After the Trump Administration imposed its new tariffs on Canada, the EU and Mexico, there has been much talk about Steel Industries around the World. Many world leaders have voiced their dissatisfaction on how these new aluminium and steel tariffs would affect their exports.
In India, industry leaders and research agencies show no unanimity on how the decision will affect the industry. Many say that as Asia produces more than two-thirds of the world’s steel, it will be ‘minimally affected’ when compared to the rest of America’s trading partners. India’s steel exports to the US remain very low as well. However, some reports have warned that India needs to brace itself for more imports from China into India.
There is good news for the Indian Steel Industry, the Ministry of Steel reported that Steel production in India is forecast to double by 2031, with the growth rate to go over 10%. The country’s share of global steel production is said to increase by 2021, to 7.7 per cent from 5.4 per cent.
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