Indian steel companies on Friday exuded confidence that lifting of tariff on steel imports by US would create new markets but said there would not be any significant impact on the steel prices.

"We do not expect the lifting of tariffs by US on steel imports to impact exports to that country as India was not covered under the sanctions imposed in 2001," senior vice president of Essar Steel K Subramanayam said.

However, the lifting of tariffs would give opportunity to the Eastern and the Western European mills in the US as they have cost and freight advantage which would leave more opportunity for India in the Chinese market.

The impact of lifting of tariffs could only be felt by March as most of the sellers have sale agreements in place for January, he said.

Ispat Steel director (finance) A Surekha said the lifting of tariff restrictions by US would open new markets for Indian steel. Since the market was strong on sale, any major impact on prices was unlikely, he added.