Besides these, sustained Chinese steel output is also eating into India’s share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
The surge in imports has raised concerns among Indian steel mills, prompting calls for government intervention and safeguard measures. However, the Ministry of Steel has refrained from such actions, emphasizing the strong local demand for steel. Notably, China and South Korea emerged as top exporters of steel to India in recent months, with Indian steel producers like Tata Steel expressing apprehensions about the growing influx of Chinese imports.
India Ratings and Research (Ind-Ra) forecasts a 9-12% growth in steel demand for the ongoing 2024-25 fiscal year, driven by end-user industries like automobiles and infrastructure. Global steel demand is expected to remain steady, with China transitioning to low carbon initiatives. Domestic players are predicted to have stable credit metrics. Share this news on social media…
Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year.
Record copper prices are driven by Chinese stimulus, mine supply concerns as well as green demand. MCX and LME futures surge. The Chinese 1 trillion yuan stimulus has boosted industrial metals demand for electric vehicles, renewable energy, and power grids. Goldman Sachs predicts major copper market deficit with US manufacturing rebound. Share this news on social media…
ICRA revises FY2025 steel demand growth to 9-10% due to strong government spending and sector demand, leading to increased earnings and India remaining a net steel importer in the current fiscal. आईसीआरए ने मजबूत सरकारी खर्च और क्षेत्र की मांग के कारण वित्त वर्ष 2025 में स्टील की मांग में वृद्धि को 9-10% तक संशोधित किया है, जिससे आय में वृद्धि हुई है और भारत चालू वित्त वर्ष में शुद्ध स्टील आयातक बना हुआ है।
Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year. Share this news on social media…
MCX 04 Jun | 11:31AM LIVE METAL RATE TODAY LIVE METAL RATE TODAY AS OF 04 JUNE, 2024 Gold (Rs/10 GRMS) 72266.00.76 Expiry: 05JUN2024 Silver (Rs/1 KGS) 92020.0-0.02 Expiry: 05JUL2024 Crude Oil (Rs/1 BBL) 6141.0-0.66 Expiry: 18JUN2024 Copper (Rs/1 KGS) 880.50.01 Expiry: 28JUN2024 Natural Gas (Rs/1 mmBtu) 229.51.87 Expiry: 25JUN2024 Share this news on social media…
The U.S. Trade Representative’s office has extended tariff exemptions that cover certain shredder components imported from China, drawing praise from the Recycled Materials Association. The exemption is to tariffs that were first implemented in 2018, part of the U.S.-China trade war that included several rounds of back-and-forth tariffs that increased the cost to import products from the other country. The U.S. tariffs included steel, aluminum and numerous types of machinery imported from China, raising costs for recycling operators alongside many other industrial sectors. But several months after the tariffs took hold, the U.S. government approved a number of exemptions, including for shredder parts that wear down. That meant U.S. shredder operators could import those parts without the extra imposed duty. The exemption was initially approved in 2019, was extended in 2020, expired in 2021, was reinstated in 2022 and was extended again into 2023, according to ReMA, which advocated strongly on behalf of the exemption. The tariff exemption was most recently extended for five months in December and was set to expire on May 31. But ReMA alerted members this week that the U.S. Trade Representative’s office approved a further one-year extension on the exemption and others, pushing the expiration out until the end of May 2025. The industry group, whose members include recycling companies across all material types, described the move as “great news for ReMA members that operate shredders.” The tariffs have become a bipartisan effort, first implemented by the Trump administration and extended – and in some cases increased – by the Biden administration. The exemption announcement comes shortly after U.S. Trade Representative Katherine Tai, a Biden appointee, released her findings that the tariffs have been effective in encouraging the Chinese government to reduce certain “unfair trade practices.” These practices allegedly include government-sponsored cybertheft of intellectual property.
Benchmark indices traded lower on Thursday as investors awaited the outcome of national elections. Tata Steel shares fell 2.5% post Q4 show. Tata Steel, Power Grid, JSW Steel among top losers.
