Indian steel makers are eyeing a window of opportunity in export markets as the rupee tumbles against the US dollar in the aftermath of the government’s demonetisation move. With international prices moving up, the timing couldn’t have been better for domestic companies battling weak demand at home
“Exports are a good option. International prices have improved and this is giving us an impetus. We are increasing focus on countries and regions we have been exporting to,” Vikram Amin, executive director (strategy & business development) at Essar Steel India, said. Global steel prices have firmed up, with benchmark hot rolled coils (HRC) hovering in the range of $505-$515 free on board (fob) per tonne. While Essar Steel hopes to maintain a steady ratio of exports at 20-25% during the year.