CBAM framework to impact India's 15-40% of steel export to Europe: ICRA

MUMBAI:TheCarbonBorderAdjustmentMechanism (CBAM) framework will impact India's 15-40 per cent of steelexportstoEurope,ICRAsaidrecently.

The impact will be seen from the calendar year 2026 to 2034,theratingagencysaidinareport.

The European Union (EU) is introducing the CBAM fromOctober1thisyear.

ICRA said the EU is the second largest steelconsuming block globally. It recently signed the mechanism laying the framework for the imposition of taxes on embedded carbon imports from six sectors, which includes steel, aluminium, cement, hydrogen, electricity,andfertiliser.

"...CBAMcompliancerequirementscouldpulldownthe profitsofIndiansteelexportstotheEUbyUSD60-165/MT between CY 2026 and CY2034. CBAM to impact between 15-40 per cent of India's annual steel exports which are made to Europe. Failure to reduce the carbon footprint mayresultinlowerprofitsinEUmarkets,"itsaid.

According to ICRA, India exports up to 3-5 million tonnes of finished steel to Europe every year. India produced122MTfinishedsteelinFY2022-23.

Notice To Consignees

m.v “MONTPELLIER” V-2324W I.G.M.

No. 2347456

Date : 23-06-2023

The above vessel has arrived at Mundra on 24/06/2023 as per following details.

2 75002073810220

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m.v. “OOCL HAMBURG” V-143E

The above vessel is arriving at PIPAVAV PORT on 29-06-2023 with Import Cargo in containers.

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