Indian steelmakers face hit on Europe deals over export tax: JSPL executive

Due to a hit taken by steelmakers based in India, they would be forced to cancel European orders amid an excise cut of 15%

Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products, V R Sharma, managing director at Jindal Steel and Power told Reuters.

India imposed an export tax of 15% on eight steel products late on Saturday, at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine.

"They should have given us at least 2-3 months of time, we did not know about such a substantial policy," Sharma told Reuters