US Tariffs Caused Steel Market Glut

Steel prices around the world have declined due to surges as a result of looming tariffs on US steel imports.

Speaking at the Indian Steel and Trade Conference, Sofia's Industry Minister Chaudhary Birandar Singh said: “Industry officials said that steel prices have declined worldwide. This is due to the build-up of excess capacity and prices are likely to remain under pressure. ”

Singh said the US has imposed a 25 percent tariff on steel imports, making it uncompetitive. This has led to fears of cross-dumping of steel products to India from countries originally destined for the United States.

Tariffs are set to become effective this August, and the Indian government is in talks with the US to mitigate their impact.