Seshagiri Rao M.V.S., CFO of JSW Steel, said that the abolition of Indian steel export tax allows domestic companies to compete in international markets.
India has lifted export taxes on low-grade iron ore and some steel products from November 19, after months of complaints from miners and steelmakers about the loss of overseas sales opportunities.
The aim of the steel export tax introduced in May was to reduce inflation by increasing the domestic supply of iron ore, an important raw material for steel production.
The country's largest steelmaker, JSW Steel, said at the beginning of November that it expects its exports in the fiscal year to March 2023 to fall to a five-year low due to low global demand.
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