The government has allowed usage of steel produced by secondary steel makers for construction of roads and highways. Earlier, road developers were required to use steel produced only by the primary steel producers in highways construction. Apart from reining in the integrated steel makers from jacking up prices further, the latest move will also widen […]
The Coalition of American Metal Manufacturers and Users (CAMMU) sent a letter to President Joe Biden requesting the immediate termination of the Section 232 tariffs on steel and aluminum, stating that the tariffs imposed under former President Donald Trump have damaged metals consuming industries. The group said it was pleased to see Biden’s executive order […]
Tata Steel reported a consolidated net profit of Rs 3,989 crore for October-December quarter on higher revenue and better realisation. The company had posted a net loss of Rs 1,166 crore in the year-ago quarter. Its total revenue grew 11.5 per cent year-on-year (YoY) to Rs 39,594 crore. Earnings before interest, tax, depreciation and amortisation […]
The World Trade Organization has delayed until at least the second half of 2021 its ruling on metal tariffs imposed by the United States, giving President Joe Biden more time if he wishes to settle the disputes. The WTO panel handling challenges brought by China, the European Union, India, Norway, Russia, Switzerland and Turkey had […]
The Indian government’s proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers, rating agency ICRA said. In its report on implications of duty changes on the steel industry, the agency, however, said that domestic steel demand may […]
As we enter 2021, many mined commodity prices are riding high after recovering from a dramatic pandemic-induced slump in the first half of 2020. The new year, however, raises new questions. How will Chinese policy affect supply and demand in 2021? Will the growing rhetoric around decarbonisation be followed up with concerted global action? And […]
Global economists updated China’s economic outlook this week given the new COVID-19 situation and effects of policy support, and expect a sustainable and more balanced recovery this year. China’s economy is projected to grow by 8.1 percent this year, built on its effective pandemic containment measures and policy support, according to the latest International Monetary […]
Steel Authority of India (SAIL) has increased its capital expenditure (capex) target by 67% to Rs 8,000 crore for the 2021-22 fiscal from the revised target of Rs 4,800 crore for 2020-21, as per the budget documents of the steel behemoth. In 2020-21, SAIL’s original capex guidance was Rs 4,000 crore, but the state-run firm revised […]
India will temporarily withdraw duties on some steel products imposed to stop dumping mainly from China, after a spike in domestic prices hit small and mid-sized manufacturing companies. The government announced in its annual budget that it would revoke anti-dumping duties on imports of alloy-steel bars, rods and flat steel products coated or plated with […]
With covid pandemic in mind, Finance Minister Nirmala Sitharaman announced a plethora of allocations and tax incentives in the annual budget to expedite the economic recovery process. The Union Budget 2021-2022 definitely cheered investors and propelled the benchmark stock index (SENSEX) by 2,000 points, the largest in 10 months. The budget made substantially higher allocations for […]
