Union Commerce and Industry Minister Piyush Goyal, speaking at the Berlin Global Dialogue on Thursday, criticised the EU’s carbon tax on steel under the Carbon Border Adjustment Mechanism (CBAM), arguing the added costs would raise living costs and weaken the competitiveness of European industry. He warned that costlier steel, aluminium and cement would raise the cost of infrastructure such as ports, airports and highways, and that trading partners could respond with their own regulations that hurt European businesses. Goyal also said India accounts for only 3-3.5% of global carbon emissions despite supporting around 17% of the world’s population. India has raised concerns that CBAM, which covers steel, aluminium and cement, adds compliance costs and potential trade barriers for exporters.
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Related tickers and likely impact
HPG
• NeutralHoa Phat Group
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Basic Resources |
| Industry | Steel |
| Market cap | 179,413 bn VND |
| P/E | 7.7 |
| P/B | 1.28 |
| Close on 10/22/2026 | 21.25 |
| Change that session | +0.47% |
HSG
• NeutralHoa Sen Group
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Basic Resources |
| Industry | Steel |
| Market cap | 8,840 bn VND |
| P/E | 13.5 |
| P/B | 0.75 |
| Close on 10/22/2026 | 10.95 |
| Change that session | 0.00% |
NKG
• NeutralNam Kim Steel
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Basic Resources |
| Industry | Steel |
| Market cap | 5,908 bn VND |
| P/E | 35.5 |
| P/B | 0.77 |
| Close on 10/22/2026 | 12.00 |
| Change that session | +3.45% |
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- EU inviting disaster by imposing carbon tax on steel , says Goyal
Commerce and Industry Minister Piyush Goyal said at the Berlin Global Dialogue that the EU is “inviting disaster” with its carbon border tax (CBAM) on steel, which he said would raise infrastructure costs and the cost of living. He argued that the EU's 75-77 regulations and a 50% import duty on steel make its industry uncompetitive and could create non-tariff barriers for trade partners. Under CBAM, Indian steel, aluminium and cement exports to the EU could face tariffs of 20-35%. Goyal said India accounts for only 3-3.5% of global carbon emissions while supporting 17% of the world's population, and that its per capita emissions are 7-8 times lower than those of Western nations. He added that CBAM does not recognise the principle of common but differentiated responsibilities.
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