rss icon Subscribe
desktop mobile

US Steel Import Curbs Seen Scuttling India's Rising Exports

© Raja Stills / Adobe Stock

By Neha Dasgupta

India's ambition to become a major steel exporter could be disrupted by U.S. import curbs, Steel Minister Chaudhary Birender Singh said, underscoring the need for free trade.
"Our exports have increased substantially, about 40 percent growth during January to December (2017)," Singh told Reuters in an interview on Tuesday.
"What I foresee is that our exports are going to grow. In that case, these kind of disturbances should not take place."
Last week, U.S. President Donald Trump set import tariffs of 25 percent on steel and 10 percent on aluminium, to come into force in 15 days, a disputed move that threatens to spiral into a trade war.
India's stance, Singh said, will be to call for unrestricted trade and watch for responses from other steel-producing countries.
"We can't remain in isolation," Singh said, adding it had similar interests to those of other steel-producing countries.
"We are not exactly in wait and watch mode but the pace and intention of the other steel producing countries should also be watched closely."
According to a Feb. 22 note prepared by the steel ministry, India expects a loss of $130 million due to the U.S. import tariffs, which accounts for just 5 percent of the country's total steel exports.
India was already expecting a 6 percent fall to 333,656 tonnes in exports to the United States for 2017/18, it said.


(Reporting by Neha Dasgupta; Editing by Malini Menon and Jason Neely)

Mar 13, 2018

 

Bulk Carriers

Koch Shipping Signs Charter Deal for Diana's Bulker m/v Philadelphia

m/v Philadelphia. Photo: Diana Shipping Inc.

Diana Shipping  announced that, through a separate wholly-owned subsidiary, it has entered into a

Cargill Aims to Cut Ship Emissions 15% by 2020

© Lidian Neeleman / Adobe Stock

Cargill Inc aims to cut carbon emissions from its international shipping unit by as much as 15

Australia's Port Kembla Reopens after Bulker Fire

(Photo courtesy Photo: Fire and Rescue NSW)

A fire in the hold of a bulker ship on Monday briefly closed Australia's Port Kembla

Finance

Cruise Ship Construction: China Rising

3.jpg

China earns cruise newbuild business, aims for ship financeWhile China has steadily built

Danaos Corporation Refinances USD 2.2bln in Debt

Image: Danaos Corporation

Danaos Corporation, a leading international owner of containerships, has reached an agreement

Schulte Group Confirms Cypriot Connection

(Photo: Courtesy Helix)

The Cyprus shipping sector continues to make news, as Dr. Heinrich Schulte, the chairman of the

Maritime Apps