Rupee weakness makes imports costly for metal companies, exports could be boosted
According to CRISIL Research, India imported nearly 57-59 million tons of coking coal – a key input for the steel industry – worth Rs 1 trillion in FY 2022.
Topics
metallurgical sector | metallurgical companies | Indian rupee
A weak rupee will make imports of raw materials more expensive for metallurgical companies, but better export achievements could cushion the impact to some extent. The depreciation of the rupee has a triple impact on the steel industry: imports of raw materials will become expensive, but exports could be stimulated.
In addition, steel imports will be less competitive and will act as a buffer against weaker domestic prices. According to CRISIL Research, India imported nearly 57-59 million tons of coking coal – a key input for the steel industry – worth Rs 1 trillion in FY 2022. Coal prices coke…
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First published: Sunday, May 15, 2022. 1:45 p.m. IST