The withdrawal of export duties and China opening its economy would bring in further gains to the Indian steel sector, and the fourth quarter is expected to be a better period. Further, the correction in raw material and steel prices would open up export avenues for the sector, according to a top official at JSW Steel.
However, the sentiment for FY24 is “cautious” as overall steel prices will remain range bound and the margins will get normalised, JSW Steel joint MD and group CFO Seshagiri Rao MVS told FE in an interaction.
The steel prices rose by more than $100 per tonne in January after China relaxed Covid-19 protocols and opened up its economy as commodity prices also improved. The withdrawal of export duty in November would also be beneficial to the sector, and fourth quarter would be good for the sector,” Rao told FE in an interaction.
Post time: Feb-03-2023