US reciprocal tariffs impact competitiveness
50% reciprocal duties on Indian graphite electrodes could erode margins; management hopes tariffs will settle but no certainty.
HEG / Q2-FY26 / risks
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HEG · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Chinese export pricing pressure
Aggressive pricing by Chinese suppliers continues to suppress global electrode prices and margins.
Demand recovery slower than expected
Global steel production remains weak; management noted Q3 demand is not improving and Q4 order book is still being built.
Needle coke supply constraints for expansion
Analyst raised concern about needle coke availability for industry capacity additions; management downplayed but acknowledged potential temporary tightness.