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Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<ul class="summary-list"><li>US President President Biden has called for a tripling of tariffs on Chinese steel and aluminum.</li><li>China is now exporting the most steel since 2016, when it was accused of causing a global glut.</li></ul>US President Joe Biden last week <a target="_blank" href="https://www.businessinsider.com/biden-sells-blue-collar-workers-american-dream-failing-china-steel-2024-4">called for</a> a tripling of tariffs on Chinese steel and aluminum imports, echoing former <a target="_blank" href="https://www.businessinsider.com/trump-tariff-china-trade-war-consumer-goods-2018-9">President Donald Trump's levies</a> on a range of goods from China.Biden — who is the frontrunner for the Democratic Party's presidential nominee — said China's steel production was backed by state funds, which enable the commodity to be sold cheaply to the US. He wants to hike a key tariff on Chinese steel and aluminum from 7.5% to 25%.Trump — who is the GOP's frontrunner — said in February he would slap tariffs of over 60% on Chinese goods if he's elected.The one-upmanship between the two is likely to get more intense this election year as China's economy struggles to consume all that it's producing.<h2>China is now exporting the most steel since 2016</h2>Already, China is exporting the most steel since it was accused of <a target="_blank" href="https://www.bloomberg.com/news/articles/2016-09-03/global-steel-glut-said-to-be-mentioned-in-g-20-draft-communique">causing a glut</a> nearly a decade ago.In March, China exported 9.9 million metric tons of steel — about 25% higher than a year earlier and the highest since 2016, according to a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-12/china-steel-exports-hit-highest-since-2016-on-weak-local-demand">Bloomberg analysis</a> of official data earlier this month.The surge in exports followed a slump in China's real-estate sector that has cut demand for the building material."Steel, cement, and construction machinery are some of the worst-hit sectors, with excess capacity stemming from structural contraction in demand," Chim Lee, a China analyst at the Economist Intelligence Unit, wrote in an April 15 note.However, the US isn't a large Chinese steel importer. The country is the <a target="_blank" href="https://www.reuters.com/markets/commodities/chinas-steel-sector-has-bigger-worries-than-biden-tariff-hike-2024-04-19/">seventh-largest steel shipper</a> to the US, so Biden's threat is mostly symbolic."I want fair competition with China, not conflict, and we're in a stronger position to win the economic competition of the 21st century against China or anyone else," Biden said last week.<h2>Trade tensions will be high this election year</h2>Beijing hit back against Biden's criticism of China's industrial policy and accused the US of electioneering.Lin Jian, a <a target="_blank" href="https://www.fmprc.gov.cn/eng/xwfw_665399/s2510_665401/2511_665403/202404/t20240419_11285233.html">Chinese foreign ministry</a> spokesperson, said at a Friday press conference that the American president's comments were "far-fetched."Lin added that China's steel sector is geared toward meeting domestic demand and doesn't receive any export-oriented subsidies. He also accused the US of a "double standard" for implementing domestic subsidies and for using export controls on the pretext of national security."We urge the US to be prudent in its words and deeds, stop manipulating issues on China in the election year, stop turning economic and trade issues into security ones, lift additional tariffs on China, and stop imposing new ones," said Lin.Still, China's current wave of steel exports is already spooking some countries, including <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-21/chile-slaps-tariffs-on-chinese-steel-to-bolster-local-industry">Chile</a> and <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-23/brazil-joins-protectionist-wave-in-face-of-cheap-steel-imports">Brazil</a> that have, respectively, imposed higher temporary tariffs and import quotas on the commodity.<a target="_blank" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">US Treasury Secretary Janet Yellen</a> slammed China's overproduction earlier this month, saying the problem went beyond the US."China is now simply too large for the rest of the world to absorb this enormous capacity," said Yellen during her visit to China.With the US election ahead and China's economy in a <a target="_blank" href="https://www.businessinsider.com/china-two-speed-economy-sectors-thriving-new-three-green-sustanability-travel-2024-2">painful transition,</a> it'll be a tough year for <a target="_blank" href="https://www.businessinsider.com/us-china-relations-more-engagement-not-more-trust-taiwan-clash-2024-4">trade relations</a>."Trade tensions related to steel and construction machinery will be high in 2024," wrote the EIU's Lee.

Biden is fighting Trump's tough tactics by calling for tripled tariffs on Chinese steel imports

The <keyword id="47209" type="General" weightage="100" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the strategic sale of the companies for which the Cabinet approval is already in place," an official told PTI. This means that the government will go ahead with the privatisation of companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and RINL or <keyword id="221747" type="General" weightage="50" keywordseo="vizag-steel" source="Orion">Vizag Steel</keyword>, as well as the big ticket IDBI Bank. Considering that strategic sale or privatisation takes at least a year, and in some cases even more, to conclude, a high budgeted disinvestment target may not be achievable. Nangia Andersen LLP, Partner- Government and Public Sector Advisory, Suraj Nangia said: "The privatization process often takes time, depending on the type of privatization and the economic, social, and political context, emphasizing the importance of a medium-term plan, a solid regulatory framework, and competitive markets". "A multi-year strategic plan for privatisation can be formulated to ensure there is a concrete timeline and a well-designed sequencing and strategy for privatisation," Nangia said. EY India, <keyword id="665532" type="General" weightage="80" keywordseo="associate-partner" source="Orion">Associate Partner</keyword>, Tax and Economic Policy Group, Rajnish <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said the privatisation programme may see an uptick after the 2024 general elections. "Maybe this year's Budget is going to be a little muted and we may see announcements around disinvestment and sale of minority stakes. After 2024, we may see an acceleration in the privatisation programme again," Gupta said. In the past year, the government had called off a couple of strategic sales, including BPCL, due to a lack of investor interest. Experts feel that the private sector will be more keen on buying state-owned companies if their deal is sweetened with tax incentives and regulatory exemptions. Nangia said private sector participation is more likely to be successful when the required information is accurate, such as that of the operating performance, the condition of assets etc. "An important factor considered by investors as they decide on bidding in privatisation programme is a 'predictable regulatory environment and absence of undue administrative impediments to business in general'. Other relevant factors include sufficient and accessible resources, including the presence of relevant infrastructure and human capital, tax incentives, financial subsidies and regulatory exemptions," Nangia added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

Drinking water in northeastern <keyword id="6355882" type="General" weightage="80" keywordseo="israel" source="Orion">Israel</keyword> has become turbid after deadly earthquakes hit parts of <keyword id="6354913" type="General" weightage="80" keywordseo="syria" source="Orion">Syria</keyword> and <keyword id="6372909" type="General" weightage="100" keywordseo="turkey" source="Orion">Turkey</keyword>, local authorities said. The <keyword id="12339114" type="General" weightage="80" keywordseo="israeli-ministry-of-health" source="Orion">Israeli Ministry of Health</keyword> issued a statement instructing the residents of the city of Beit She'an and dozens of other localities in the area to boil drinking and cooking water, Xinhua news agency reported. Israel's Mekorot national water company explained that earthquake shock waves caused dirt to enter the water at drilling sites in the area. Powerful earthquakes rocked southern Turkey and its neighbour Syria early Monday, killing at least 2,700 people. The earthquakes were also strongly felt in Israel and Lebanon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bharti-airtel-tata-steel-hero-motocorp-adani-ports-among-stocks-in-focus/articleshow/97674964.cms">Sensex, Nifty50 likely to open in the green: Bharti Airtel, Tata Steel, Hero MotoCorp, Adani Ports among stocks in focus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/ndrf-personnel-with-specially-equipped-trained-dog-squad-departs-for-earthquake-hit-turkey/articleshow/97674680.cms">NDRF personnel with specially equipped trained dog squad departs for earthquake-hit Turkey</a>

Drinking water in Israel becomes turbid after Turkey-Syria quake

The US remains the top destination for <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to USD 18.67 billion. The other key markets, which registered positive growth, include the UK, Germany, Singapore, Saudi Arabia, Mexico, and Indonesia. Exports of engineering goods to China continued a downward trend month after month. In FY23, engineering shipments to China fell by 52.4 per cent year-on-year to USD 2.63 billion from USD 5.53 billion in the previous year. The other top markets that recorded negative growth during the year included UAE, Turkey, and Thailand. After reaching their all-time high at USD 112.16 billion during fiscal 2021-22, engineering exports from India finished fiscal 2022-23 at USD 107.04 billion, a decline of 4.57 per cent. In terms of the <keyword id="6355302" type="General" weightage="80" keywordseo="rupee" source="Orion">rupee</keyword>, however, engineering exports recorded 2.77 per cent growth year-on-year. This disparity was due to the substantial year-on-year depreciation of the rupee vis-a-vis the US Dollar in 2022-23. Geo-political crisis in the CIS region led by the Russia-Ukraine war, the economic slowdown in North-East Asia especially China, the crisis in South-East Asia, and the slowdown in Europe are the major factors responsible for the lower shipment of engineering goods from India during FY23. "The decline was a direct result of the depressed global demand, especially in the metal sector. FY23 in general has been a difficult year for global trade. While the end of FY22 marked the recovery from the COVID pandemic it was soon overshadowed by the Russia-Ukraine crisis which dented the European and Central Asian economies to a significant extent," said EEPC India Chairman Arun Kumar Garodia. He further said the decline could have been sharper if timely government measures had not been made. "We appreciate the efforts made by the Ministry of Commerce which has always been forthcoming in coming up with relief measures. Besides, the encouraging words by Hon'ble Prime Minister <keyword id="2082035" type="General" weightage="50" keywordseo="shri-narendra-modi" source="Orion">Shri Narendra Modi</keyword> have had a catalytic effect. We are grateful for the launch of the Foreign Trade Policy 2023 which covers all important aspects of trade including ease of doing business, introduction of Rupee trade, including the states and the districts in export strategy, export incentives, and infrastructure and logistics," said Garodia. According to the Quick Estimates of the Commerce ministry of the Central government, the share of engineering exports in India's total merchandise exports during fiscal 2022-23 was 23.92 per cent as against a higher 26.58 per cent in fiscal 2021-22. Panel-wise analysis showed that out of 34 engineering panels, 22 recorded growth in exports during 2022-23 while 12 conceded a decline in shipment. <keyword id="953254" type="General" weightage="80" keywordseo="iron-and-steel" source="Orion">Iron and steel</keyword> were the main spoilsports behind the decline in engineering exports with a 41.52 per cent decline in exports during 2022-23 over the previous fiscal. Excluding the iron and steel panel, engineering exports in 2022-23 recorded 4.91 per cent growth over the previous fiscal. Among the major panels, 'Motor Vehicles/Cars', 'Products of Iron and Steel', 'Electric Machinery and Equipment', 'Industrial Machinery', "Medical and Scientific Instruments', 'Ships, Boats, and <keyword id="1992685" type="General" weightage="50" keywordseo="floating-structures" source="Orion">Floating Structures</keyword>' and 'Auto Components/Parts' recorded higher shipments over the previous fiscal while basic metals like Iron &amp; Steel, 'Aluminium and products' and 'Copper and Products' recorded a decline in shipments. Indian engineering exports continued to decline for the fifth straight month to March 2023 and for eight months in fiscal 2022-23. During March 2023, engineering exports declined by 7.49 per cent to USD 10.19 billion from USD 11.01 billion in March 2022. As many as 16 out of 34 engineering panels witnessed positive year-on-year growth in March 2023, while the remaining 18 panels witnessed negative growth in exports. Major engineering products like Iron and Steel, Products of Iron and Steel, Aluminium and products, Industrial Machinery, Electrical Machinery and Equipment, Two and Three wheelers, Bicycle parts, Auto Tyres, and Hand tools witnessed a decline in exports during March 2023 vis-a-vis March 2022. Excluding the export of iron and steel, engineering exports recorded a 3.26 per cent year-on-year decline in March 2023. Global trade sentiments continue to remain bleak, WTO economists in April 2023 said in a new forecast that merchandise trade is expected to grow 1.7 per cent as against 2.7 per cent last year. The subpar performance will be mainly due to the Ukraine crisis, high inflation, tighter monetary policy, and financial market uncertainty. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bengaluru-localities-see-the-highest-surge-in-residential-rents-in-q1-2023/articleshow/99640732.cms">Bengaluru localities see the highest surge in residential rents in Q1 2023: Anarock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/on-camera-crimes-society-celebrating-them-worries-criminologists/articleshow/99640707.cms">On-camera crimes &amp; society celebrating them worries criminologists</a>

India's export of engineering goods to US grows by 6.8%, China's falls by 52.4%

<ul><li>Shares of India’s largest steel companies, <keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>, SAIL, Jindal Steel among others, tumbled up to 16% after the Indian government imposed export taxes overnight.</li><li>The Indian steel makers currently have over 2 million tonnes of steel orders in the pipeline, said industry body FICCI.</li><li>India ran a trade surplus of nearly ₹1.07 lakh crore in the two years after the outbreak of the COVID-19 pandemic.</li></ul>India’s biggest steel makers’ stocks tumbled up to 15% after the government imposed export taxes of 15% overnight on eight steel products - intending to tame inflation. The announcement was made alongside the decision to cut duties on petrol and diesel, apart from raw materials for iron and steel. This could prove to be a double whammy for steel companies as the domestic demand for steel has been tepid. They were hoping to supplant it with exports, and with the extra taxes for exporting, will slash their margins if not businesses. Indian stock markets reacted sharply to the news, with Tata Steel, SAIL, Jindal Steel and Power (<keyword id="45581" type="General" weightage="100" keywordseo="jspl" source="Orion">JSPL</keyword>), and JSW Steel all tumbling by up to 15%. As of 11 a.m., JSPL was the worst impacted, with its shares plunging by nearly 16%. <div type="image" title="Steel companies stocks May 23, 2022." msid="91735401" hostid="261" caption="&amp;lt;p&amp;gt;Shares of steel companies tumbled on news of export tax on steel&amp;lt;/p&amp;gt;"></div> The steel makers are more worried about the execution of ongoing orders which could be in a fix due to the unexpected move by the government. “They should have given us at least 2-3 months of time, we did not know about such a substantial policy. This could possibly lead to force majeures. We alone have 2.6 lakh tonnes of orders, which were taken when export duty was zero,” said V R Sharma, managing director of Jindal Steel and Power, in an interview with <a href="https://www.reuters.com/markets/europe/indian-steelmakers-face-hit-europe-deals-over-export-tax-jspl-exec-2022-05-22/">Reuters</a>. The iron and steel product category has witnessed a net trade surplus in the last two years – since the outbreak of COVID-19 – with the total surplus standing at $14.1 billion (approx. ₹1,07,000 crore) in 2020-21 and 2021-22. <div type="image" title="Steel exports imports FY04-22." msid="91735420" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s balance of trade in the iron and steel category since 2004&amp;lt;/p&amp;gt;"></div> India’s iron and steel imports, in the same period, came down from 3.6% of the total imports to only 2.1%, according to a report by Motilal Oswal. “In a bid to curb inflation the Ministry of Finance announced export duties on most steel products, along with an excise duty cut for petrol and diesel. This is likely to divert more supply towards the domestic market. With prices now being guided by the export parity philosophy (instead of import parity) it could lead to a sharp correction in steel prices in India,” said a report by CLSA. It downgraded Tata Steel from ‘Buy’ to ‘Underperform’; JSW from ‘Underperform’ to ‘Sell’, and JSPL from ‘Buy’ to ‘Overperfrom’. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Over 2 million tonnes of steel orders in the pipeline, says steel industry" comment="subhead" text="Over 2 million tonnes of steel orders in the pipeline, says steel industry">Over 2 million tonnes of steel orders in the pipeline, says steel industry</cmsannotation> Industry body FICCI (Federation of Indian Chambers of Commerce &amp; Industry) has sought 3 months’ time from the Indian government to clear orders amounting to over 2 million tonnes of steel. The FICCI Steel committee co-chairperson Sharma, who is also the MD of JSPL, said that the ongoing Russia-Ukraine war has given an opportunity to Indian steel companies to fill in the demand for steel in Europe, which is the second largest importer in the world. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-leica-partner-for-a-flagship-device-xiaomi-12-ultra-expected-to-launch-in-july/articleshow/91734026.cms">Xiaomi and Leica partner for a flagship device, Xiaomi 12 Ultra expected to launch in July</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-hdfc-hdfc-bank-paytm-and-other-hot-stocks-to-watch-out-for-on-may-23/slidelist/91733634.cms">Zomato, HDFC, HDFC Bank, Paytm and other hot stocks to watch out for on May 23</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-will-end-support-for-ios-10-and-ios-11-from-october-onwards/articleshow/91734194.cms">WhatsApp will end support for iOS 10 and iOS 11 from October onwards</a>

Tata Steel, SAIL, Jindal Steel shares tumble up to 16% after the export tax shocker

New Delhi, Mar 23 () The steel ministry on Monday held a meeting with management of PSUs under its control to take stock of the situation amid the coronavirus outbreak, and asked them not to reduce production. Steel Secretary Binoy Kumar chaired the meeting, via video-conferencing, in which senior officials of SAIL, RINL, NMDC, MOIL and KIOCL, among others, participated, sources said. "They were asked about their preparedness at their plants and units in the wake of outbreak of coronavirus. They (PSUs) have been asked to produce as usual and not reduce production," one of the sources said. SAIL has implemented various preventive measures across its plants, units and offices to contain spread of the virus. Quarantine facilities and isolation wards have been prepared at SAIL hospitals. The company has restricted travel of its employees and the majority of the meetings are being conducted through video-conferencing. At RINL, biometric attendance has been suspended. An isolation ward has been arranged with a quarantine facility at the Vizag plant. NMDC has asked its staff to work from home and the company's offices and buildings across the country are being sanitised. Besides special arrangements are also being made at its healthcare centres to deal with the virus. Large gatherings have been prohibited, entry of non-company staff is being scanned using thermal scanners. Employees have also been asked to inform the company if they or any member of their family have a travel history to coronavirus-impacted country. Further, the public sector undertakings (PSUs) apprised the ministry of the issues faced by their officials during the current lockdown. According to the sources, the PSUs told the ministry that its officials who were on duty at important functional locations faced issues, as they were stopped by local authorities. Another concern raised in the meeting was transportation of raw materials. The movement of goods was crucial for the production to continue, the PSUs said while requesting the ministry to be in touch with the local authorities to resolve the issue. Another source said that in Odisha, a truck carrying raw material to SAIL's Rourkela Steel Plant was stopped by the authorities. Due to this, the plant officials had to face difficulties in carrying the raw material to the plant. "There is no clarity among state officials related to essential services and commodities. Steel is an important sector. Blast furnaces cannot be stopped. It takes several days to restart if it is stopped once," the source said. NMDC is also setting up a steel plant with a capacity of three million tonne per annum (MTPA) in Nagarnar, Chhattisgarh, and the supply of raw material to the site is really crucial for it as the the company expects to commission its first steel plant by mid of 2020. There are seven PSUs under the Ministry of Steel. While Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) produce steel, NMDC and MOIL are miners and KIOCL is a pellet maker. ABI HRS

Coronavirus: Steel ministry asks PSUs not to cut production

New Delhi, Jan 13 () NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested, a government official said.
Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested, which has created an atmosphere of confusion, its Chairman N Brijendra Kumar said last Friday.
He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd (NINL)
Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company.
NMDC has apprised the steel ministry that confusion is being created and rumours are being spread over the issue, the official said, while assuring action against those who are misleading the public.
"Still confusion is being created by some ppl regarding disinvestment in #NINL, a joint venture company of central and state PSUs in the State of Odhisha. The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
He also said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company.
The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI SID BAL
BAL

NMDC informs Steel Ministry about NMDC disinvestment rumours

New Delhi, Apr 19 () The Boston Consulting Group (BCG) has flagged to the steel ministry certain key challenges the sector is likely to face in the post lockdown period, sources said. In a 'Discussion Document', the US-based BCG, which provides consultation services to the ministry, also suggested a few interventions to mitigate these challenges. Sources said in a meeting held recently at the ministry, top officials have been apprised that "boosting steel demand and scaling up of supply chain area would be among the three key challenges staring at the domestic steel sector post lockdown from a longer term perspective. Another challenge is ensuring regulatory approvals for continuity of the businesses." An e-mail query sent to the ministry seeking official comment remained unanswered. BCG is learnt to have told the ministry that in the post lockdown period, there would be severely reduced demand from major end-use sectors as discretionary spending is likely to move towards healthcare and allied segments. In the supply chain, bottlenecks are likely due to lack of availability of manpower post lockdown. Besides, there may be risks involved in enforcement of safe working practices across the entire steel supply chain. Thirdly, potential lapsing of existing regulatory clearances might lead to challenges. According to BCG, "addressing these challenges will require actions three key themes. Ensuring smooth operation of supply chains, providing fiscal relief package and developing early trade preparedness for steel sector." ABI ABMABM

Consultant BCG apprises steel ministry of challenges facing sector post lockdown

India's eight core industries recorded a growth of 7.4 per cent in December (2022) against 4.1 per cent recorded in the same month last year, according to official data released by the <keyword id="527366" type="General" weightage="20" keywordseo="Ministry-of-Commerce-Industry" source="Orion">Ministry of Commerce &amp; Industry</keyword> on Tuesday. The number stood at 5.4 per cent in November, 2022. "The production of coal, electricity, steel, cement, fertilizers, refinery products and natural gas increased in December 2022 over the corresponding month of last year," stated the release. The <keyword id="16313496" type="General" weightage="20" keywordseo="production-of-crude-oil-declined" source="Orion">production of crude oil declined</keyword> by 1.2 per cent in December, 2022. The cumulative growth rate of ICI during April-December 2022 was 8.0 per cent (provisional) as compared to the corresponding period of last year. The Index of Core Industries measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the <keyword id="124816" type="General" weightage="20" keywordseo="Index-of-Industrial-Production" source="Orion">Index of Industrial Production</keyword> (IIP). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-start-ups-are-looking-at-reverse-flipping-says-economic-survey/articleshow/97495048.cms">Indian start-ups are looking at reverse flipping says Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a>

India's core sector output rises by 7.4 per cent in December

New Delhi, Apr 28 () India's crude steel production fell 23 per cent to 7.38 million tonne (MT) in March as compared to the previous month, while export and import also took a beating due to the COVID-19 pandemic and the subsequent lockdown, according to an official statement. The spread of coronavirus also impacted the country's consumption of steel which fell 6.6 per cent month-on-month to 0.580 MT in March, the steel ministry said in an update on the sector. "While the month of March 2020 witnessed the onset of COVID-19 and the lockdown in the latter half, overall it witnessed a bleak situation for steel sector as a whole. The crude steel production at 7.38 MT observed a huge decline of 22.7 per cent in March 2020 as against 9.56 MT during February 2020, while export-import fell drastically and even consumption reduced by 6.6 per cent," it said. The finished steel export declined 20.5 per cent to 0.453 MT from 0.570 MT in February. Import fell 26.9 per cent to 0.293 MT from 0.401 MT in the previous month, it said. In 2019-20, crude steel output also registered a fall at 108.500 MT, down 2.2 per cent from 110.921 MT in 2018-19. For the major part of financial year 2019-20, the ministry said, India's economic growth was subdued due to the slowdown in sectors like capital goods, consumer durables, infrastructure and construction sectors, which are primarily steel intensive sectors. This adversely affected the steel demand and consequently the demand and prices witnessed a steady decline and reached at bottom in September 2019. The market demand started an upward trend from mid of November 2019, after the end of monsoon and festive season. "The market did exhibit steady demand in the following two months. The onset of COVID-19 pandemic however, severely affected the steel industry in India by impacting its labour force and supply chain, both domestically and globally. "The major impact of COVID-19 on steel industry was evident from the second fortnight of March 2020. On the whole, during FY 20, performance of steel industry was a combination of overall muted demand from steel intensive sectors, especially, from construction and automobile sector, global trade actions, extended monsoon, currency depreciation in major steel exporting countries, fall in steel prices globally and impact of COVID-19," it said. ABI ANUANU

Crude steel output in March slumps to 7.38 MT due to COVID-19: Ministry

New Delhi, Feb 1 () The Budget allocation for the steel ministry has registered a decline of 49 per cent to Rs 100 crore in 2020-21, from Rs 196.08 crore in 2019-20.
 This decline has been over the revised estimates of the 2019-20 Budget, according to Budget documents.
 While the Budget estimate was at Rs 241.29 crore for 2019-20, in case of 2018-19 (actual) it was Rs 154.54 crore, it added.
 The expenditure budget of Rs 100 crore in the 2020-21, includes Rs 38.58 crore on secretariat-economic services, Rs 44.24 crore on medical and public health and Rs 17.18 crore on industries. ABI ABI ANS
ANS

Budget allocation to steel ministry drops by 49 pc to Rs 100 cr in 2020-21

<ul><li>The <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> said that CPI-based inflation recorded ‘a moderate increase’. </li><li>The inflation could be attributed to both an adverse base effect and an increase in food and fuel prices, as per the ministry. </li><li>Both these are the transient components of CPI inflation, the ministry said.</li></ul>As <keyword id="513422" type="General" weightage="20" keywordseo="RETAIL-INFLATION" source="Orion">retail inflation</keyword> rose to 7 per cent in August from 6.71 per cent in July, the Finance Ministry said late on Monday that consumer price index (CPI) based inflation "recorded a moderate increase", adding that it could be attributed to "both an adverse base effect and an increase in food and fuel prices - the transient components of CPI inflation". It added through a series of tweets that core inflation calculated by excluding the transient components of CPI like "food and beverages" and "fuel and light" was recorded at 5.9 per cent in August, and thus remained below the tolerance limit of 6 per cent set by <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> for the fourth consecutive month. "Prices of major inputs like iron ore and steel have sobered in the global markets. This coupled with the measures taken by the government to rationalise tariff structures of inputs to augment domestic supply has helped to keep cost push inflation in consumer items under control," the ministry said. Despite erratic monsoon and negative seasonality in vegetable prices, food inflation in August was still lower than the April peak of the current year. With global inflation pressures, inflationary expectations remain anchored in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> with stable core inflation, the ministry said on an optimistic note. "IIM-Ahmedabad's One-year Ahead Business Inflation Expectations Survey in July has declined by 34 bps to 4.83 per cent from 5.17 per cent in June. Inflation expectations have fallen below 5 per cent after 17 months," it said in another tweet. "To soften the prices of edible oils and pulses, tariffs on imported items have been rationalised periodically and stock limits on edible oils have been kept, to avoid hoarding," the ministry said while listing the measures taken to curb prices of essential commodities. Inflation in "oils and fats" and"pulses and products" have moderated to 5.62 per cent and 2.52 per cent, respectively, the Finance Ministry pointed out. "The government has prohibited exports of food products like wheat flour/atta, rice, maida etc. to keep domestic supplies steady and curb rise in prices. The impact of these measures is expected to be felt more significantly in the coming weeks and months," it said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/indias-homegrown-cervical-cancer-vaccine-can-be-a-game-changer-say-doctors/articleshow/94151501.cms">India’s homegrown cervical cancer vaccine can be a game changer say doctors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-pro-spotted-with-an-alert-slider-and-a-redesigned-camera-setup/articleshow/94157444.cms">OnePlus 11 Pro spotted with an alert slider and a redesigned camera setup</a>

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