Indian steel producers reduce HR coil exports

Indian steel producers reduce HR coil exports

Major Indian steel producers reported decline in hot rolled coil exports since domestic sales are more profitable, Indian sources report. Statistics also show that combined export figures of major Indian steel producers, including Tata Iron and Steel Corp (TISCO), Steel Authority of India Ltd (SAIL), Essar Steel, Ispat Industries and Jindal Steel decreased by 20% in April 2004-February 2005 period. In the same period, domestic hot rolled coil sales increased by 8%. The price of hot rolled coil reached Rupees 30'000 ($685) per ton levels from Rupees 23'000 ($525) per ton at the beginning of 2004-05 fiscal year. Although the producers are satisfied with the domestic prices they still export hot rolled coils to fulfill their long-term contract obligations.