This Morning in Metals: India Mulls Increasing Duty on Steel Imports
This morning in metals news, India is considering upping its steel import duty, China’s spending on subways could assist its steel sector and an update in the Rusal sanctions saga.
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Supporting the Rupee
In order to give support to its currency, the Indian government is considering increasing its import duty on some steel products, according to a Reuters report.
Current duties range from 5% to 12.5%, according to the report, while the government is considering raising the duty to 15%.
Steel and Subways
China’s push toward subway investment could be a boon for its steel sector, Reuters reported.
Last month, the cities of Suzhou and Changchun announced plans to spend the equivalent of billions of dollars to add approximately 1,000 miles to their underground subway systems, according to the report.
A Little Leeway
With the Oct. 23 deadline approaching, many are wondering if the U.S. will in fact rescind the sanctions imposed back in April on Russian companies (including aluminum giant Rusal).
Even so, a new development could help to mitigate the type of market reaction seen in April, when aluminum prices skyrocketed on the news of the sanctions.
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According to Bloomberg, the U.S. Treasury Department is allowing Rusal’s existing customers to negotiate new contracts.
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