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Indian companies are preparing for a possible wave of steel imports if the United States and China pursue their trade war threats.
The duties imposed by the United States would lead to "trade diversion" by other steelmakers, who would then dump their products in India, said Bhaskar Chatterjee, secretary-general of the United States. Indian Steel Association, in an email. Up to 80 million tonnes of steel, or 17% of global exports, according to data from the World Steel Association, could be diverted to markets like India, according to Seshagiri Rao, general manager Deputy of the country's largest factory, JSW Steel. Ltd.
The comments highlight uncertainties surrounding global trade before July 6, when President Donald Trump's $ 34 billion Chinese tariffs are due to come into effect, a move that China has promised to retaliate. India stands out as an attractive destination because it is the fastest major economy in the world. The country also has a lot to do for the health of its steel industry as it is expected to overtake Japan as the world's second largest steel producer this year.
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<p> Other steelmakers expressed their concerns about an imminent trade war.
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<p> The Italian unit of Thyssenkrupp AG said its turnover would be $ 220 million if the European Union did not take action. The Canadian government is preparing countermeasures to prevent an influx of steel imports by combining quotas and tariffs. Similar measures are also envisaged by the European Union.<br />
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