15 September 2022 – The Indian steel export tax, which covers about 95% of Indian steel and stainless steel products, is to remain in place until at least the end of 2022. In Europe, stainless steel demand continues to pick up significantly, which could become a problem for buyers in the face of massive production cuts. And Italian steel producers could stop production in the winter.
Indian steel export tax until at least the end of 2022
India’s steel ministry intends to keep the 15% steel export tax, introduced in May 2022 and affecting about 95% of all steel and stainless steel exports in India, in place until at least the end of 2022.
Steel to stay in India
This is to continue to work towards keeping domestic steel prices stable and affordable for the domestic market. According to the ministry, lifting it at the current time would only lead to Indian steel producers prioritising exports over domestic market needs.
European stainless steel flats demand picks up
European demand for stainless steel flat products continues to pick up, according to recent media reports. While European stainless steel producers are limiting their production due to high energy costs, market sources report that demand from customers has increased sharply in recent weeks.
Adjust demand planning now
Tip: Stainless steel buyers should keep an eye on their demand planning in view of the European production cuts for stainless steel of about 50%, as new bottlenecks could occur if demand continues to rise.
Production cuts in winter: Italian steelmakers warn
According to media reports, Italian steel producers have warned that production cuts or complete shutdowns of blast furnaces could occur in winter due to high energy costs. Already, steel mills in Italy have cut back production.
- Stainless steel, falling stocks and rising scrap prices
- Nickel contract jumps by more than 10%
- Low-CO2 steel from Germany, but only with reservations
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.