JSW Steel expects scrapping of export duty on the metal soon and foresees that the price will remain "firm" with a revival in demand by 7-8 per cent in the second quarter of the current fiscal, a top company official said.
The industry witnessed a de-growth by 4.5 per cent in the domestic market in the April-June period of the 2022-23 fiscal, he claimed. The steel major also said that there would be no "cut" in its capital expenditure (capex) plans for the purpose of growth, but only discretionary and non-essential special projects have been calibrated till the market situation normalises. JSW had announced a reduction in capex by Rs 5,000 crore to Rs 15,000 crore in the current fiscal. "Steel demand in the ongoing Q2 period is expected to be 7-8 per cent higher for the industry with a revival of re-stocking activity from July. Our profitability will also improve over the Q1FY'23.