India secures 1.9 MT steel export quota to EU, expects total access to reach 2.8 MT
India secured a 1.9 million tonne annual steel export quota to the European Union. Exporters anticipate an additional 0.9 million tonne from residual quotas. This agreement protects the EU's steel industry against global overcapacity issues. Indian steel exports will face the EU's Carbon Border Adjustment Mechanism. The pact is expected to be implemented next year after signing.
India has secured a 1.9 million tonne annual steel export quota to the European Union, with the government anticipating additional 0.9 million tonnes through residual quotas, totaling 2.8 million tonnes. This marks over 80 percent of India's steel exports to the EU. The Tariff-Rate Quota follows the EU’s Steel Overcapacity Regulation, which went into effect on July 1, aiming to protect the EU’s steel industry from global overcapacity.
The regulation grants free-duty quotas of 18.3 million tonnes, with a 50 percent duty for imports exceeding the quota. Indian exporters have already begun utilizing the quota, shipping steel at zero duty, though duty-free access does not exempt them from the EU’s Carbon Border Adjustment Mechanism, which could impose an average 35 percent carbon charge.
The quota applies to various steel products, including non-alloy and alloy hot-rolled sheets, cold-rolled sheets, and more.
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