China’s export prices fall, domestic steelmakers vulnerable despite protective walls

By: |
October 23, 2019 2:07 AM

Even the anti-dumping duty (applicable when landed price of imports falls below $489) may prove to be insufficient to arrest the fall.

Clearly, market forces require local steel firms to pull up their socks and cut costs to shore up profitability in local and export markets.

India’s domestic steel prices* plunged to a 34-month low of Rs 34,250/tonne (~$476/tonne) last week, reflecting weak demand conditions. Even the anti-dumping duty (applicable when landed price of imports falls below $489) may prove to be insufficient to arrest the fall. While local steel firms have stepped up exports in recent months, Chinese exports are likely to dent their edge. Clearly, market forces require local steel firms to pull up their socks and cut costs to shore up profitability in local and export markets.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Retail to be next growth engine for Reliance: Goldman Sachs
2Sony SRS-XB13 Extra Bass portable speaker launched in India at a price of Rs 3,990 : Everything to know
3Industry needs to make pricing of financial products transparent: RBI DG