Steel Products

'India's steel exports hit 1.1 mn tonne in January, an 18-month high'

India's monthly steel exports hit a 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said. Besides, competitive domestic prices of steel contributed to rise in export, the research firm said in its latest report. The outbound shipment of steel in January 2023 was 0.67 million tonne , as per SteelMint data. On reasons behind the surge in exports, SteelMint said, "good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months." While the price of hot rolled coil (HRC) in India's trade segment was at Rs 54,300/a tonne, the global rate was USD 710 per tonne (about Rs 58,000). This factor also contributed to the demand for Indian steel in the global markets. Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the "global trade lull induced by the Chinese lunar holi

Indian steel, aluminium products to get greater mkt access in US: Comm min

The commerce ministry on Friday said the US has agreed to provide greater market access to certain Indian steel and aluminium products, a development which would help increase outbound shipments of these goods. This was part of the agreement reached between the two countries which have decided to terminate six trade disputes at the World Trade Organisation (WTO). The six cases are countervailing measures on certain hot-rolled carbon steel flat products from India, certain measures relating to solar cells and modules, measures relating to the renewable energy sector, export-related measures, certain measures on steel and aluminium products, and additional duties on some products from the US. "As a part of the agreement, the US has agreed to grant market access to steel and aluminium products under the exclusion process of Section 232 of the Trade Expansion Act 1962," the ministry said in a statement. India has also agreed to remove the retaliatory tariffs on certain products. Howev

India plans to widen range of steel grades in manufacturing incentive plan

India has already approved an investment of about 6,300 cr rupees ($770 million) over five years to make high-grade specialty steel

Govt extends quality control order for ferronickel grade till July 23

The government has extended the enforcement date of its steel and steel products quality control order for a ferronickel grade by another six months till July 23 this year. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated November 1, 2022, the date of enforcement of Indian Standards (IS) 4409:1973 specification of ferronickel is extended further,"a steel ministry notification said. The extension is for six months till July 23, 2023. The government had earlier given a three-month extension till January 23, 2023. Ferronickel is imported mainly from European countries besides Russia and China to produce stainless steel and alloy steel, which are used in white goods, metro trains, railways etc.

India proposes 15% retaliatory duties on 22 items imported from UK

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products. In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said. "India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added. The other products .

India proposes retaliatory duties on UK imports for curbs on steel products

India has proposed to impose retaliatory customs duties under the WTO norms on about USD 250 million worth of goods imported from the UK if no agreement is reached on compensation in a case concerning the imposition of restrictions by Britain on steel products. India has raised concerns at the World Trade Organisation (WTO) over the UK's move to extend safeguard duty and quota restrictions on the import of certain steel products till 2024. New Delhi has stated that it has substantial trade interest in the sector. According to the WTO, India has submitted its concerns to the UK regarding the manner in which safeguard measures have been extended which is violative of the global trade provisions and the WTO's Agreement on Safeguards. New Delhi has requested compensation under the agreement, it said. The UK has disagreed with India's views on the measures but agreed to discuss adequate means of compensation. "India estimates that the safeguard measures have resulted in the decline of

Steel products' prices should fall by 10% for primary producers: EEPC

In the wake of rising input costs, especially primary steel, the government's decision to remove import duty on raw materials for the metal production would lower costs for domestic steelmakers

GST Council may take up proposal for cutting rate on steel scrap to 5%

The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%

Robust demand amid lower iron prices to boost steel margins in H2FY22: Icra

While weak demand growth in domestic market saw larger players resorting to exports to cushion the Covid impact of the past 14-16 months, smaller players languished, the rating agency said

Duty cut on steel products to exert near-term pressure in Indian cos: Icra

Decision will make imports competitive, Chinese firms may gain

Tata Steel launches all-weather aluminium-zinc coated product for MSMEs

A 55% aluminium-zinc alloy coated product, Galvanova comes with superior corrosion resistance and has a distinctive white metallic sparkle

Tata Steel workers at Dutch plant vote to strike over unplanned job cuts

Workers at the Dutch subsidiary have been unhappy since the sudden departure last month of their CEO, Theo Henrar

Govt's online system to monitor steel imports amid criticism from industry

The Steel Import Monitoring System (SIMS) will provide advance information about steel imports to both the government and stake holders

Steel import rules restrictive despite economic slowdown, says EEPC

While compulsory registration will monitor steel product inflow into the country, the specifications seem unwarranted, the engineering exporters' body said

Production of finished steel to decelerate to 3-4% in current fiscal

The gloomy outlook on finished steel output comes after five years of consecutive firm growth between FY15 and FY19

Beleaguered steel firms see ground for 35% cut in iron ore prices

Prices of finished steel products tumble 10-25% since January

Anti-dumping: India imposes duty on some steel products

The duty has been issued for a period of five years, according to the finance ministry

India imposes anti-dumping duty on 47 steel products for 5 years

Between April 2016 and January, India's steel imports fell 38 per cent year-on-year