Overseas
May 24, 2022
CRU: 15% Tax Imposed on Indian Steel Exports
Written by CRU Americas
By CRU Senior Analyst Puneet Paliwal, from CRU’s Global Steel Trade Service, May 23
The Indian government’s sudden move to levy a 15% tax on most exported steel products has surprised the steel industry. While an attempt has been made to soften the impact by exempting import tariff on coking coal/coke and raising export tax on iron ore, steelmakers are lamenting the potential loss of export sales. Given the limited scope of diverting export volumes to domestic market, mills are expected to make near term production cuts. Large steelmakers also plan to put capex plans under review.
