The Federation of Indian Mineral Industries (FIMI) has sought rationalisation of tax on mining, and exemption from export duties on iron ore and bauxite. In a press statement before its 52nd Annual General Meeting, the industry body said taxes and royalty for mining in India are the highest in the world. “Effective Tax Rates (ETRs) […]
China cut 80 million tonnes of coal production capacity and 24.7 million tonnes of steel capacity from January to July 2018, an official from the National Development and Reform Commission (NDRC) said at a briefing on Thursday. The state economic planning agency said in March it aimed to reduce coal capacity by around 150 million […]
China, supplier of more than half the world’s steel, produced a record amount in July as mills boost runs to benefit from healthy margins amid a boom in prices to the highest level in six years. Output of crude steel climbed 7.2 percent on year to 81.24 million metric tons, according to data from the […]
Tata Steel’s first quarter consolidated profit more than doubled to Rs 1,933.8 crore compared to Rs 921.1 crore in the corresponding period last fiscal, driven by growth across the board. Revenue during the quarter grew by 27.6 percent to Rs 37,832.8 crore from Rs 29,657.3 crore in year-ago, led by growth in all subsidiaries on […]
The steel industry has urged the government to levy export duty of 40 per cent on graphite electrodes, one of the key raw materials, to improve domestic supply and bring down prices. The industry also wants the government to remove the country-specific high anti-dumping duty of $238 -900 a tonne levied on graphite imports. The […]
India is being hit by a wave of steel from producers in Japan and South Korea, a government document showed, as mills there redirect supply after U.S. President Donald Trump slapped an import duty on the alloy earlier this year. During the first quarter of the fiscal year starting in April, India’s steel imports from […]
JSW Steel has emerged as the highest bidder for the stressed assets of Bhushan Power and Steel, relegating Tata Steel to the third position after Liberty House. On Monday, JSW Steel also revised its bid from the earlier Rs19,000 crore to Rs19,700 crore, while Tata Steel surprisingly retained its initial bid of Rs17,000 crore. UK-headquartered […]
Demand for steel in India is likely to see an annual growth of 10-11 per cent over the next three years, buoyed by a firming trend in the construction sector, among other factors, an official said. “Going forward we have the potential of domestic steel demand growing at 10-11 per cent for another three years […]
Japan’s export growth slowed in July, with shipments of cars to the United States sinking and as global trade disputes cast doubt over demand for products from the world’s third-biggest economy. Exports rose 3.9 percent from a year earlier, Finance Ministry data showed on Thursday, well below the 6.3 percent increase forecast by economists in […]
U.S. economic growth will probably accelerate this year before slowing in 2019 to well below the Trump administration’s 3 percent target as a fiscal stimulus fades, congressional researchers projected on Monday. In an updated economic outlook, the nonpartisan Congressional Budget Office (CBO) projected that inflation adjusted or real gross domestic product (GDP) would grow 3.1 […]