No significant impact of US tariffs on Indian steel industry: Steel Secretary
Steel Secretary Sandeep Poundrik has said that the US announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America. Besides, the Trumps announced a new 25 percent tariff on all steel and aluminium imports. However, in 2018, when the US imposed taxes on steel and aluminium, India retaliated by raising tariffs on 29 US products, recovering equivalent revenue.
Further, on exports, Poundrik said it will become a problem as more countries put safeguards and restrictions. He explained that the India's domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming years.
As per official data, the country remained a net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonnes during the April-January period of the current fiscal, while the exports have declined by 28.9 per cent to 3.99 million tonnes during the same period compared to 5.61 million tonnes in the corresponding period of the preceding fiscal.
