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Comments On India's Sharp Increase in Export Tariffs On Iron Ore And Some Steel Products

May 25, 2022

Comments on India's sharp increase in export tariffs on iron ore and some steel products

As an important supplier of steel products in the world, India has raised export tariffs on metallurgical products this time, which has once again changed the balance of global supply and demand for metallurgical products. 

According to statistics from the International Trade Development Organization, India will export 52.2 million tons of iron ore to the world in 2020, of which 47.32 million tons will be exported to China, accounting for 91%. From January to April 2022, India exported 10.72 million tons of iron ore to the world and 6.24 million tons to China, with the proportion dropping significantly to 58%. 

The reason for the diversification of India's iron ore exports is that after the Russian-Ukrainian conflict, Ukraine's iron ore exports were insufficient, and Indian mines began to turn to Europe, South Africa, Southeast Asia, and other countries to replace the original black powder. 

The substantial and comprehensive increase in iron ore export tariffs also announced once again that Indian mines have basically bid farewell to the international market, which will greatly reduce the total supply of iron ore in the world. India's move this time will further exacerbate the tight supply of global metallurgical products, which deserves enough attention.