According to a report by Reuters (2026), India is pursuing a strategy of diversifying its steel export markets to the Middle East and Asia in an effort to mitigate the effects of the European Union’s Carbon Border Adjustment Mechanism (CBAM), which came into effect in 2026. This development is a manifestation of the structural changes that are taking place in the global steel trade, driven by the need for decarbonization and geopolitical transformation in the global steel industry. India is the world’s second-largest producer of crude steel.
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