News and Events

Indian private-sector firm Jindal Steel and Power's (JSPL) sales rose by 5pc on the year in May, despite weak demand and issues with the availability of railway rakes for transportation. The steelmaker's sales rose to 525,000t last month compared to year-earlier volumes, while its output rose by 1pc against the previous year to 698,000t. Domestic steel demand has weakened because of resistance against high prices, while the introduction of a 15pc export tax on several steel products last month has weighed consumption down further because of expectations that excess supply in the market will cause prices to fall sharply. Exports accounted for 21pc of total sales in May and 18pc in the first two months of the fiscal year ending March 2023, the company said. JSPL has said it will continue to maintain its export levels from last year despite the duties, as most of its products are not taxed.