Indian steel companies, with the support of the Government of India, seek to expand markets in the Middle East In the Middle East and Asia, to offset the impact of the European Union's Carbon Boundary Adjustment Mechanism (CBAM), a government official said on Thursday, February 19.
Last week, Sandeep Poundrick, secretary of India's steel ministry, said the government would have to take measures to support exports affected by the European carbon tax.
"We are looking at new markets for exports, and we are trying to get agreements with the countries of the Middle East The East, where there is a lot of infrastructure, as well as in Asia," the official said.
Indian factories are seeking government support to help them compete in markets outside the EU, where China dominates, he added.The Indian government also supports domestic steel producers in expanding their sources of raw materials and securing overseas supplies of coking coal, limestone, manganese and other critical minerals by entering into long-term purchase agreements and acquiring assets in key countries abroad, he said.
