Tuesday, 13 March 2018

Steel exports from India keep on rising, 3 times more exports in FY 2017: Sources

According to the International Trade Administration, India, which is the 14th largest steel exporter in the world, exported just five per cent of its exports of 228 thousand metric tons in FY 2017, with the bulk of the exports being to Belgium, Thailand and markets like Vietnam. But it will hurt firms which export pipes and tubes besides stainless steel, which account for 34 per cent of the steel exports to the US. 

The punishing move of tariff comes also when anti-dumping duties are already in vogue. The timing of this action is unfortunate — not just because of the synchronized economic recovery in many parts of the world but also just when Indian steel exports have starting rising. 

In FY 2017, India exported 4.9 million metric tons of steel — up from 1.8 million in 2016 with flat products accounting for a large share. Steel prices have also been on the rise. The US trade action could force Indian steel exporters to either scout for new markets or possibly counter flooding of products into the local market by other major steel exporters including from Europe.

Source: The Indian Express

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