Posted on 31 May 2022
India has adjusted import and export tariffs for raw materials and steel products, of which the export duty rate on bars and rods was raised to 15% from the previous zero.
Due to the tariff adjustment, the domestic rebar price in India has dropped accordingly. It was expected that India’s rod mills will shift their focus to the domestic market, resulting in an increased domestic supply. However, the domestic demand is likely to keep sluggish as the construction activity will be affected by the upcoming monsoon season.
In spite of restrictions on India’s exports, Malaysia and Vietnam may replace India, becoming the main suppliers of steel rods. Therefore, India's export tariff adjustment on steel rods should have a limited impact on the market.
Source:Yieh
