Higher Export Tariffs May Force Indian Steel Makers to Cancel Orders from European Market

Published: May 23, 2022 14:35

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SHANGHAI, May 23 (SMM) - V R Sharma, managing director of Jindal Steel and Power, said Indian steelmakers may be forced to cancel European orders and suffer losses as a result of the government's decision to impose export duties on steel products. On May 21, India decided to impose a 15% export tariff on eight steel products. Previously, Indian steelmakers had been looking to make up for tepid domestic demand by increasing their market share in Europe.

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