Steel Exports Ban may cost India Rs 400 Crores annually
The ban on steel exports effected by Steel producers since March'08 could cost RS 400 Crores annually as loss in revenue according to a a senior executive at the Steel Authority of India. He also said that the move had so far succeeded in limiting steel price.
The exported primary steel products sold on average at Rs 800-Rs 1000/mt more than on India's domestic market, and with the country exporting 4.5 million mt of steel per year, the lost value could reach Rs 400 Crores.
As a result, the prices of bars and rods have fallen 8-10%, the price of flat steel products, which have registered steep rise in the world, have stabilized in India.
In late March, the Indian government asked steelmakers to restrict exports to prevent shortages and to curb the rise in steel prices.
« Back
|