Steel Products

The government has extended the enforcement date of its steel and steel products quality control order for a ferronickel grade by another six months till July 23 this year. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated November 1, 2022, the date of enforcement of Indian Standards (IS) 4409:1973 specification of ferronickel is extended further,"a steel ministry notification said. The extension is for six months till July 23, 2023. The government had earlier given a three-month extension till January 23, 2023. Ferronickel is imported mainly from European countries besides Russia and China to produce stainless steel and alloy steel, which are used in white goods, metro trains, railways etc.

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products. In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said. "India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added. The other products .

India has proposed to impose retaliatory customs duties under the WTO norms on about USD 250 million worth of goods imported from the UK if no agreement is reached on compensation in a case concerning the imposition of restrictions by Britain on steel products. India has raised concerns at the World Trade Organisation (WTO) over the UK's move to extend safeguard duty and quota restrictions on the import of certain steel products till 2024. New Delhi has stated that it has substantial trade interest in the sector. According to the WTO, India has submitted its concerns to the UK regarding the manner in which safeguard measures have been extended which is violative of the global trade provisions and the WTO's Agreement on Safeguards. New Delhi has requested compensation under the agreement, it said. The UK has disagreed with India's views on the measures but agreed to discuss adequate means of compensation. "India estimates that the safeguard measures have resulted in the decline of

In the wake of rising input costs, especially primary steel, the government's decision to remove import duty on raw materials for the metal production would lower costs for domestic steelmakers

The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%

While weak demand growth in domestic market saw larger players resorting to exports to cushion the Covid impact of the past 14-16 months, smaller players languished, the rating agency said

Decision will make imports competitive, Chinese firms may gain

A 55% aluminium-zinc alloy coated product, Galvanova comes with superior corrosion resistance and has a distinctive white metallic sparkle

Workers at the Dutch subsidiary have been unhappy since the sudden departure last month of their CEO, Theo Henrar

The Steel Import Monitoring System (SIMS) will provide advance information about steel imports to both the government and stake holders

While compulsory registration will monitor steel product inflow into the country, the specifications seem unwarranted, the engineering exporters' body said

The gloomy outlook on finished steel output comes after five years of consecutive firm growth between FY15 and FY19

Prices of finished steel products tumble 10-25% since January

The duty has been issued for a period of five years, according to the finance ministry

Between April 2016 and January, India's steel imports fell 38 per cent year-on-year