Indian Steel Asks For Safeguards, Hedge Funds Make Big Bearish Bet On US Oil

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Indian steel companies are asking for safeguards and some US hedge funds are placing big bear bets on domestic oil prices.

Tata, SAIL Want Safeguard Duties

Indian steel companies reeling under mounting imports from China, South Korea and Japan have urged the government to impose safeguard duties, to protect the domestic industry from the onslaught of cheaper imports, the Economic Times reports. Safeguards are measures designed specifically to protect local industry that go beyond anti-dumping or countervailing duties as outlined by the World Trade Organization.

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Safeguard duties are levied on imports as a temporary measure by the government to protect the local industry when they perceive a threat from a sudden surge in imports. State-owned Steel Authority of India (SAIL) and private steel makers such as Tata Steel have jointly filed a petition with the Director General of Safeguards (DGS) seeking the duties.

Hedge Funds Betting Against Oil

A relatively small group of hedge fund managers has placed a record bet on US oil prices declining further in the months ahead.

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Hedge funds and other money managers had accumulated gross short futures and options positions totaling 163 million barrels in the main NYMEX light sweet crude contract by Aug. 11, according to data released by the Commodity Futures Trading Commission.

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