Returning to the international market and removing tariffs will enable the Indian steel market
Over the past three years, the EU’s share of imports of Indian hot rolls has grown by almost 11 per cent to 15 per cent of Europe’s total hot roll imports, amounting to around 1.37 million tonnes. Last year, Indian hot rolls became one of the most competitive in the market, and its price also became the price benchmark of hot rolls in the European market. There was even speculation in the market that India might become one of the key countries to implement the anti-dumping duty measures adopted by the EU. But in May, the government announced export tariffs on some steel products in response to falling domestic demand. According to Mysteel, since April-October this year, the number of hot rolls exported from India has dropped 55 per cent year-on-year to 4 million tonnes, making India the only major supplier that has not increased hot rolls exports to Europe since March.
The Indian government has passed a bill to remove export tariffs on certain steel products in six months. At present, the demand of European market is not strong, and the price difference between domestic and foreign markets in Europe is not obvious (about $20-30 / ton). Traders have little interest in importing resources, so the impact on the market is not very obvious in the short term. But in the long term, this news will undoubtedly boost the local steel market in India and show the determination to bring Indian steel back to the international market.
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