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Trump Trade War - Direct Impact on Indian Steel Sector Limited - ICRA

Steel News - Published on Wed, 10 Jul 2019

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ICRA in a recent report has examined the impact of US imposition of 25% steel tariffs under Section 232 in March 2018. ICRA said “The direct impact of the US import tariffs for India was limited as exports to the US accounted for only 5.5% of India's total steel exports in FY2018. However, a part diversion of steel exports by Korea and Japan, largely impacted by the US import tariffs, kept India's steel imports elevated in IY2019. With the EU extending import restrictions till July 2021 and given the rising trade protectionism globally, a further diversion of shipments to India cannot be ruled out, unless the Indian Government comes out with its own version of additional trade protection measures to shield the domestic steel industry from higher imports.”

ICRA said “Part diversion of exports by Korea and Japan led to an increase in Indian steel imports. While Indian imports from Korea rose by 16% to 3.0 rnillion tonne in FY2019, imports from Japan witnessed a 10% growth and stood at 1.3 rnillion tonne. On the other hand, India's steel import from China dropped by 18% to 1.6 million tonnes as domestic steel prices were tower than the landed cost of Chinese steel during most of this period. Though Korea got an exemption from die US import tariffs, its exports to India may continue unabated.”

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Posted By : Ratan Singh on Wed, 10 Jul 2019
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