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<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 Indian <keyword id="80584" type="General" weightage="20" keywordseo="steel-sector" source="Orion">steel sector</keyword> has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, Director Research, Crisil Market Intelligence and Analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI. The moderation is likely in the long <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> segment in FY'25 ahead of the general election. The only other instance of such a demand surge in the last two decades was between 2006 to 2008, he said. Lodha said the <keyword id="17408" type="General" weightage="20" keywordseo="infrastructure" source="Orion">infrastructure</keyword> sector, a key driver of the steel demand, is expected to maintain its momentum fuelled by ongoing government projects. The infrastructure segment has been driving a lot of momentum in the steel demand and is expected to continue in the coming years. However, government schemes like the Pradhan Mantri Awas Yojana are nearing conclusion, which could slow down the demand momentum in the steel sector, he said. Lodha said the recent surge in steel imports, which has been prompted by lower Chinese prices and strong Indian demand, has raised concern among the domestic manufacturers. "The disparity between import and <keyword id="124052" type="General" weightage="20" keywordseo="domestic-prices" source="Orion">domestic prices</keyword> has triggered significant imports," he elaborated. But it will self correct in the long run with the ongoing capacity addition. "New steelmaking capacity of 12-13 million tonnes is expected to come online in the second half of fiscal 25, aligning production with demand and reducing import dependence," Lodha said. Additionally, the potential demand improvement in China after the Lunar New Year coupled with expected production cuts, could further curb Chinese exports to India. Overall the Indian steel sector's outlook remains positive, albeit with a projected dip in demand next year. The industry's focus will be on ramping up domestic production and tackling import concerns to maintain a robust long-term growth, he added.

Indian steel demand boom to continue this fiscal : Crisil

Strong <keyword id="141166" type="General" weightage="20" keywordseo="domestic-demand" source="Orion">domestic demand</keyword>, supported by government spending on infrastructure, building and construction segments, is expected to keep <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s <keyword id="164590" type="General" weightage="20" keywordseo="steel-imports" source="Orion">steel imports</keyword> elevated around the 6 million tonne (MT) mark this financial year even as the global <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> industry battles a slowdown, according to rating agency Crisil. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023 after a sharp fall of 3.3 per cent in 2022, the rating agency said in a report. Indeed, even that tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth, at 11-13 per cent year-on-year, after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. According to the rating agency, demand in <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword>, the world's largest producer of the commodity, has started reviving after a three-year slump. However, oversupply has led to subdued <keyword id="6366990" type="General" weightage="20" keywordseo="prices" source="Orion">prices</keyword>. "Over the past few months, Chinese mills have been facing margin pressure, mainly due to high raw material prices and a depreciating yuan. Although the Chinese government is trying to keep demand afloat with infrastructure spending and relaxing policies on property ownership, real estate continues to be in a recessionary phase," the rating agency noted. Chinese mills have started pushing volumes into the global market at highly competitive prices. Between January and November this year, exports from China increased by 35.6 per cent to 82.7 million tonnes -- the highest since 2016. Chinese exports to India have also surged. Strong growth momentum has supported steel prices in India, and import volumes have increased significantly, driven by better realisation opportunities. As of November this fiscal, India had imported 4.26 million tonnes of finished steel, up 13.4 per cent year-on-year even as its exports declined 6.2 per cent to 4.03 million tonnes, making the country a net importer of finished steel. Among the ports, Mumbai remains the preferred destination for both alloy and non-alloy imports, accounting for 40 per cent of the total imports, followed by Mundra and Chennai. "This imbalance of volume at the ports leads to regional disparities in domestic prices. For instance, although prices of flat products corrected across India in November, the fall in trader prices was more significant in Mumbai compared with other major domestic steel markets," the rating agency noted.

Firm domestic demand to keep India's steel imports elevated in 2023-24: Crisil

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

<ul><li>34.7 crore <keyword id="20290357" type="General" weightage="20" keywordseo="ayushmann-bharat" source="keywords">Ayushmann Bharat</keyword> cards generated </li><li>Avg growth of the manufacturing sector at 5% over last decade</li><li>Reduction in dependence on non-institutional credit </li></ul> The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2023-24 noted that the country's energy requirements are set to burgeon by 2-2.5x by 2027, underlining the need for energy efficiency and seamlessly transitioning to clean energy solutions. By means of sovereign green bonds, the government managed to raise Rs 16,000 crore between January-February 2023, alongside an additional Rs 20,000 crore between October and December 2023. As for social security, Ayushmann Bharat, of which over 34.7 crore cards have been generated, has saved over Rs 1.25 lakh crore of OPD expenses of the poor and under-privileged families. The country's labor market has also seen solid improvement, with unemployment rates declining to 3.2% in 2022-23. The net payroll additions under Employee Provident Fund Organization has also doubled over the past 5 years, signaling a healthy growth in formal employment. As per the survey, care economy and agro-processing are the two key areas where there is untapped potential for boosting quality employment, and increasing women participation in the labor force. The agriculture sector has registered an average annual growth of 4.18% over the last 5 years, with the sector growing about 1.4% during 2023-24, as per provisional estimates. To provide further fillip to the sector, the government has been focused on reducing the sector's dependence on non-institutional, informal credit. As a result, its share has come down from 90% in 1950, to just 23.4% in 2021-22. However, as the survey observed, the country's agricultural growth policies should be consistent with climate change and water security practises. <h2>Thrust on MSMEs, manufacturing and clean energy</h2>Over the last decade, the manufacturing sector managed to mark an average annual growth rate of 5.2%, majorly driven by chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> also emerged as a net exporter of finished steel over the last 10 years, and was a significant producer and consumer of the same during FY24. India's indigenous coal production also jumped up, with India actively working to reduce its import dependence. In FY 24, India producued 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. India's pharma market, valued at $50 billion, is the 3rd largest in the world, and India ranks prominently amongst clothing manufacturing nations as well. As of FY24, it is the second largest manufacturer, and one of the top 5 exporting nations of clothing, with the export of textiles and apparel, including handicrafts increasing by 1% to reach Rs 2.97 lakh crore. A similar growth was witnessed in India's electronics manufacturing segment, making up for 3.7% of global market share, with exports rising to Rs 1.9 lakh Crore in FY23. Per the survey, "the PLI schemes for key sectors have attracted significant investments, boosted production, sales and exports and generated jobs, particularly in the case of white goods. Keeping in view India’s vision of becoming ‘Aatmanirbhar’, over Rs 1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 Lakh Crore and employment generation (direct &amp; indirect) of over Rs 8.5 Lakh under PLI scheme". Focus has also been on boosting research, development, innovation and entrepreneurship in the country. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. More than 45% of the recognised start-ups are emerging from Tier 2/3 cities. The country's services sector contributed to about 55% of the total size of the economy in FY24. The clean energy sector in the country also saw new investment of Rs 8.5 lakh crore between 2014 and 2023. India is prominently making a mark in space, with 55 active space assets, out of which 18 are communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 are Earth Observation satellites.

Economic Survey shows India's energy needs to grow 2.5x, healthy growth in formal employment

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

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s coal imports increased by 30 per cent to 162.46 million tonnes in the 2022-23 financial year against 124.99 MT in the year-ago period, according to a report. The import of coking coal rose 5.44 per cent to 54.46 MT over 51.65 MT in FY22, mjunction said in its latest report. In March alone, the non-coking coal import stood at 13.88 MT against 12.61 MT in the same month last year. Coking coal imports were 3.96 MT against 4.76 MT imported in March 2022. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on imports. "The persistently high demand for steam coal in India coupled with the weakening of seaborne prices led to increased volumes during March. This trend is likely to continue in coming months in view of the above-normal average temperature expected this summer," mjunction <keyword id="17354076" type="General" weightage="20" keywordseo="md-ceo-vinaya-varma" source="Orion">MD &amp; CEO Vinaya Varma</keyword> said. Along with other varieties of coal like anthracite, pulverised coal injection (PCI coal), met coke and pet coke, the total imports in FY23 were at 249.06 MT, up from 200.71 MT FY22, a rise of over 24 per cent. A B2B e-commerce platform, mjunction services limited is a 50:50 joint venture promoted by <keyword id="109319" type="General" weightage="50" keywordseo="steel-authority-of-india" source="Orion">Steel Authority of India</keyword> (SAIL) and <keyword id="6357147" type="General" weightage="50" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-video-sets-may-18-premiere-for-modern-love-chennai/articleshow/100069356.cms">Prime Video sets May 18 premiere for 'Modern Love Chennai'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iafs-mig-21-crashes-in-rajasthan-three-civilians-killed-pilot-safe/articleshow/100069573.cms">IAF's MiG-21 crashes in Rajasthan; three civilians killed, pilot safe</a>

India coal imports surge to 162 MT in FY23; inbound coking coal shipment grows to 54 MT

<ul class="summary-list"><li>US Steel is set to be sold for $14.9 billion to Japanese company Nippon Steel.</li><li>US Steel was founded in 1901 and was once the world's most valuable company.</li></ul>The U.S. Steel Corporation, once America's largest steelmaker and most valuable company, is set to be acquired by Japanese company Nippon Steel for $14.9 billion.Nippon Steel — the world's fourth-largest steel producer — clinched the deal with an all-cash offer, outbidding American steelmakers Cleveland-Cliffs and Nucor, per the <a target="_blank" href="https://www.ussteel.com/newsroom/-/blogs/nippon-steel-corporation-nsc-to-acquire-u-s-steel-moving-forward-together-as-the-best-steelmaker-with-world-leading-capabilities-?_com_liferay_blogs_web_portlet_BlogsPortlet_redirect=https%3A%2F%2Fwww.ussteel.com%3A443%2Fnewsroom%3Fp_p_id%3Dcom_liferay_blogs_web_portlet_BlogsPortlet%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26_com_liferay_blogs_web_portlet_BlogsPortlet_cur%3D1%26_com_liferay_blogs_web_portlet_BlogsPortlet_delta%3D20">company's announcement</a> on Monday.The offer marked a 40% premium over U.S. Steel's closing stock price last Friday. The news triggered a more than 20% surge in U.S. Steel's stock price on Monday.Founded in 1901 by some of America's most influential business magnates — including Andrew Carnegie, Charles Schwab, and J.P. Morgan — U.S. Steel was the world's <a target="_blank" href="https://www.britannica.com/topic/United-States-Steel-Corporation">first corporation</a> to reach a billion-dollar market capitalization. The deal also cemented Carnegie's status as <a target="_blank" href="https://www.carnegie.org/interactives/foundersstory/#!/">America's wealthiest person</a> at the time.The company has seen a gradual decline in the last decades. In 1991, it fell out of the Dow Jones Industrial Average after 90 years on the index of America's 30 most important companies. In 2022, the company was the country's <a target="_blank" href="https://worldsteel.org/steel-topics/statistics/top-producers/">third-largest steel producer</a>, trailing behind rivals Nucor and Cleveland-Cliffs.U.S. Steel's acquisition must still pass regulatory review by the Committee on Foreign Investment. The deal also faces opposition from the <a target="_blank" href="https://www.usw.org/news/media-center/releases/2023/usw-slams-nippon-plan-to-acquire-us">United Steelworkers union</a>, which backed a competing deal by Cleveland-Cliffs.Pennsylvania senator John Fetterman said in an X post on Monday that U.S. Steel's acquisition by a foreign company was <a target="_blank" href="https://twitter.com/SenFettermanPA/status/1736823944861110671?s=20">"absolutely outrageous."</a>Nippon Steel president Eiji Hashimoto <a target="_blank" href="https://www.ussteel.com/newsroom/-/blogs/nippon-steel-corporation-nsc-to-acquire-u-s-steel-moving-forward-together-as-the-best-steelmaker-with-world-leading-capabilities-?_com_liferay_blogs_web_portlet_BlogsPortlet_redirect=https%3A%2F%2Fwww.ussteel.com%3A443%2Fnewsroom%3Fp_p_id%3Dcom_liferay_blogs_web_portlet_BlogsPortlet%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26_com_liferay_blogs_web_portlet_BlogsPortlet_cur%3D1%26_com_liferay_blogs_web_portlet_BlogsPortlet_delta%3D20">said on Monday</a> that his company "has long admired U.S. Steel with deep respect for its advanced technologies, rich history, and talented workforce and we believe we can jointly take on the challenge of raising our aspirations to even greater heights," and added that Nippon Steel would honor U.S. Steel's existing union contracts.

US Steel, the 122-year old company that was once America's biggest, is set to be sold to Nippon Steel

<keyword id="64275" type="General" weightage="20" keywordseo="jindal-stainless" source="Orion">Jindal Stainless</keyword> Ltd (<keyword id="74606" type="General" weightage="50" keywordseo="jsl" source="Orion">JSL</keyword>) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income. It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday. The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago. JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago. In a separate statement, JSL Managing Director Abhy per cuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." "As we wait for the <keyword id="19198542" type="General" weightage="50" keywordseo="national-stainless-steel-policy" source="Orion">National Stainless Steel Policy</keyword>, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said. Chinese imports have increased by nearly 55% year-on-year, which highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market, the MD said. The industry expects the government to take notice of the continuously increasing imports from China, which is hurting the sector, especially the MSMEs and as well the government's vision of an Atmanirbhar Bharat, he added. During the September quarter, the company's earnings before interest, taxes, depreciation, and amortisation was at Rs 1,231 crore, up by 80% y-o-y. "The board also approved the proposal to explore the option for selling/liquidating/divesting equity stake in its subsidiary, PT Jindal Stainless, Indonesia (PTJSI), at Gresik, Indonesia," the statement said. "The decision was taken in the wake of unfavourable market conditions in Indonesia due to the lack of a level-playing field and competition with Chinese products," it said. Most of the Indonesian market is dominated by Chinese players, and therefore, major markets such as the US and the EU have levied severe trade protection measures on exports of stainless steel products from Indonesia. The Board of Directors also approved an interim dividend Re 1 per equity share (face value of Rs 2 each) for FY24. The record date for determining the entitlement of shareholders has been set as October 28. The dividend shall be paid on or before November 17, the company said, adding that the aggregate payout will be nearly Rs 82.34 crore. The sales volume for the second quarter stood at 543,619 metric tonnes, up by nearly 26% y-o-y, owing to robust domestic demand. Ahead of the upcoming festive season, the company's sales in the auto segment -- besides other consumer-facing segments -- witnessed an uptick, the statement said.

Jindal Stainless Q2 net profit more than doubles to Rs 764 crore

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>'s top steelmaker said it would stop importing Russian coal. </li><li><keyword id="11942049" type="UNKNOWN" weightage="60" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> cited "uncertainties" over <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s supply given the repercussions of Western <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>. </li></ul>India's top steelmaker said it would stop importing Russian coal due to "uncertainties" created by Western sanctions, <a href="https://www.ft.com/content/25fde8d4-bbf0-4d08-8c7b-94b5f854d865">the Financial Times first reported.</a>Tata Steel was India's biggest importer of Russian coal in the first quarter, bringing in 617,000 tonnes, according to data from CoalMint cited by the FT. But Tata placed those orders before Russia invaded <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>."To ensure business continuity, we have sourced alternative supplies of raw materials as transactions with Russian suppliers and bankers at present come with a lot of uncertainties as a result of international sanctions imposed on Russia," a spokesperson for Tata Steel told the FT. The company's decision to halt Russian coal imports comes despite India's willingness to buy Russian oil, which New Delhi has <a href="https://www.theguardian.com/world/2022/mar/31/india-defends-buying-discounted-russian-oil-despite-appeal-by-truss">vehemently defended</a> while other governments have banned it or are heading that way.But analysts have noted that sanctions on Moscow have made making payments for its commodities trickier. Russia has demanded that buyers for their products pay in rubles to side step the dollar and other currencies.And while India and Russia have flirted with local currency payments for business transactions, concrete plans have yet to come to fruition. Meanwhile India has an insatiable need for coal. In addition to relying heavily on coal for making steel, the country uses coal for 70% of its power grid and is currently experiencing an unusually strong heatwave that has shuttered 20 coal plants in the country.

India's top steelmaker will stop importing Russian coal due to 'uncertainties' created by Western sanctions on Moscow

The process of the world's transition towards 'net-zero' needs to be inclusive to avoid accentuation of social inequality challenge and the 'exemplary progress' made by <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in the area is worthwhile for the global community to look at, <keyword id="6357073" type="DOMAIN" weightage="20" keywordseo="itc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="itc" meta.entityname="ITC Ltd." meta.entityid="13554" meta.seoname="itc-ltd">ITC</keyword> Chairman and Managing Director <keyword id="1968926" type="General" weightage="50" keywordseo="sanjiv-puri" source="Orion">Sanjiv Puri</keyword> said on Monday. In his address at the Business-20 (B20) India inception meeting in Gandhinagar, <keyword id="4903" type="General" weightage="100" keywordseo="puri" source="Orion">Puri</keyword> also called for collective efforts in the G-20 and global community to come together to find solutions in a collaborative fashion for a sustainable future. "The fact that the world has to transition to net-zero, the fact that the world needs to move to a more sustainable and greener future is well acknowledged and understood. However, as we all know, progress has not been adequate," Puri said at the meeting organised by <keyword id="6358345" type="General" weightage="50" keywordseo="cii" source="Orion">CII</keyword>. There are challenges, there are critical, financial and social issues that need to be addressed, to accelerate progress, he added. "It is important as we traverse this complex journey that the process is inclusive, no country, no community, no enterprise should be excluded in the process. Otherwise, the whole challenge of social inequality will only get accentuated," Puri cautioned. In this context, he said,"I think it would be worthwhile to look at the manner in which India has made exemplary progress in this area. India is on its way to deliver on the NDCs (Nationally determined contributions) that India has committed. It's in fact the only country amongst the G-20 that is in a position to do so." Whilst India has made appreciable progress through purposeful policy interventions, he said,"Equally it has recognised the need for an inclusive process. The focus on <keyword id="6358354" type="General" weightage="50" keywordseo="msme" source="Orion">MSME</keyword>, the focus on rescaling, upskilling, I think the whole India stack of digital provides the vehicles for collaboration and inclusive growth." <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata steel" meta.entityname="Tata Steel Ltd." meta.entityid="12902" meta.seoname="tata-steel-ltd">Tata Steel</keyword> CEO and Managing Director TV Narendran agreed that there was a need to move towards a sustainable future by taking along all the stakeholders. "There are millions of people who are working in the coal or the fossil fuel ecosystem. How do you, as you transition into renewable energies, rescale those workers or how do you make sure that you deal with the socio-economic consequences of the changes that we are bringing about particularly in developing countries where the socio-economic consequences are going to be immense," he said. He asserted that there are multiple areas that "we need to work on and I think there is a need for us to now get into the details and get into those milestones that we need to achieve over the next few years, even as we chase the goals that you've set for the next few decades." Puri termed the journey ahead as "complex" with focus on many areas needed and said,"it requires all of us collectively, in G-20 and the global community to come together and find solutions in a collaborative fashion while delivering our own promises." He cited the example of collaboration in the <keyword id="3155010" type="General" weightage="50" keywordseo="international-solar-alliance" source="Orion">International Solar Alliance</keyword> and said it has brought the world together to harness the power of solar energy. "Similarly, there are many other areas we need to collaborate on and put our heads together and forge ahead," Puri said adding, enterprises as large economic organs of society must lead the way. He further said,"We (enterprises) are also users of a lot of societal resources. It's good that there is greater amount of interest, better trust amongst corporates, but I think the movement needs to be made much faster, the movement needs to be made much more inclusive, much more widespread." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-plans-to-launch-at-least-five-ipos-between-2026-to-2028/slidelist/97248256.cms">Gautam Adani plans to launch at least five IPOs between 2026 to 2028</a>

Transition to net-zero should be inclusive to avoid accentuation of social inequality, says ITC CMD Puri

<keyword id="6357147" type="General" weightage="80" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> on Monday said it has started a trial injection of hydrogen gas in a blast furnace at its plant in <keyword id="6355573" type="General" weightage="100" keywordseo="jamshedpur" source="Orion">Jamshedpur</keyword>, <keyword id="6360371" type="General" weightage="20" keywordseo="jharkhand" source="Orion">Jharkhand</keyword>. The company has six blast furnaces at its plant in Jamshedpur. "Tata Steel has commenced the trial injection of hydrogen gas using 40 per cent of the injection systems in 'E' blast furnace at Jamshedpur. This is the first time in the world that such a large quantity of hydrogen gas is being continuously injected in a blast furnace," it said in a statement. The trial started on April 23 and is expected to continue for 4-5 days on a continuous basis. It will provide valuable insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and subsequent CO2 emissions from the blast furnace, the statement said. Tata Steel said the trial has the potential to reduce the coke rate by 10 per cent, translating into around a 7-10 per cent reduction in CO2 emissions per tonne of crude steel produced. "The trial of hydrogen gas injection in a blast furnace at <keyword id="13854067" type="General" weightage="50" keywordseo="jamshedpur-works" source="Orion">Jamshedpur Works</keyword> is an important milestone in our journey towards net zero emissions. "We are confident that this trial will provide valuable insights into operating blast furnaces with hydrogen and help us identify the next steps towards achieving our goal of a leaner carbon future," <keyword id="169184" type="General" weightage="50" keywordseo="uttam-singh" source="Orion">Uttam Singh</keyword>, Vice President, Iron Making at Tata Steel, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/rils-q4-performance-keeps-brokerages-bullish-on-the-companys-prospects/articleshow/99725935.cms">RIL’s Q4 performance keeps brokerages bullish on the company’s prospects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sc-closes-contempt-case-against-lalit-modi-with-a-warning/articleshow/99725774.cms">SC closes contempt case against Lalit Modi with a warning</a>

You Searched For "Steel Imports" and got 12 results

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