Global wheat production is down this month primarily on smaller crops in India and the European Union, only partially offset by an increase for Russia, the U.S. Department of Agriculture said in its latest monthly report. It also lowered global consumption forecast and said ending stocks were also being revised down mostly on lower supplies […]
An agreement to ban Russian seaborne exports of oil and oil products reached by the EU will redirect trade flows and keep prices high, at least in the short term, Fitch Ratings says. Oil delivered from Russia by pipeline is temporarily exempted from the ban to allow land-locked countries, such as Hungary, Slovakia and the […]
The European Union is all set to impose the harshest sanctions against Russia targeting oil and insurance, with exemptions to Hungary. The EU plans to ban imports of Russian oil and block insurers from covering Russia’s cargoes of crude. The ban on insurers will cover tankers carrying Russian oil anywhere in the world. These sanctions could […]
Surging oil, gas, and power prices together with the European Union (EU)’s goals of becoming less dependent on Russian supplies and post-Covid-19 pandemic inflation will catapult global energy spending this year to $2.1 trillion, Rystad Energy research shows. A concern in energy markets is that the ongoing war in Ukraine will derail the energy transition, […]
ArcelorMittal SA, Europe’s biggest steelmaker, has eliminated Russian commodities from its supply chain following the invasion of Ukraine. Governments and companies across Europe are trying to curb their dependency on Russia, driving up prices of energy and commodities. The country has been a key supplier of iron ore and coal for the region’s blast furnaces […]
China’s exports of magnesium products in 2021 hit an all-time high at 477,200 tonnes, up 21% from 2020, China Nonferrous Metals Industry Association said. In the same period, average magnesium prices in China rose 86% on the year, also reaching an all-time high at one point of time in 2021. Chinese magnesium ingot prices in […]
Arguing that growing imports of scrap is threatening the primary aluminium industry, an umbrella industry body has urged the finance minister to raise basic customs duty on aluminium scrap to 10% from 2.5% now. In a memorandum, Aluminium Association of India (AAI) said the duty increase will encourage recycling of domestic scrap and restrict its […]
China’s trade policies have come under strong criticism during a review at the World Trade Organization (WTO). The US accused China of “skewing the playing field” by using “unfair trade practices” such as preferential treatment for state businesses. Meanwhile Australia said the country’s behaviour was “inconsistent” with its WTO commitments. WTO reviews are typically quite […]
The next ministerial meeting of the World Trade Organization (WTO) will likely consider a raft of critical issues, such as fishery subsidies, WTO reforms, public procurement programmes for food security and the multilateral body’s response to the Covid-19 crisis, including the fate of a patent waiver proposal floated by India and South Africa to better […]
Indian Tobacco Association has urged the government to include tobacco under the tax rebate scheme RoDTEP (Remission of Duties and Taxes on Exported Products) with an aim to encourage exports from the sector. On 17 August this year, the government announced rates of tax refunds under the export promotion scheme RoDTEP for 8,555 products, such […]
