Search Result for : Steel

The Dollar Business Bureau In retaliatory action against the duties on aluminium and steel by the US, China has imposed new tariffs of up to 25% on 128 US products ranging from frozen pork to wine and certain fruits to nuts, escalating the fears of a possible trade war between the two largest economies of the world. The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on aluminium that have been levied by the President Donald Trump, according to a statement by the Chinese Finance Ministry on Sunday. However, Trump has temporarily excluded imports from the countries such as European Union, Brazil, Canada, Argentina, Australia, South Korea and Mexico.  Over the past few weeks, Chinese officials ...

The Dollar Business Bureau Eight core sectors of the economy witnessed a growth of 6.8% in the month of November 2017, mainly supported by a strong performance in sectors such as steel, refinery and cement, according to an official data. The combined index of eight core industries stands at 123.9 in November, 2017, which was 6.8% higher as compared to the index of November, 2016,” said a statement by the Ministry of Commerce and Industry. The cumulative growth of these infrastructure sectors was 3.9% during the April-November period the fiscal 2017-18 compared to 5.3% during the same period in the previous fiscal. The eight core industries - coal, refinery products, cement, crude oil, natural gas, fertilisers, electricity and steel - had recorded a growth of 3.2% in ...

The Dollar Business Bureau  N Chandrasekharan, the Chairman of Tata Steel in his address to the shareholders in the company’s Annual Report for 2016-17 said, Tata Steel’s strategic priorities going forward will be to focus on India while pursuing  pension restructuring programme in the UK, which is likely to conclude soon.  Speaking about the steel demand in India which is likely to witness growth soon in the near future, Chandrasekharan said, "While the steel sector in India is financially stressed currently, the government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy 2017.”  Chandrasekharan who had taken over as Chairman of the company in February after the departure of Cyrus Mistry said, ...

By Abin Daya Change is an unavoidable part of life - and of doing business. One of the biggest changes to the way we do business happened last Friday, with the rolling out of the GST. Yes, there will be disruptions in the short term and the cost of compliance will go up. Also, many small businesses will lose the tax arbitrage that enabled them to price below that of the larger companies. It will also increase the financing cost of business, particularly for those engaged in foreign trade. Speaking of financing, even that is not going to be easy. While credit growth is down because of low credit demand driven by the leveraged position of corporates combined with muted demand, even where businesses ...

The Dollar Business Bureau  Japan's exports grew by the fastest in the past two years in May on account of larger shipments of steel and cars - an encouraging signal that strong international demand will help in the country’s economic growth. The 14.9% growth in shipments from Japan in May was lower the average estimates of a 16.1% annual rise, however, it was the biggest increase since January 2015. Exports are expected to continue to increase at a stable pace as the economies, globally, indicate increasing signs of growthwhich should support Japanese economy extend its latest show of a solid expansion. Japanese exports to the US increased by 11.6% in May compared to the same month a year ago, the fastest rise since July 2015, on account of an increase ...

The Dollar Business Bureau The Government has imposed 5% basic custom duty on hot rolled coils, cold-rolled magnesium oxide coated and annealed steel, hot rolled annealed and pickled coils, cold rolled full hard, that are used in the manufacture of cold rolled grain oriented (CRGO) steel. “In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby….amends the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.12/2012-Customs, dated March 17, 2012,” Ministry of Finance said in a notification no.23/2017-customs, on Monday. “The following goods (under heading 7225), namely hot rolled coils; cold-rolled magnesium ...

The Dollar Business Bureau Commerce Secretary, Rita Teaotia had led an official and a business delegation to Ecuador and Colombia from 16th to 19th May. The Commerce Secy’s visit to Ecuador could in many ways reveal India’s keenness to further its interests in the country. The Indian side had representatives from Pharma, IT, Auto, Mining & Construction, Bio Fuels, Agro-Chemicals, Iron & Steel and Textiles and representatives from FICCI accompanying the Secretary. Ecuador though a tiny country holds many promises through its natural resources. It has gold reserves of 2,25,000 tons, silver reserves of 12,500 tons and as per an OPEC official release, its total share of OPEC production in crude is 1.7% and as per Jan 2017 stats, has produced 536.00K barrels ...

The Dollar Business Bureau The government is planning to utilise surplus land available with public sector units (PSUs) by forging joint ventures (JV) with private players for setting up of new steel plants, which will also help the government to achieve its target of taking the steel production capacity of the country to 300 million tonnes by 2030.  The Union Cabinet on Wednesday has approved the New Steel Policy (NSP) 2017 that is aimed at achieving the country’s steel production capacity to 300 million tonnes by 2030 with an additional Rs.10 lakh crore investment. Currently, the steel production capacity of the country is 126 million tonnes. “A new policy for steel industry has been approved after 12 years that will give a ...