Business
Chinese imports: India imposes 12% tariff on steel inflows; aims to curb cheap shipments with safeguards – The Times of India
India rolled out a new trade measure on Tuesday, imposing safeguard duties on certain steel imports for a period of three years. The move comes as a push to protect domestic manufacturers from a surge in low-cost overseas supplies, particularly from China.As per a finance ministry notification, the safeguard duty will stand at 12% in the first year, ease to 11.5% in the second, and fall further to 11% in the final year. The decision follows a detailed probe into import trends and their impact on local producers.The levy will apply to steel shipments from countries including China, Vietnam and Nepal. However, imports from some developing nations have been kept outside the scope of the measure. The order also makes it clear that specialty steel products, such as stainless steel, will not be covered under the safeguard duty.The directorate general of trade remedies, which examined the matter, recommended the three-year tariff after observing a “recent, sudden, sharp and significant increase in imports … causing and threatening to cause serious injury to the domestic industry,” the order stated. The latest move builds on an earlier step taken in April, when the government imposed a temporary 200-day safeguard duty of 12% on similar steel products, according to a Reuters report.Officials from the federal steel ministry have repeatedly stated that unchecked inflows of cheap and sub-standard steel could harm India’s domestic steel sector, prompting the need for protective measures.The decision also comes against the backdrop of growing global trade tensions in the steel market. US President Donald Trump’s import tariffs on steel have intensified scrutiny of Chinese exports, leading countries such as South Korea and Vietnam to introduce anti-dumping duties earlier this year.
The Felix Project is among the organisations feeling the effects of increased costs due to the conflict in Iran.
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Crude oil soars as Middle east conflict chokes supply routes, Hormuz concerns stokes panic – SUCH TV
Crude oil prices climbed on Monday on continuing fears of supply losses because of shipping disruptions in the key Middle East producing region from the US-Israeli war with Iran.
Brent crude futures rose $1.71, or 1.6%, to $110.74 a barrel by 0057 GMT. US West Texas Intermediate crude futures gained $0.71, or 0.6%, to trade at $112.25 per barrel.
On Thursday, the last trading day before the Good Friday holiday break, WTI settled up more than 11%, and Brent soared nearly 8% in volatile trading, recording their biggest absolute price increase since 2020, as US President Donald Trump promised to continue attacks on Iran.
The Strait of Hormuz, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed by Iranian attacks on shipping after the war began on February 28.
Because of the Middle East supply disruptions, refiners are seeking alternative sources for crude, particularly for physical cargoes in the US and the UK North Sea.
“Global buyers are bidding aggressively for (US) Gulf Coast barrels, and Brent is rallying even faster,” the Schork Group said in a client note on Monday.
On Sunday, Trump ratcheted up pressure on Tehran, threatening in an expletive-laden Easter Sunday social media post to target Iran’s power plants and bridges on Tuesday if the strategic Strait of Hormuz is not reopened.
Still, some vessels, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, crossed the Strait of Hormuz since Thursday, shipping data showed, reflecting Iran’s policy to allow passage for vessels from countries it deems friendly.
The war threatens to linger on as Iran has officially told mediators it is not prepared to meet with US officials in the Pakistani capital, Islamabad, in the coming days, and efforts to produce a ceasefire have reached a dead end, the Wall Street Journal reported on Friday.
On Sunday, OPEC+, consisting of some members of the Organisation of the Petroleum Exporting Countries and allies such as Russia, agreed to a modest rise of 206,000 barrels per day for May.
However, that decision will largely exist on paper as several of the group’s key producers are unable to raise output due to the war.
Russian supply has been disrupted recently by Ukrainian drone attacks on its Baltic Sea export terminal. Media reports on Sunday said its Ust-Luga terminal resumed loadings on Saturday after days of disruptions.
Trump wrote: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah. President DONALD J. TRUMP”.
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