Eurobench.com

voda 2 september 2016 15:56

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Latin America imports of steel from China in 7 months dips 27% YoY

Latin America steel industry association Alacero announced that Latin America has imported a cumulative 4.1 million tonnes of Chinese steel in January-July, down 27% YoY accounting for 6.2% of total Chinese steel exports in that period totalling to 65.9 million tonnes, down from a 9.3% share in the same period last year.

Source : Strategic Research Institute

voda 2 september 2016 15:57

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Chinese steel stocks are undervalued - Analysts

South China Morning Post reported that analysts said that the Chinese steel industry’s fundamentals are improving from a very low base, but valuations for some stocks haven’t caught up with the pace as investors dismiss signs of a pick-up.

According to a research report by Jefferies analysts Po Wei and Howard Lau, an example of a steelmaker enjoying a resurgence in the current environment is Liaoning-based Angang Steel. They say the company, after reporting 94 per cent year-on-year net profit growth in the first half, will see earnings remain high in the third quarter.

They said “We think two fundamental fronts are improving for Angang. First, although happening at a slow pace, China’s steel mill capacities are indeed shutting down especially in inland regions such as Shanxi and Sichuan where products could not be exported. The government’s plan is to close down 3 per cent of capacity every year. Second, iron ore suppliers are becoming more fragmented too, extracting less profitability out of the value chain.”

Additionally, Jefferies expects to see a stronger than normal seasonal rebound in construction demand in the fourth quarter after extreme weather conditions this summer disrupted most building activity in east and central China. Growth in steel demand in the second half may still slow to around 2 per cent year-on-year, down from 5 per cent in the first half, as China’s fixed-asset investment growth declines.

China International Capital Corporation (CICC) wrote in a report that although the steel sector as a whole will be hard pressed to deliver significant returns, some steelmakers still have a chance to outperform the benchmarks. The brokerage firm suggested investors focus on companies with low price-to-book ratios and strong earnings performance, as well as state-owned enterprises that are benefiting from the government’s reforms to cut overcapacity. Specific recommendations included Hebei Iron and Steel, Xinyu Iron and Steel, Angang, Beijing Shougang and Fangda Special Steel from the A-share market, and Hong Kong-listed Angang.

Source : South China Morning Post

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voda 2 september 2016 15:58

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Thyssenkrupp to ease dispute with steel workers

Reuters reported that Thyssenkrupp has agreed to intensify talks with its European steel workers in an effort to resolve a dispute over plans to merge the division with Tata Steel and possibly close plants.

Several thousand workers marched in protest at management's plans on Wednesday and labour representatives refused to approve a new management structure, part of a five-year programme to improve the performance of Thyssenkrupp's steel business amid worsening markets.

In an attempt to ease the tension, the two sides have agreed to set up a task force that will discuss the new organisational structure and present a progress report by the end of September, Thyssenkrupp Steel Europe said in a statement on Thursday.

Wilhelm Segerath, who represents the works council on Thyssenkrupp's supervisory board, told Reuters that the group would discuss whether consolidation and restructuring were necessary at all, as well as Thyssenkrupp's compliance with existing labour agreements. He said "But we have to keep the antennas tuned. If there is no agreement then there will be further protests.”

Thyssenkrupp has its 19th century roots in steelmaking but the sector is now being hit by lacklustre demand and cheap imports from China. Thyssenkrupp labour leaders have said that any plan to close some plants could go ahead, irrespective of whether there is a merger deal with Tata Steel.

Source : Reuters

voda 2 september 2016 16:05

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Select base metals strengthen on increased demand, global cues - Traders

Press Trust of India reported that select base metals prices rose by upto INR 2 per kg at the non-ferrous metal market today on increased demand from consuming industries at domestic spot market amid firm global trend.

Traders said that besides increased demand from consuming industries, a better trend overseas after China's official factory gauge unexpectedly rose last month to the highest level in almost two years, signaling an improved demand outlook in the world's top metal user, led to the uptrend.

However, nickel for delivery in three month rose 0.9 per cent to USD 9,855 a metric tonne on the LondonMetal Exchange.

In the national capital, copper mixed scrap and nickel plate (4x4) rose by Rs 2 each to 374 and Rs 841-846 per kg respectively.Zinc ingot also traded higher by Re 1 to Rs 109-115 per kg.

Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 109-115, Nickel plate (4x4) Rs 841-846, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 374, chadri deshi Rs 295.

Lead ingot Rs 95, lead imported Rs 101, aluminium ingots Rs 156, aluminium sheet cutting Rs 152, aluminium wire scrap Rs 152 and aluminium utensils scrap Rs 150.

Source : Business Standard

voda 2 september 2016 16:06

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US Steel sues Michigan over rule to reduce air pollution

Michigan Radio reported that US Steel is suing the state over a rule that requires the company to submit a plan for meeting sulfur dioxide standards at its Great Lakes Works plant in Ecorse.

Michigan has been trying get the Pittsburgh-based company and several others in the Detroit-area to scale back emissions since 2010, when a federal review found that levels were above standards.

Mr Michael Shore with the Department of Environmental Quality says U.S. Steel is the only company that hasn't complied. He said “Instead, [U.S. Steel] is pursuing a legal strategy that puts them at a competitive advantage over other sources. Rather than pursue compliance in good faith, they've done everything possible to avoid making the needed changes to reduce their contribution to the region's SO2 impact.”

A spokesperson with US Steel said the company had no comment on the matter.

Source : Michigan Radio

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voda 2 september 2016 16:07

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Gerdau first to receive ICC approval for Grade 100 Threadbar in NA

Gerdau is the first steel manufacturer in North America to receive the International Code Council (ICC) civil engineering and construction approval for its continuous Grade 100 Threadbar® products supplied exclusively by DSI USA Inc.

Source : Strategic Research Institute, SteelGuru

voda 5 september 2016 19:57

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Steel prices dip in Iran despite recovery in construction sector

Financial Tribune reported that steel prices in Iran dipped slightly over the past week, despite signs of a pick-up in construction activity. Billet in sizes from 125x125mm to 150x150mm traded this week at 13.00-13.50 million rials ($366-380) per ton ex-stock Tehran, down from 13.20-13.60 million rials ($372-383) per ton last week. CIS suppliers were offering billet at $340-350 per ton cfr Iranian northern ports, down $5 per ton over the week.

Local mills in Iran sold rebar this week at 15.60-15.90 million rials ($439-448) per ton ex-stock Tehran, slightly higher at the top end of the range from last week’s 15.60-16.10 million rials ($439-453) per ton.

The country’s leading supplier of rebar, Esfahan Steel, sold rebar through the IME (Iran Mercantile Exchange) at 14.00-14.30 million rials ($394-403) per ton ex-stock.

And 2-5mm gauge hot rolled coil (HRC) was sold at 18.20-19.40 million rials ($512-546) per ton ex-stock Tehran, down from 18.30-19.60 million rials ($515-552) per ton last week.

Mobarakeh Steel Company sold HRC through the IME this week at 15.45-15.65 million rials ($435-440) per ton ex-works.

Source : Financial Tribune

voda 5 september 2016 19:58

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SESOC seeks to reassure home owners in New Zealand on steel mesh

New Zealand’s Structural Engineering Society says homeowners should not become unnecessarily concerned about the ductility of steel mesh in their houses. SESCOC President Paul Campbell says SESOC has been prompted to make these comments following reports in the media that a law firm is proposing a class action in relation to mesh that may not meet The New Zealand Standard.

Before changes to the Building Code following the Canterbury earthquakes, many residential slabs were unreinforced. Even if slabs were reinforced, they generally used mesh that was not very ductile. Ductility, or stretch, is a critical steel property for many commercial applications, particularly multi-storey buildings.

Mr Campbell says: “Obviously engineers are concerned if mesh that is below standard has been circulated and used in residential buildings. But even if the mesh is only half as good as the current Standard requires, it is still at least 10 times better than what was used in the past, and infinitely better than unreinforced slabs.

SESOC and the Institution of Professional Engineers New Zealand (IPENZ), which represent the majority of structural engineers in New Zealand, are concerned that unnecessary public alarm could be generated over this issue.

“We are concerned that people, particularly homeowners in Christchurch who have been through years of emotional turmoil already, will experience unnecessary stress.

“In virtually all residential construction where mesh has been used to reinforce slabs, the reduction in capacity due to the mesh not meeting the required standard will be insignificant.

“For a small minority of homes that have been specifically designed and engineered, there may be some potential impact, but the designers of those buildings should be quickly able to advise whether this is significant.

“For commercial developments and larger residential properties that have used elevated concrete floors, there may be a very small number of cases where the mesh may affect the performance of the buildings in future earthquakes. The structural engineers responsible for the design should be able to advise whether this may be significant. In many cases where the strength of the mesh may be critical, it will have been augmented with regular reinforcing bars, which are not generally affected by these issues.

“We believe it’s important to point out that that the mesh supplied and used since the Canterbury earthquakes will still perform significantly better than the mesh that was used in the majority of floor slabs prior to the earthquakes, even if it does not fully meet the Standard.”

Source : Scoop Media

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voda 5 september 2016 20:00

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Tata Steel UK Steel Enterprise appoints area manager for Wales

Tata Steel subsidiary UK Steel Enterprise (UKSE) has appointed a new area manager to support its operations in Wales. Glyn Thomas (pictured) moves from his previous position as investment executive, a role he has held for the last eight years, making strategic investments in Welsh businesses.

He began his career as a banker with NatWest and then moved to business support organisation Business In Focus in Bridgend before joining UKSE.

In the last year, UKSE provided £2.5m in loans and equity to businesses in the UK, creating 270 jobs. It operates two business centres in South Wales, Cardiff Bay Business Centre and Ebbw Vale Innovation Centre, which are home to 97 companies.

Glyn Thomas said: "I am pleased to be taking up this role, and I look forward to working with businesses and business organisations to support the Welsh economy in these rapidly changing times. Through our investments, working with other funders, we support companies we believe have the ability to create quality, sustainable jobs for the future. We also provide prestigious, flexible accommodation for companies with growth potential on easy-in, easy-out terms."

Source : Insider Media

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voda 5 september 2016 20:01

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Surging China stainless steel output may reverse recent nickel slump

Reuters reported that a surprise jump in stainless steel production this year in China, the world's biggest nickel user, may reignite a rally in nickel prices as investors shift focus to demand from worries over Philippine supply. The pick up in China's stainless steel production could fan a rally in prices after they slumped in August when a steady stream of mine closures in the Philippines dried up and blunted concerns over contracting mine supply.

UBS said “China's output of nickel-bearing stainless steel, which uses more nickel than overall stainless steel, during January to July surged to 11.201 million tonnes, up 10 percent from the same period in 2015. Overall stainless steel output for the first seven months of 2016 was 8 percent higher than a year ago at 13.639 million tonnes.”

Analyst Dan Morgan at UBS in Sydney said "Everyone has been focused on the supply side. People should also be paying attention to the demand side and that's looking rosier. Mills are making more series 300 stainless steel, used in finishings such as kitchen fixtures and construction, instead of lower quality 200 stainless steel typically used in items like cutlery. The 300 series metal contains 8 to 10 per cent nickel, while the 200 series contains around 3 per cent.”

Analyst Jim Lennon of Macquarie added “Low nickel prices plus a rejection by customers of low quality steel has seen a switch away from 200 series stainless towards 300 series.”

He added “China's nickel demand was set to expand by 90,000 to 100,000 tonnes in 2016, as even producers of nickel pig iron, a cheaper substitute for nickel, use more of the metal in their feed after the supply of ore dropped because of low prices and an Indonesian export ban.”

China accounts for some 53 per cent of global nickel demand, according to UBS.

Source : Reuters

voda 5 september 2016 20:02

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Steel Minister invites UK, Luxembourg firms to invest in India

Economic Times reported that India’s NEW DELHI: Union Steel Minister Birender Singh has invited companies and businessmen from United Kingdom and Luxembourg to invest in India and be a partner in the country's growth story. The Minister was on a 3-day visit to United Kingdom and Luxembourg, accompanied by senior officials from Ministry of Steel and SAIL.

Singh highlighted the significance of Luxembourg from steel industry point of view and invited the Luxembourg government and businesses to explore opportunities for enhancing their business presence in India and assured of full support by the government.

During the visit, Singh visited the offices of Paulworth and ArcelorMittal, and shared details of steps being taken by the central government in India to improve ease of doing business and to facilitate foreign investment.

The Minister shared his vision for steel industry in India and termed R&D as the key driver for sustainable growth of the industry.

Singh stated that producers of steel will have to come forward and demonstrate advantages of using steel by executing innovative pilot projects. He exhorted the two companies to contribute their best in realization of this vision.

Source : Economic Times

voda 5 september 2016 20:03

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Tata Steel OMQ division bags honour

Press Trust of India reported that the Ore, Mine and Quarries (OMQ) Division of Tata Steel bagged the 'Best Overall Excellence in CSR award' in the category of National Awards for Excellence in CSR and Sustainability. The Tata SteelOMQ division also got the "Best Green Organisation of the Year" by the Noamundi Iron Mine in the category of National Awards for Excellence in Green & Waste in the World CSR Day organised by the "National CSR Leadership Congress& Awards".

The awards were conferred on Tata Steel representatives on Thursday at Bengaluru

The award is a testimony to the initiatives taken by Noamundi in particular and OMQ division on social and environmental fronts.

Source : Press Trust of India

voda 5 september 2016 20:04

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Government urged to defend Dutch steel industry

Dutch News reported that Ineke Dezentje Hamming-Bluemink, chairman of metal industry organisation FME, said that the Dutch government must do ‘everything in its power’ to retain the steel industry in IJmuiden at its current level as Germany’s ThyssenKrupp wants to buy Tata Steel Nederland from its parent company Tata Steel and the FME fears this could hurt jobs at the former Hoogovens plant.

He said “Many Dutch jobs could be lost if crucial industrial innovation is relocated from this country to Germany. Germany, France and other governments do not hesitate to protect the interests of the national industries. It is now time for our government to do the same and take action to preserve the unique position of a Dutch steel company.”

Frits van Wieringen, the chairman of the plant’s central works council, told the FD that “If IJmuiden is acquired by Thyssen-Krupp, we fear that thousands of jobs will disappear here in time. The job losses are likely to particularly severe in ‘in support services such as IT and procurement, where there is duplication with Thyssen-Krupp. We have invited the board to hold talks. Tata is reluctant to provide information. And we do not want to wait until everything has already been arranged before we are asked for our advice.”

Source : Dutch News

voda 6 september 2016 19:49

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Brussel broedt op extra maatregelen, IJmuiden mogelijk samen met Duitsers
Staaloorlog met China

Wouter van Bergen en Edwin van der Schoot

Amsterdam - Europa en China zijn in een staaloorlog verwikkeld. Een strijd die vergaande consequenties kan hebben voor de 12000 arbeidsplaatsen bij onze voormalige Koninklijke Hoogovens.

De staalindustrie is meer dan welke sector ook verweven met industriepolitiek. Toen de Indiase selfmade staalmagnaat Lahksmi Mittal in 2006 dan ook een brutale poging deed om het leidende Europese staalbedrijf over te nemen, vond hij niet alleen het bestuur van dit Arcelor tegenover zich. Naarmate het gevecht intenser werd, constateerde Mittal - zo blijkt uit de vuistdikke reconstructie Cold Steel van twee Britse journalisten - dat zijn grootste tegenstander achter de schermen Jean-Claude Juncker was.

Kampioen

Juncker was niet alleen voorzitter van de Eurogroep en premier van Luxemburg, de man was ook afstammeling van een geslacht dat nauwe banden had met de Luxemburgse staalindustrie. Aceralia en Usinor waren het Spaanse en Franse nationale staalbedrijf waarmee het Luxemburgse Arbed in 2002 was gefuseerd, op een moment dat net als vandaag de dag staalprijzen amper $400 per ton aantikten en de industrie smachtte naar consolidatie. De Franse, Spaanse en Luxemburgse overheid dachten met deze fusie een Europese kampioen te creëren die de druk uit India en China kon weerstaan, mede door simpelweg kwalitatief veel beter staal te maken.

Hoogwaardig

Ook het Nederlandse Hoogovens is zo’n producent van hoogwaardig staal, dat veel geleverd wordt aan de auto- of verpakkingsindustrie. Hoogovens en British Steel, verenigd in Corus, vielen in 2007 in Indiase handen, een jaar nadat Mittal Arcelor inlijfde. De Indiase vijanden van weleer zijn inmiddels de vrienden van vandaag voor Juncker en de zijnen. De directies van Tata Steel en Arcelor Mittal lopen de deur plat in Brussel, bij de Europese Commissie, om te lobbyen voor maatregelen tegen China. Brussel heeft dit jaar dan ook al een serie maatregelen afgekondigd om te voorkomen dat goedkoop staal uit Azië op de Europese markt gedumpt wordt. En er wordt nog meer verwacht, zegt Philip Ngotho, analist bij ABN Amro.

„De problemen van de staalindustrie zijn overal ter wereld dezelfde: Er is overcapaciteit, en er wordt te weinig verdiend,” zegt Ngotho. „De pijn is het ergste in China, waar 1100 miljoen ton per jaar kan worden geproduceerd, maar slechts 700 miljoen ton geconsumeerd.” Ter vergelijking: Europa gebruikte in 2007 op het hoogtepunt van de markt tot nu toe deze eeuw 200 miljoen ton en momenteel zo’n 160 miljoen ton.

Trump

„Amerikaans staal voor Amerikaanse gebouwen,” klonk de retoriek van de Republikeinse presidentskandidaat Donald Trump in juli tijdens een speech in Pittsburgh, de ooit trotse bakermat van de Amerikaanse staalindustrie. Trumps retoriek echode eerder dit jaar genomen maatregelen, waarbij de VS heffingen van 200 tot 500% op Aziatisch staal invoerde.

Ngotho: „Hierdoor is de Amerikaanse markt niet meer toegankelijk voor China, Taiwan en Korea. En je ziet sinds het dieptepunt in de VS de staalprijzen dan ook met bijna 70% stijgen.”

„Terwijl een land als Duitsland een goede industriepolitiek voerde, waar het nu de vruchten van plukt, is in Groot-Brittannië alles op de dienstensector gezet. Daar is de staalindustrie ook nog eens in meegegaan door jarenlang goede sier te maken in de City door het uitkeren van hoge dividenden, terwijl er te weinig geld gestoken is in innovatie,” schetst een insider dan ook de reden waarom Tata Steel begin dit jaar nog probeerde zijn Britse staalfabrieken te verkopen. Dat mislukte, maar het consolidatiespel in Europa is daarmee wel weer in de volgende fase gekomen.

Synergie

Ngotho voorziet in Europa een nieuwe consolidatie, of Brussel nu importheffingen instelt of niet: „Het winstniveau in Europa is te laag. Arcelor Mittal bijvoorbeeld realiseert $60/ton aan ebitda. Het zat ooit op $100. Er zullen locaties gesloten worden en gezocht naar meer synergie.”

De analist verwijst onder meer naar de gesprekken tussen TataSteel en ThyssenKrupp. De Indiërs willen IJmuiden en mogelijk ook hun Britse fabrieken in een joint venture stoppen met die van de Duitsers. „De vrees is natuurlijk dat dit banen gaat kosten.”

bron: DFT Premium

voda 6 september 2016 19:49

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Japan PM Shinzo Abe calls for structural reforms to address steel overcapacity

Reuters reported that Japanese Prime Minister Shinzo Abe told the G20 summit on Monday that the issue of steel overcapacity should be addressed by pressing ahead with structural reforms based on market mechanisms, a senior Japanese government spokesman said.

Mr Abe was quoted by Japanese Deputy Chief Cabinet Secretary Koichi Hagiuda as saying “Regarding overcapacity of steel and others, market distortion by subsidies and export credit is the fundamental problem… I would like to urge structural reforms based on market mechanisms, while maintaining transparency.”

Mr Abe also urged that freedom of navigation and overflight be thoroughly observed according to law, Hagiuda said. He said Japan has lodged a stern protest to North Korea over its latest missile launches.

Source : Reuters

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voda 6 september 2016 19:50

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UK PM Ms May criticised over failure to confront China over steel crisis

Yorkshire Post reported that Ms Theresa May has come under fire for not challenging the Chinese over steel-dumping as she insisted UK is still enjoying a “golden era” in relations with Beijing. Downing Street confirmed the Prime Minister did not raise China’s role in the collapse in steel prices in talks with President Xi Jinping or the UK Government’s continued hesitation over the go-ahead Hinkley Point nuclear reactor project which is backed by Chinese investment.

Steel-dumping has been blamed for the crisis facing the UK industry which has seen Tata Steel threaten to pull out of its UK operations leaving thousands of jobs, including at sites in Yorkshire, at risk. However, Mrs May insisted the G20 summit in Hangzhou had led to measures which could help tackle the problem. The Prime Minister said nations had agreed to work together to address the causes of excess production, including in the steel market, and we will establish a new forum to discuss issues such as subsidies that contribute to market distortions.

Explaining Mrs May’s failure to raise the issue directly with president Xi, a Number 10 official said: “It wasn’t an issue that came up. We addressed that sort of area in the G20 in broader discussions and this was an opportunity to talk more about bilateral economic and trading relationships.”

Baroness Burt, Liberal Democrat spokeswoman on business, said: “It is disgraceful that Theresa May failed to raise the issue of steel exports with the Chinese. Thousands of jobs at Port Talbot and across our steel industry are facing an uncertain future thanks to the dumping of steel on the EU market by China. It was the Conservative government who blocked EU plans to stop this practice, but now we are leaving the EU our new Prime Minister doesn’t even think it’s worth mentioning.”

Source : Yorkshire Post

voda 6 september 2016 19:50

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Mesco Steel plans INR 700 crore investment to ramp up production

Financial Express reported that Mesco Steel’s chairperson-cum-managing director Ms Rita Singh said since China is rationalising its domestic steel capacity, hence used equipment, almost as good as new, are available at throw away prices. As part of its plan to take its annual steel-making capacity to 4.5 million tonne from 1 million tonne now, Odisha-based Mesco Steel has embarked on expansion of its two existing units in the state, with an envisaged investment of INR 700 crore.

The soon-to-be listed company is setting up a basic oxygen furnace importing from China, one rolling mill to produce billets and one ductile iron pipe unit for INR 150 crore each at its original Kalinganagar unit.

Ms Rita Singh said since China is rationalising its domestic steel capacity, hence used equipment, almost as good as new, are available at throw away prices.

The enhanced pig iron, from 1 million tonne now, and the billets would be used to make finished long products at its 100% subsidiary Maithan Ispat, an ailing firm which Mesco acquired last year for INR 1,160 crore, but yet to be merged with the parent company.

Delisted from the BSE in 2005, Mesco would be listed both on BSE and NSE in next three months or so, Ms Singh said.

The debt-free company is in talks with a couple of banks to part-finance the capex part and will finalise the deal soon. However, the company will time the expansion in sync with the turnaround of the, which is a certainty given India’s thrust of infrastructure and housing, she said. The slow-but-steady rise in pig iron prices augurs well for the company.

Source : Financial Express

voda 6 september 2016 19:51

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ISA urges government not to remove 30% export tax on iron ore

Business Standard reported that in a fresh bid to claim the entire local use of iron ore, the Indian steel industry has protested at government’s proposed move to reduce export duty on iron ore. In a representation to the ministries of steel and mines, Indian Steel Association, representing the latter industry, has urged the government to continue with a 30 per cent export duty on all grades of ore, to preserve natural resources for domestic use.

Mr Sanak Mishra, secretary general, ISA said “Export should be of valued-added products, not the raw materials. The basic principle should be to earn revenue which would come from finished products, more than raw materials. India is a steel non-mature country (meaning steel consumption is low but rising). So, India needs steel for domestic consumption, unlike steel-mature countries (with no potential for consumption growth) like Japan, America, etc. For meeting our own consumption of steel, it is important to conserve iron ore to produce steel locally. We must focus on exports of value-added products like pellets, finished steel etc. No developing country with a growing economy dispatches raw materials.”

The protest came after a steel ministry official hinted at a relaxation in the duty. The government had already cut export duty on low-grade fines to 10 per cent early this year but continued with a 30 per cent levy on lumps.

Source : Business Standard

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voda 6 september 2016 19:52

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Dongbei Special Steel delays disclosing H1 financial information

Reuters reported that unlisted Dongbei Special Steel Group Co Ltd, having defaulted on several bonds earlier this year, said on Monday it would delay the disclosure of its interim financial information. The troubled Liaoning province-owned steelmaker was scheduled to publish its first-half information on August 31.

It said “The company is accelerating debt restructuring, and will audit and disclose relevant financial information when the final restructuring plan is settled.”

The troubles of Dongbei Special Steel, whose original default in March helped trigger a broad-based Chinese bond market sell-off in April, have sparked a rare public battle in China between creditors, a local government and a state-owned company even as concerns mount about growing debt levels in the economy.

Source : Reuters

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voda 6 september 2016 19:53

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India unlikely to extend MIP on steel products beyond October 4

PTI reported that the Indian government is unlikely to further extend the minimum import price on certain steel products beyond October 4 as these items could be covered under anti-dumping duty. By the next month, the commerce ministry will complete the anti-dumping investigations on the 66 steel products on which MIP has been imposed and extended till October 4.

An official said “Anti-dumping duties would cover those 66 items. After imposition of the anti-dumping duty, MIP is likely to be removed as MIP is a temporary measure.”

The commerce ministry believes that WTO-compliant measures like anti-dumping duty should be used to overcome the issue of cheap imports of commodities like steel.

Last month, the government extended the MIP on only 66 steel products for two months as against 173 items earlier. The 66 products include semi-finished ones of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods.

Source : PTI

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Vertraagd	10 feb 2025 17:39
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Hoog	27,230
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Volume gemiddeld	2.536.810
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