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SECTOR SPECIFIC
India ramps up steel export duty to 50%
The last thing the World needed is another storm over Steel supply, but this is precisely what the Indian Governments latest Export Duty policy has caused.
The rise from 30% to 50% of export tariffs on new iron ores and concentrates is another blow to the UK and other countries dependant on steel imports from India.
On the back of the War Russia’s president Putin is inflicting on Ukraine, which has stemmed the supply from Ukraine, one of the Worlds major Steel producers. The necessary trade embargoes on Russia because of Putins war and the limits on steel Imports to the UK when at home production has fallen over the issues at Liberty steel – is there hope?!
For UK stockholders and manufacturers there is uncertainty for sure. High Peak Steels, are only one small part of this UK supply chain, yet to you our customers continued service is what we have spent over 30 years building our business upon.
Mark Thornley, Managing Director comments; “We saw ahead that there was going to be a challenge with supply so our excellent purchasing team identified supply to maintain customer orders. However, nobody could have predicted this level of Global led stress on steel production and supply. For now we have good levels of stock and are committed to our long standing customer base first. Of course we welcome new enquiries too.”
So looking ahead we believe the business is in a strong position to continue our service to customers. We hope the Indian Steel Groups can guide the Government to re-think these ramped up export duties and see that the world needs their cooperation at this time of uncertainty.
