India frames norms to enforce ‘rules of origin’ for imports under FTAs

The Indian government has come out with norms for the enforcement of ‘rules of origin‘ provisions for allowing preferential rate of customs duties on products imported under free trade agreements, PTI reports. The new norms have been framed with a view to checking inbound shipments of low quality products and dumping of goods by a third […]

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Rashtriya Ispat and Posco form joint working group to develop 5 MTPA greenfield steel plant in Vizag

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State-run Rashtriya Ispat Nigam (RINL) and Korean steel major Posco have set up a joint working group (JWG) to develop a five million tonnes per annum (MTPA) greenfield steel plant in Vizag with an estimated investment of Rs 35,000 crore. “During the meeting, it was agreed to set up a JWG consisting of representatives from […]

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COVID-19 impact and lack of demand in auto industry reduces consumption of global iron ore by 2.8%: GlobalData

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The impact of COVID-19 on the mining industry has been strained by the struggling global automotive industry, which consumes approximately 17 per cent of iron ore globally, a report from GlobalData. Light vehicle sales fell by 24 per cent in Q1 (January-March) 2020 globally, then by 47.5 per cent in April 2020 and 33.8 per […]

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MEPS predicts 75 million tonnes shortfall in global steel production in 2020 due to the pandemic

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UK-based MEPS forecasts that global crude steel production will fall to 1.8 billion tonnes, in 2020. This equates to a reduction of 75 million tonnes, compared with the figure recorded in the previous year. Early indications suggested that 2020 would be a year of modest economic recovery. Activity had been trending downwards since the zenith […]

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Asian steel trade still languishing

Asian steel market participants have seen another week pass without signs of light at the end of the tunnel in containing the coronavirus pandemic as countries across the region extend lockdown measures, with the exception of Vietnam. China, which has provided some relief to the supply glut by importing steel recently, has started to show […]

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