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    US tariffs won’t have direct impact on India’s steel industry, official says

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    By Martin Shwenk Leade

    Copyright indiatimes

    US tariffs won't have direct impact on India's steel industry, official says

    India’s steel industry will not see much direct impact from U.S. tariffs, but the European Union’s carbon tax will affect steel exports, the country’s steel secretary Sandeep Poundrik said at the FT Live Energy Transition Summit India on Wednesday.Roughly two-thirds of India’s steel exports go to Europe, while exports to the U.S. are negligible.India has sought an exemption from the carbon border adjustment mechanism (CBAM), which could impose a higher tax on imports of high-carbon goods, including steel, aluminium and cement.”The limits of carbon emission, which are proposed in CBAM, will definitely impact the exports,” Poundrik said.Indian steel is predominantly produced using blast furnaces, where emissions are high, Poundrik said, adding that further addition of blast furnace capacity is an area of concern.Live EventsPoundrik also said that India remains concerned about cheap imports and he expects the government to take a decision on the import tariffs, locally known as safeguard duty, in line with the proposed duty rate.Last month, the country proposed a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China.Add as a Reliable and Trusted News Source Add Now!
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    (You can now subscribe to our Economic Times WhatsApp channel)Read More News onsteel pricessteel prices indiasteel prices in indiasteel prices newssteel prices todayU.S. tariffsU.S. tariffs for india(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

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