India secures 2.8 million tonnes European Union steel quota: Official
India has received country-specific tariff-rate quota of 1.9 million tonne (MT) annually for steel exports to the European Union, while the government expects exporters to secure another 0.9 MT through residual quotas, taking the total to 2.8 MT, a commerce ministry official said on Thursday.
With this, India has secured over 80 per cent of its exports to the European Union (EU).
Last fiscal, India exported about 3 MT of steel goods.
The Tariff-Rate Quota (TRQs) follow the European Union's Steel Overcapacity Regulation, which came into force on July 1 this year.
It is aimed at ensuring protection for the EU's steel industry against the effects of global overcapacity.
It sets free-of-duty quotas at 18.3 MT, with a 50 per cent duty for out-of-quota imports and a melt-and-pour regime to enhance transparency.
As the regulation is in place from July 1, Indian exporters have already started availing the quota and shipping steel to the 27-nation bloc, the official said, adding that "free .
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on www.business-standard.com — the content belongs to Business Standard.
