India has decided to not join the 16-nation Regional Comprehensive Economic Partnership (RCEP) trade deal on grounds that its key concerns over the agreement have not been addressed. Prime Minister Narendra Modi said in Bangkok that the current form of the RCEP Agreement “does not fully reflect the basic spirit and the agreed guiding principles” […]
The World Trade Organization has agreed to establish a panel to settle a disagreement over India’s decision to impose retaliatory import tariffs on 28 US products. This comes almost a month after India blocked the first request by the US to set up a panel to decide on New Delhi’s decision to impose additional duties […]
Data released on Monday showed Chinese steel output rebounded in August 2019, a rise of 9.3 per cent from the same month a year before to 87.3 million tonnes; not far off the record set in May this year, according to the World Steel Association. Chinese furnaces now produce 56 per cent of the world’s […]
A forgery crisis is quietly roiling the world’s gold industry, claims a Reuters report. Gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold, refining and banking executives tell Reuters. The fakes are hard to detect, making them an ideal fund-runner for […]
India’s crude steel output increased by 1.7 per cent to 9.215 million tonness in July 2019, according to World Steel Association’s report. The country had produced 9.059 million tonnes of crude steel during the same month a year ago, the global steel industry body said in its latest report. Coincidentally, global steel production for the […]
India’s steel consumption growth is likely to slow down for its financial year-ending March 31, 2020, as its domestic downstream industries face weaker demand for their end-products. Steel consumption for April-July amounted to 33.706 million tonnes, about 6.6 per cent higher than the 31.607 million tonnes recorded a year ago, data from state-run Joint Plant […]
Global steel demand is continuing to grow in the short term against a backdrop of great uncertainty as only a mild deceleration in global growth is now expected, World Steel Association Chairman Andre Gerdau Johannpeter said. “However, in the long term, global steel demand is moving into a low-growth zone as new megatrends shape the […]
India will continue to be a net importer of steel for at least the next two years as high-grade products from South Korea and Japan flow in tax free amid worries of escalation in supplies from China, according to Fitch Ratings Ltd.’s local unit. Overseas purchases by India totaled 7.8 million tonnes imported in the […]
India’s LNG imports are forecast to increase from 22 million tonnes in 2018 to 33 million tonnes in 2021, Australia’s Department of Industry, Innovation and Science said in its Resources and Energy Quarterly report. India is aiming to lift gas’ share of the energy mix to 15 per cent by 2030 from the current 5 […]
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.7 million tonnes (Mt) in April 2019, a 6.4% increase compared to April 2018. China’s crude steel production for April 2019 was 85.0 Mt, an increase of 12.7% compared to April 2018. India produced 8.8 Mt of crude steel […]
