, this is likely to reverse hereon as steel companies will become more competitive in the global markets (after export duty roll back); domestic demand is not enough to absorb existing capacity.
However, steel prices in global markets are trading at a lower price; hence, we do not foresee meaningful increase in steel price in the near term.
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