As demand tapers, steel firms rush to export market to clear stock

Poor offtake from almost all segments is prompting steel companies to divert material to export markets to clear stocks. 

At least two major steel producers said the stock position was around 45 days against 15 days that the industry general carries. 

Most of the producers said they were exporting more to bring down the inventory. Also, they were planning to advance maintenance shutdowns. Some cold rollers, on the other hand, have resorted to a production cut by around 50 per cent over the past few months. 

Senior Vice-President, ICRA, Jayanta Roy, pointed out that JPC figures show that the total