India's import duty onstainless steel up to 7.5%
India’s government has announced toincrease import tax on stainless steel flat rolled products to provide animpetus to the domestic stainless steel makers.
The import duty will be increased to 7.5% from current 5% against surge inimports, said the Finance Minister.in an effort to against with surge inimports.
The third largest consumer and producer of stainless steel in the worldimported around 307,226 tons of stainless steel products in 2013, up by almost30% from the previous year.
The country’s stainless steel consumption is expected to reach around 3.5million tons by 2015.
EUROFER: EU steelimports expected to see sharp increase in 2014
According to the Economic and Steel MarketOutlook 2014-2015/Q3 2014 Report from the Economic Committee of the EuropeanSteel Association (EUROFER), following annual growth of three percent in thefirst quarter of the current year, steel imports into the EU continued to risein May and April.
Underlying data at the product level signal that, while most flat productimports were on a rising trend in April and May, particularly quarto plateimports continued to rise substantially. Meanwhile, imports of all longproducts were significantly higher, but the overall rise so far this year isdominated by rebar. This reflects sharply risen imports from Turkey as well ashigh tonnages from China arriving in the UK.
Saudi officialcriticizes US anti-dumping duties on steel pipes
It is reported that Feras Abal-Khai,spokesman of Saudi Export Development Authority (SEDA) commented on thedecision of the US Department of Commerce (DOC) last week to imposeanti-dumping duties on imports of steel pipes and tubes, said that the measurewill weaken the competitive edge of the Kingdom’s products in the US markets.
Abal-Khail affirmed that Saudi Arabia works constantly to protect its intereststhrough World Trade Organization (WTO), investigations are under way in the USto verify whether the new duties are in consistent with US laws and WTOregulations, he said.
European Commissionapproves combination of SSAB, Rautaruukki
It is reported that the European Commission(EC) has approval Swedish steelmaker SSAB’s combination with Rautaruukki Corp.
According to the EC, SSAB will divest steel service centers in Sweden andFinland, a 50% stake in Norsk Stål AS (NS) and Norsk Stål Tynnplater AS (NST),Finnish Plannja Oy and Finnish Tibnor Oy.
SSAB said it will immediately start the divestiture process. SSAB andRautaruukki Corp. produce and distribute carbon steel and steel constructionproducts in the market.
Rio Tinto lifts ironore, copper output
Rio Tinto, the world's second largestiron-ore producer, said the company’s production guidance remains unchanged at295 million tons in 2014 from its global mines in Australia and Canada, up from266 million tons in 2013.
The company produced 73.1 million tons of iron ore in the second quarter, up by10% from the previous quarter. During the first six months, output of iron oretotaled by 139.5 million tons, a 10% increase on the same corresponding perioda year ago.
Meanwhile, the company will raise its guidance for copper output to 585,000tons, up by 15,000 tons. Output of refined copper will also increase by 40,000tons to 300,000 tons.
