India's Jindal Stainless expects exports to hit five-year high

India's Jindal Stainless Ltd expects its exports to reach a five-year high in the next fiscal year, buoyed by increased shipments to Russia and its plans to enter markets in South America and the Middle East. India's biggest stainless steel manufacturer expects its exports to jump to 25%-30% of overall sales in the fiscal year beginning April, from an estimated 12% in the ongoing fiscal year, Abhyuday Jindal, managing director of Jindal Stainless, told Reuters in an interview. "We are seeing some good recovery happening, and we expect exports to be back to 25%-30% from April onward," Jindal said. "Russia has opened up. Certain shipping lines have opened up. Banking channels have opened up," Jindal said. "For Russian buyers, our company is a much-preferred supplier than the Chinese." Russian steel demand is recovering after Western sanctions over Moscow's invasion of Ukraine caused buyers difficulty in securing supplies. Jindal Stainless expects Russia's share in its overall exports to rise to 25% from between 15% and 20% now, he said, with 90% of payments for Indian steel made in euros and some in the U.S. dollar. It had tried to persuade Russian steel buyers to trade in rupees. Apart from boosting its shipments to Russia, Europe and the United States, the company aims to enter markets in South America and the Middle East in the coming fiscal year, Jindal said. "Although the United States is still a very big market and I think there is more space to grow there, we are also looking at South America, and the Middle East," he said. Jindal said the company plans to sell cold-rolled coil and sheets to its newer markets. Since Europe accounts for 40% to 50% of the company's total exports, he said his company has asked the Indian government to urge the European Union to review its import quotas and high tariffs that curb India's steel exports to Europe. Expressing concerns over Chinese dumping, or sales at an artifically low price, Jindal said: "The Indian market is small, and there is severe dumping happening from China." In December, New Delhi imposed anti-dumping import duties on stainless steel seamless tubes and pipe imports from China. India has also launched four investigations into possible dumping against Chinese stainless steel imports. But local steelmakers say the measures have failed to curb cheaper Chinese imports. Jindal Stainless reported a 28% fall in profits for the quarter ended Dec. 31, after India levied an export tax in May on some steel intermediates. The tax was lifted in November. "After the export duty got removed in November, our bookings have already started coming in," Jindal said. (Reporting by Neha Arora and Mayank Bhardwaj; editing by Barbara Lewis)

India's Jindal Stainless expects exports to hit five-year high

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