Search Result for : China Steel Consumption

The Dollar Business Bureau  The US Ministry of Commerce has said it is likely to launch anti-dumping and countervailing duty probe of steel flanges being dumped by India and China into its markets.  The Commerce ministry has been petitioned by the Coalition of American Flange Producers and members in its group like Core Pipe Products Inc of Illinois and Maas Flange Corporation of Texas, to consider their petitions filed on August 16 and begin the investigation.  The domestic producers allege that the estimated dumping margins ranged between 99.23% to 257.11% for China and 78.49% to 145.25% for Indian steel products and also estimated that products from both the sides were subsidized at undetermined rates. Reiterating his government’s support to defend American businesses and ...

The Dollar Business Bureau US and China failed to agree on major new steps to reduce US's trade deficit with China, leading to doubts over the economic and security relationship between the two countries. The annual economic session in Washington dubbed by the Trump administration as US-China Comprehensive Economic Dialogue (CED) ended with both the sides refusing to hold news briefs or joint statements with no news announcements on US market access to China. Though both the sides had open and frank talks, they failed to come to a consensus on major bilateral and economic issues that were important for the US. According to Reuters, US had asked for-  major access to China's financial services markets, reduction in China's steel capacity, reduction in auto tarriffs, ...

The Dollar Business Bureau The Union Minister for Steel Chaudhary Birender Singh on Friday said the government will ensure that steel products are not brought into the country in the guise of utensils or finished products. “We are keeping an eye on the import of steel in guise of finished products. We will not allow such kind of practice even in trade,” Union Minister of Steel Chaudhary Birender Singh told reporters after addressing a meeting of the National Steel Consumers’ Council here. He stated that the government has been successful in reducing steel imports by 37% which were mostly from China in FY 2017.This happened due to India's tough anti-dumping measures and also due to the withdrawal of the Minimum Import Price of ...

The Dollar Business Bureau China's minister of Human Resources and Social Security, Yin Weimin, has announced that China plans to relocate about 5 lakh workers this year, as it downsizes its state-owned businesses of coal, steel and other heavy industries. Amid pressure from the international community to cut down on its steel manufacturing, China is showing that it is taking measures to tackle its overcapacity and subsequent dumping of surplus produce overseas. Even China's military, which is the largest in the world, is going to cut down 3 lakh troops. China is said to have relocated 7.26 lakh employees in 2016, spending $4.3 billion in the process. Despite a large number of layoffs and the economic slowdown, the ministry said ...

The Dollar Business Bureau India takes pride in its position of 3rd largest steel producer in the world, and yet stands as a net importer of steel in 2015-16. As per the National Steel Policy (NSP) 2017, the Ministry of Steel predicts annual crude steel capacity to reach 300 million tonnes (MT) in 2030-31 from 122 MT in 2015-16. The production goal is set at 255 MT in 2030-31 from 89 MT in 2015-16.   For the same year 2030-31, the export target is 24 MT and per capita steel consumption is expected to rise to 160 kg from the current figure of 61kg. In comparison to the world average for per capita steel consumption (208kg), this seems to be a modest target. The draft policy aims to reduce imports of coking coal by half. Currently, 70% of India's coking coal requirement is ...

The Dollar Business Bureau Holding India responsible for not being ambitious enough to complete the Bilateral Investment Treaty, the US stated that it is open to continue dialogue as it is of great significance for both the nations. The USA has number of issues regarding trade with India, said Adewale (Wally) Adeyemo, Deputy Assistant to the US President and Deputy National Security Advisor for International Economics. While addressing a session on India-US Economic Relations, Adeyemo further stated that India is not as determined as required to conclude BIT. The US is waiting to be involved in growth of India, which is amongst the fastest growing economy in G20. In July, Richard R Verma, US Ambassador to India said that both the countries are aiming at a ...

The Dollar Business Bureau Globally the price of steel is likely to drop in the second half of this year, after increasing during January-June, due to decline in demand from the world's largest consumer, China. However, 2017 will bring in good news for the market if the pricesincrease, BMI Research, revealed in a recent report. "We expect the January-June 2016 steel rally to fade and prices to head lower, in the latter half of 2016 as declining Chinese steel demand growth, stemming from a slowdown of the country's construction activity, will result in an oversupplied market," said the firm.  The firm predicted that the metal would trade between $450-520 a tonne during the second half of the current calendar year, with the median prices for the ...

The Dollar Business Bureau China has expressed concerns over India launching an anti-dumping investigation against Chinese steel products.  The Chinese Ministry of Commerce said it seeks a fair and transparent investigation in accordance with WTO rules. The state-run Xinhua news agency, citing the Chinese Ministry of Commerce, said China is highly concerned by Indian trade remedy measures against Chinese steel products. The world’s largest steel manufacturer said excess steel output is a global challenge, and countries should face it up, rather than coming up with up harsh trade-remedy measures. It underlined that the two countries, India and China, should properly handle trade frictions. Though not for the first time, India had once again announced an anti-dumping probe in April into hot-rolled steel coils shipped ...