The Telegraph reported that JSW Steel’s Joint Managing Director & Group CFO Mr Seshagiri Rao told The Telegraph that steel prices are not contributing to the inflation in India and hoped that the government would lift the 15% export duty by the festive season. Mr Rao said “Waiver of export duty would be a very important factor that would play out in the second half.”Mr Rao said “India’s production fell by 2%, exports fell by 26% & consumption fell by 5.6%. We lost the opportunity to export and it was leveraged by China.”Mr Rao also said that it would be possible to meet production shortfall during the next three quarters but meeting sales target would be contingent upon how soon the export duty is lifted.
The Telegraph reported that JSW Steel’s Joint Managing Director & Group CFO Mr Seshagiri Rao told The Telegraph that steel prices are not contributing to the inflation in India and hoped that the government would lift the 15% export duty by the festive season. Mr Rao said “Waiver of export duty would be a very important factor that would play out in the second half.”Mr Rao said “India’s production fell by 2%, exports fell by 26% & consumption fell by 5.6%. We lost the opportunity to export and it was leveraged by China.”Mr Rao also said that it would be possible to meet production shortfall during the next three quarters but meeting sales target would be contingent upon how soon the export duty is lifted.
