Goldman Sachs says the new carbon tax in Europe poses a serious threat to Indian steel exports.
Hindustan Times
India
15-02-2024
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Steel producers in India are most at risk from Europe’s new carbon tax on imports due to their high sales to the region and mills’ elevated emissions intensity, according to Goldman Sachs Group Inc.
There is a potential for an additional $102 to $190 a ton of tax charges on flows of Indian steel to the bloc over the next decade, analysts led by Emma Jones said in a report. That range — which assumes a carbon price of $70 — is 15% to 28% of current hot-rolled coil prices, they said.