India JSW Steel reported a quarterly consolidated net loss due to the decline in steel prices.
Consolidated net loss for the three months to September 30 was $102.40 million.
With the imposition of export duty on finished steel products in May, second-quarter exports excluding semi-finished products from India fell 66.4 percent year on year to 1.41 million tons.
"We expect a strong increase in steel demand in India in the second half of fiscal 2023, which together with lower raw material prices will help the company in the coming quarters," the company said in a statement.
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