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Red Sea security crisis hits exports of India's Jindal Stainless Limited-不銹鋼展-2024第二十四屆廣州國際不銹鋼工業(yè)展--The 24th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/22/2024 Stainless Steel exhibition-Stainless Steel expo |
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The maritime security crisis in the Red Sea region threatens to impact the exports of lndia''s Jindal Stainless LimitedJSL), forcing it to lower its export growth target in the fourth quarter of the lndian fiscal year, JSL managing directoiAbhudhay Jindal said in a statement on Friday, january 19
Mr. Jindal said that the stainless steel export growth target of 15 percent set for the fourth quarter (January-March) ofthe fiscal year 2023-24 has now been lowered to 12 percent.
"Due to the Red Sea issue. both our time to Europe and our cost to Europe have increased. The volume we wereachieving before the fourth quarter is expected to be impacted until the Red Sea matter is resolved. Europe''s slowelpace of recovery, compounded by geopolitical issues, contributes to our cautious outlook. We anticipate a decline inthe fourth quarter export sales, so we are revising our target from 15 percent to 12 percent " Jindal said
''Despite these challenges, we maintain our volume guidance, as strong domestic demand provides optimism for thefuture. Despite a global slowdown in stainless steel markets, the domestic market has been witnessing steady growthGiven the promise that lndia holds for the near and far future, we are confident of meeting our volumes in the nextquarter," he said.
He added that the company''s board has given its in-principle approval to make lberindal, Spain, a wholly-ownedsubsidiary of JSL. The company currently owns 65 percent of its Spanish subsidiary which acts as a service centreThe demand for stainless steel in European markets is robust. This move - the increasing stake in lberindal - hasgarnered substantial interest from major customers in Spain, Portugal, France, and ltaly, expressing a desire toenhance their business partnerships with us. To accommodate this growing demand. maintaining our service centeralongside the need for warehouses. becomes imperative. The upward trajectory of stainless steel demand in Europereinforces our commitment" he said
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