Search Result for : Steel Exports

The Dollar Business Bureau The Government on Monday said that India exported 8.22 million tonnes of finished steel during April-January period of the current financial year. As compared to exports, the country’s imports were lower at 6.45 million tonnes during the 10-month period of 2017-18, said Vishnu Deo Sai, Minister of State for Steel, in a response to the Lok Sabha. The country had exported 8.24 million tonnes of finished steel during the fiscal of 2016-17 and 4.08 million tonnes in the 2015-16 fiscal, the Minister said. On the other hand, the country’s imports of finished steel stood at 7.23 million tonnes in 2016-17 financial year, while imported 11.71 million tonnes of finished steel during 2015-16 fiscal. Replying to a question on volatile pricing of ...

The Dollar Business Bureau The exports of finished steel from India dropped by more than 30% to 0.616 million tonnes during January this year as compared to same month a year ago, as per the data compiled by the Ministry of Steel’s Joint Plant Committee (JPC).  Joint Plant Committee (JPC) is the only organisation in the country empowered by the Government to maintain data on steel and iron sector. The country’s finished steel export stood at 0.890 million tonnes during the month of January 2017.  Earlier, Steel Minister Chaudhary Birender Singh had said that steel exports of should make up for around 6-7% of country’s overall steel production in the coming few years, from the current 1.5%.  On the other hand, the import ...

The Dollar Business Bureau Steel Minister Chaudhary Birender Singh said on Thursday that the country has become a net exporter of steel, and the imports of the metal had come down by around 40-45%. “Following protective measures taken by the Government like the minimum import price (MIP) and anti-dumping duty, steelmakers had been posting better results. This has also helped India emerge as a net exporter of steel, and imports had come down by 40-45%,” Singh said while speaking at an interactive session organized by the Bharat Chamber of Commerce. The Minister said that India has to set a target to export 6-7% of its overall steel production from the current 1.5%. “There is no reason to be happy with 1.5% of export. In ...

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 India’s export of finished steel surged by 64.2% to 0.770 million tonne in the month of July against the 0.469 million tonne in the same month a year ago, according to a report. On the other hand, finished steel imports also jumped by 42.2% at 0.798 million tonne in the said month this year against the 0.561 million tonne last year, said the report by Joint Plant Committee (JPC), which gathers data on iron and steel sector in India.  “India was a net importer of total finished steel in July 2017 but maintained its net exporter status for the cumulative period, i.e. during April-July 2017,” it said. During April-July period this year, exports of total finished steel was increased by ...

The Dollar Business Bureau  EU Commission took stern action against China, one of the world’s largest steel makers, for swamping the EU markets with steel, flouting international trade agreements.  EU imposed a new anti-dumping duty of 35.9% on China’s hot-rolled flat steel generally used in energy pipelines, shipbuilding, gas containers, tubes, pressure vessels etc. EU Trade Commissioner, Cecelia Malmstroem speaking to the media said, EU is trying to protect its struggling steel producers and stop unfair trading practices. “We are continuing to act, when necessary, against unfair trading conditions in the steel sector, and against foreign dumping,” Malmstroem said in a statement.  EU has had a series of standoffs with China over trade but is also looking to resolve them through the OECD. ...

The Dollar Business Bureau Domestic steel mills may benefit from lower iron ore and coking coal costs in the current year but sustained weakness in demand still remains a concern, ICRA said. The ratings agency in a report said, "Sustained demand weakness remains a concern for the domestic steel industry with a growth of mere 4.6% and 2.6% in FY2016 and FY2017 respectively due to sluggishness in key end-user industries. "Weak demand conditions have led to a correction in domestic hot rolled coil (HRC) prices by 7% in May 2017." The report also specified that the seaborne iron ore prices have corrected by 36% between February and May of 2017 dragged down by a correction in Chinese steel prices, steadily rising iron ore ...

The Dollar Business Bureau India's steel exports in January 2017 stood at 0.889 million tonnes (mt), which is three times higher than January 2016 exports of 0.274 mt. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 mt, registering a growth of 71%. The 224% increase in January exports of steel is commendable. This huge improvement comes amid earnest efforts by the government to protect local steel manufacturers from dumping by neighbouring country China. Imposition of anti-dumping duty on steel has been a decisive move in this direction. The Ministry of Steel is also intent on fostering local steel production, as demonstrated by its ambitious goal of taking annual indigenous steel capacity to 300 mt by fiscal 2030-31, from 122 mt in 2015-16. During the first ten months of 2016-17, the import of finished steel has also ...