US new Steel tariff likely to affect India's domestic sector
NEW YORK (Scrap Register): The U.S. decision to impose 25 percent tariff on Steel imports will have negligible direct impact on India’s export as India’s share of U.S. Steel imports is very small as compared to other countries but there might be an indirect impact India's domestic sector.
Earlier Union Steel Minister had said that the U.S.’ levy of heavy tariffs on imported Steel and aluminium would not have any major impact on Steel production in India as Steel export to U.S. was only 3.3% of total exports.
Countries which are exporting to the U.S. will be forced to look at other major Steel consuming markets like India to sell their surplus produce and can slightly distort India's domestic market considerably due to dumping.
In the global steel business about 300 MT (million tonnes) is traded between the countries and due to this U.S. tariff move, at least some 85 MT of steel might find its way to India.