Steel News

Trump said that tariffs on steel and aluminium would increase from 25% to 50%, effective Wednesday, 4 June.

Nomura expects a safeguard duty in the range of 10-15 per cent on steel imports. Based on a 12 per cent duty, the landed prices will be Rs 4,000 per tonne higher than the domestic spot prices, it said. "We believe the industry would be able to take a Rs 2,000 to 2,500 per tonne price hike in that scenario," the report states.

This move is expected to decrease the dumping of cheap steel into the Indian market, providing a major boost to domestic steel companies.

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The steel ministry had an interactive session with steel companies based in Odisha. The minister chaired the meeting which saw participation of officials from those companies.

The minister said Korea and Japan do not import Indian steel and purchase steel from their own players. Goyal added that Japanese companies do not allow Indian steel in Japan and they will buy a USD 100 per tonne costlier steel but local Japanese steel.

India, Japan have devised a mechanism for cooperation in the steel industry. Both sides signed a Memorandum of Cooperation to herald the cooperation. India and Japan have been increasing cooperation in many areas.

The imposition of anti-dumping duty is permissible under the World Trade Organization (WTO) regime.

The SIMS will provide advance information about steel imports to Government and stake holders including, steel industry (producers), steel consumers (importers) to have effective policy interventions.

European Commission chief Jean-Claude Juncker said that there would be consequences for the US if Trump's threat of 25% tariff on steel, 10% on aluminium imports takes effect.

Strength and ductility are desirable properties of metallic materials for wide-ranging applications, but increasing strength often leads to the decrease in ductility, which is known as the strength-ductility trade-off.

Asserting that the steel sector has started "stabilising", Steel Minister Chaudhary Birendra Singh on Sunday said the industry must gear up to face global competition as protectionist measures like minimum import price (MIP) and anti-dumping can not continue indefinitely.

Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. 

Stainless steel industry body Indian Stainless Steel Development Association (ISSDA) has demanded a hike in import duty on stainless steel flat products and abolition of import duty on key raw materials, including ferro nickel.

Researchers at Massachusetts Institute of Technology in the US analysed the material's behaviour down to the level of individual atoms within the structure.

The country's largest steel maker SAIL Wednesday said it has produced 10.18 million tonnes of saleable steel in April to December period of the current fiscal, registering a 15 per cent growth over the year-ago period.

Infrastructure sector recorded a growth rate of 4.9 percent in November on the back of impressive performance by steel, electricity and coal products.

India's largest steelmaker SAIL Thursday said its standalone net loss widened to Rs 534.92 crore in the June quarter this fiscal on account of a dip in sales realisation and higher interest and depreciation charges.

Infrastructure sector grew at 3.2 percent in July mainly because of improvement in performance of energy sector, especially refinery output.

The European Union today hit China and Russia with anti-dumping duties on cold rolled steel imports after complaints by EU producers they were being forced out of the market.