IMPACT OF CBAM ON INDIAN STEEL INDUSTRY
IMPACT OF CBAM ON INDIAN STEEL INDUSTRY
Steel is a deregulated sector, and the role of the Government is that of a facilitator. Export of steel is dependent on factors such as global market conditions, demand and supply, cost of input raw materials such as iron ore, coking coal etc. which are market linked. Government regularly monitors the overall steel scenario including exports, imports, prices etc.
Data on value of finished steel export to the European Union during last five financial years is given below: –
Finished Steel Export
Year
Value (Rs Crores)
2019-20
10,692
2020-21
14,144
2021-22
32,149
2022-23
22,482
2023-24
29,534
Source: Joint Plant Committee (JPC);
The Government has taken the following measure to safeguard the interest of Indian Steel Industry:-
This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.
- In the Union Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry.