Indian tariffs may affect European steel markets
Time:Mon, 30 May 2022 08:43:33 +0800
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The European Steel Association (Eurofer)'s data showed that Indian steel suppliers exported around 3.5 million tons of finished steel products to Europe last year. Currently, Indian steel products are confronting stricter reviews during the period the authority has implemented export tariffs, which limited the share in the export market.
Last year, Turkey was the largest supplier in the European market, followed by Russia and India.
The European Commission overall prohibited steel imports from Russia earlier this year, and Indian tariffs are also likely to cause a supply shortage of raw materials in the EU.
However, some market participants indicated that it will probably not result in a complete trade suspension between India and Europe although the European market may be impacted by Indian tariffs.
