The Hindu reported that Rashtriya Ispat Nigam Ltd is planning to step up exports this fiscal encouraged by a double-digit rise in export earnings, including from a shipment to the US, in 2017-18. However, this year, RINL is not looking at the US market despite the success it achieved in shipping wire rods in 2017-18.
While the company realised goods’ prices, it is not planning to export wire rods to the US, said P Madhusudan, chairman-cum-managing director, RINL. However, he clarified the decision was not connected with the recent decision of the Trump administration to curb steel imports. Rather, it was connected with domestic demand.
He said “There is considerable demand here [that] we have decided not to export wire rods. In 2017-18, RINL exported 5.24 lakh tonnes of steel by volume worth INR 1,780 crore in 2017-18. This was 65% higher than 2016-17 earnings. We are looking to export around 12% of our output this fiscal.”
RINL director (commercial) P. Raychaudhury said that the company’s presence in international markets would not only help in realising export opportunity for products but also in benchmarking quality standards to international levels. It had the natural advantage being a shore-based plant, he said.
Source : The Hindu