India's Jindal Stainless Limited (JSL), the largest domestic stainless steel producer, has reduced its volume growth forecast for the second time this fiscal year due to a subdued export market. JSL managing director Abhyuday Jindal stated on January 31 that the company now expects growth at around 10%, down from the 15% forecasted in the previous quarter. Initially, the company had estimated a 20% growth in volumes at the start of the fiscal year.

Jindal noted that the US and Europe have significantly slowed down for the company, with 86% of the volume growth between April and December coming from the domestic market. He mentioned that the US tariffs on China could potentially open up the US market for JSL, but it would also reduce competitiveness in other markets where Chinese exports would grow.

Given the current situation, JSL plans to take a cautious approach towards capital expenditure (capex) and will be revising or re-evaluating their plans.