India’s steel exports in Q3’22 (till Aug) were 1.2 million tonnes (mnt). However the country’s steel exports in Q2’22 fell by 33% year-on-year (y-o-y) to 3.9 mnt from 7 mnt in Q2’21. The government feels the much-talked-about 15% export duty on finished steel and intermediaries should stay till the end of the third quarter (October-December, 2022) of the current financial year of 2022-23 as a roll-back may “aggravate steel prices.” The duty had been imposed from 22 May, with the intention to ease inflationary pressures.
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