China’s stainless steel export market not to be impacted a lot by India's cancellation of export tariffs

India decided to reduce export tariffs on iron ore and some steel products, including stainless steel products under HS codes 7219 and 7222, from 15% to zero, effective from November 19.

Regarding this issue, market participants said that the advantage of India's stainless steel export price will increase, and the exports to the European and American markets will hike accordingly. However, due to high trade barriers imposed by the European and American countries, India’s cancelation of export tariffs on stainless steel products will have little impact on China’s stainless steel export market.

Since the imposition of export tariffs in May this year, China’s stainless steel exports to India have decreased slightly, but the volume was still high. Therefore, it was believed that China’s exports to India will remain high in spite of India’s lift of export taxes on stainless steel.