Effective 22 May, the India ministry has introduced a new 15% export duty on exports of pig iron, hot rolled coil, cold rolled coil, prepainted steel coil, galvanized steel coil, galvalume steel coil, roofing sheets bars and rods, and stainless steel. These products fall under HS code headings 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227.

If India imposes substantial tariffs this time, the export of steel-related products in India will be significantly inhibited, and iron ore and steel prices will also be boosted in the short term. Influence will also plummet.

The increase in Indian steel export tariffs will affect the export of some steel resources, the international steel market resources will be affected to a certain extent, and the international steel prices will also be boosted to a certain extent, which will also promote China's steel exports. Similar to the impact of the conflict between Russia and Ukraine, if India's steel exports are reduced, it will bring alternative opportunities for China's steel exports, especially plates, which will help ease the market pressure on China's steel industry.