With the United States imposing import duties of 25% and 10% steel and aluminium under the Trump administration, Indian companies will not be directly hit, but could get hurt due to higher supply pressure in the countries where India is a major exporter, said a report by India Ratings and Research.
India’s steel and aluminium companies’ exports to the US are as low as 2% and 6% respectively. “However, the impact could percolate through lower international prices due to excess supply from exporting countries while also leading to lower exports,” Ind-Ra said.