Indian Steel Industry Unfazed by US Tariffs as Domestic Demand Surges
The impact of US tariffs on India's steel industry is minimal due to the country's growing domestic demand. With minimal exports to the US amidst a booming local consumption, Indian steel producers remain largely unaffected by international trade dynamics, focusing instead on expanding production capacities.
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- India
The Indian steel industry remains resilient in the face of US-imposed tariffs, as heightened domestic consumption dwarfs any potential export concerns, stated Steel Secretary Sandeep Poundrik during an energetic session at the 'FT Live Energy Transition Summit India' on Wednesday.
Although India's steel exports to the US only account for a fraction of its 152 million tonnes output, Poundrik reaffirmed that their minimal direct engagement in the US steel market shields Indian producers from major repercussions. Instead, India's rapid 12% annual production growth underpins the sector's focus on self-reliance.
Despite minor indirect impacts from products traded between the two nations, India's steel trajectory is largely driven by internal market needs, aimed at achieving an estimated 225 to 240 million tonnes consumption by 2030. Thus, external tariffs present little concern for a sector thriving on domestic foundations.
(With inputs from agencies.)
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