India Eyes New Steel Markets in Middle East, Asia to Counter EU Carbon Tax

• India is actively seeking new steel export markets in the Middle East and Asia to mitigate the impact of the European Union's carbon tax.
• The EU's Carbon Border Adjustment Mechanism, effective January, has pressured India's steel exports, with Europe traditionally receiving two-thirds of its shipments.
• Government sources indicate a shift from Europe-focused exports to diversification, exploring agreements with countries undertaking significant infrastructure development.
• Indian steel mills are seeking government support to compete in non-EU markets, where China has historically held dominance.
• India is also expanding efforts to secure raw materials like coking coal and critical minerals through long-term agreements and asset acquisitions in countries like Australia, Brazil, and Argentina.