Export News

The European Union (EU) has initiated a review of safeguard measures that currently apply to certain steel imports into the region, a move that could impact India\\\\\\\'s steel exports. The safeguard measure is in the form of an import quota wherein products imported within the assigned quota enter the EU market at zero tariffs or lower tariffs. Once the quota is exceeded, a tariff is imposed on the product, which in the case of steel is 25%. Indian steel exports to the EU range between 15% and 40% of its total steel exports, with the former representing the lowest value and the latter representing the peak value. Further, Italy and Belgium are the biggest markets for Indian steel exporters with 22.3% and 11.2% of India\\\\\\\'s finished steel exports landing in the former and latter markets in FY24. The total value of steel exports to the EU in the previous financial year was ₹29,534 crore.