New Delhi, July 2 -- India's iron and steel exports to the European Union (EU) could fall by approximately 40 per cent under the bloc's new country-specific steel import quota regime, translating into an estimated annual export loss of around USD 1.36 billion, industry body EEPC India said, following the European Commission's release of tariff-rate quota allocations on 30 June.

The revised safeguard regime, which took effect on 1 July, cuts the EU's overall tariff-free steel import quota by 47 per cent to 18.3 million tonnes per year and doubles the safeguard duty on shipments exceeding the quota to 50 per cent from 25 per cent previously.

The development comes after India's iron and steel exports to the EU grew nearly 12 per cent in FY...