Tata Steel reports 2% YoY decrease in exports

Due to a tax imposed on steel exports by the government in May, Tata Steel India saw a two percent decrease in overall deliveries year over year. Tata Steel reported provisional production and delivery figures for Q1FY23. Domestic production increased by 6% to 4.92 million tonnes (mt), but deliveries to both domestic and international destinations decreased by 2% to 4.06 mt. The company blamed the decline on exports slowing down after a 15% export duty was imposed. The export levy, which took effect on May 22 and will affect 95% of the country's finished steel export basket, was anticipated by the market to result in lower deliveries by steel companies. On a quarter-over-quarter (QoQ) basis, Tata Steel's deliveries were down 20.70%. The business claimed that domestic dispatches were up 5% YoY thanks to a powerful marketing network and an adaptable business model. According to Tata Steel, deliveries to the automotive and special products segment increased by 22% YoY as a result of a general recovery across all sub-segments. Deliveries for the retail segment and branded goods were largely comparable. On the strength of an increase in sales of value-added products to important segments like engineering, dispatches to the industrial products & projects segment increased by 8% YoY.