Export fetters by China, Russia spell good news for Indian steelmakers

China has removed export tax rebates for 23 steel products. Export tax on key steel-making inputs pig iron and ferrochrome is set to rise

Indian steel companies are hoping to grab a bigger share of the soaring global steel market as a series of export regulations come into play.

China has removed export tax rebates for 23 steel products mostly on downstream and value added products. In addition, export tax on pig iron and ferrochrome (key raw materials for steel production) is set to rise from 15 per cent to 20 per cent and from 20 per cent to 40 per cent respectively.

The move is aimed at diverting exports for domestic use as China moves to curtail steel production to be carbon neutral