India Diversifies Steel Exports Post-EU Carbon Tax

India, the world's second-largest crude steel producer, is actively seeking new steel export markets in the Middle East and Asia. This strategic move is a direct response to the European Union's Carbon Border Adjustment Mechanism, which took effect in January and has put pressure on India's traditional steel exports to Europe. Steel Secretary Sandeep Poundrik has indicated the government's intent to support exports affected by the EU's carbon tax. Indian steel mills are looking for government assistance to compete in non-EU markets, where China has historically been dominant. Concurrently, India is intensifying efforts to secure raw material supplies, such as coking coal, limestone, and manganese, through long-term agreements and asset acquisitions. State-run companies like Steel Authority of India Limited and NMDC Limited are exploring opportunities in countries including Brazil, Argentina, Australia, and the Middle East, with a particular focus on coking coal assets in Australia, which currently supplies over half of India's coking coal needs.