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With the steel market strong and small quantities being exported to the US, the US announcement that tariffs on steel imports will not have much impact on Indian industry, Sandeep Poundrik said on Monday (February 10, 2025) I stated.
Also Read: Trump Announces 25% Steel and Aluminum Duty
President Donald Trump said on Monday (February 10, 2025) that he would announce further 25% tariffs on all steel and aluminum imports from various countries.
“…The US President is talking about impose tariffs on steel. How much steel is actually exported to the US? Last year, it produced 145 million tonnes of steel. 145 million tonnes of it. If we cannot export 95,000 tonnes of the thousand tonnes,” the official said at an event hosted by the Bengal Chamber of Commerce and Industry (BCC&I).
Working on “Mineral Mining & Metal Conclaves”, he said that the steel industry will find it difficult to respond to this in the coming years as the domestic market itself is very strong against increasing consumption. Ta.
However, in 2018, when the US imposed taxes on steel and aluminum, India retaliated by raising tariffs on 29 US products and collecting comparable revenues.
Furthermore, in exports, Poundrik said it will become a problem as more countries place protections and restrictions.
According to official data, India’s exports reduced 3.99 million tons from 28.9% on January 1, 2023, compared to 5.61 million tons of the corresponding period in the previous year.
The country remained a net importer of steel, with inbound cargo rising to over 20% from January to February of the current fiscal year.
Published – February 10, 2025 06:02 PM IST
