Articles in Category: Imports

India

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A budgetary proposal by the Indian government to reduce steel duties has divided the Indian steel sector.

India proposes reduction in steel duties

In her 2021 budget speech presented in parliament earlier in the week, Finance Minister Nirmala Sitharaman proposed reducing customs duty on imports of semi-flat steel. She proposed cutting the duy for the steel, used to make ships, bridges, line pipes and other equipment, from 12.5% to 7.5%.

Furthermore, the customs duty on longs — used to make rails and wire rods — may also be reduced from the present 10% to 7.5%.

Another proposal called for revoking anti-dumping and countervailing duties on straight length bars and rods of alloy steel, high-speed steel of non-cobalt grade flat-rolled product of steel, plated or coated with an alloy of aluminum or zinc.

At least initially, the move could be interpreted as India opening its doors to cheaper steel and reducing the tax on shipments of the alloy amid surging prices at home.

The chief executives of some of global steelmakers such as JSW and Tata Steel have opined that this would not allow any increase of flow in these steel items. Meanwhile, others fear it will have a negative impact on the profitability of domestic players.

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Changan

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This morning in metals news: Ford Motor Co. announced Changan Ford will manufacture the new all-electric Mach-E SUV in China for local customers; the U.S.’s monthly deficit declined from November to December; and U.S. steel imports fell by 21% last year.

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Changan Ford to manufacture new Mach-E

Changan Ford will manufacture Ford’s new all-electric SUV, the Mach-E, in China for local customers, Ford announced Thursday.

“A breakthrough vehicle in Ford’s electrification strategy, Mustang Mach-E will set new standards in style and performance in the Chinese high-end EV market when it becomes available in China later this year,” Ford said.

The Mustang Mach-E will boast a range of over 600 kilometers (373 miles).

U.S. trade deficit dips in December

The U.S. posted a trade in goods deficit of $82.5 billion in December, the Census Bureau reported.

Meanwhile, the November trade deficit reached $85.5 billion.

Steel imports fall 21%

In steel trade flows, the U.S.’s imports of steel fell by 21.2% last year, the American Iron and Steel Institute reported.

The U.S. imported 22.0 million net tons in 2020. Furthermore, steel import market share reached 18%.

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India and US flags

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It is too early to talk of the direction US-India relations will take under US President Joe Biden’s administration.

But Indian trade circles are keeping a close eye on trade-related developments with a hopeful eye.

Hopes for better US-India relations

Much of the hope for better US-India relations focuses on the desire that the US will focus more on its bilateral ties with India because of the former’s strained relation with China, and why the US would benefit from such a move.

China will be on the new US administration’s mind as it assesses the Indo-US trade relationship. For now, though, the Biden administration has made it clear it would not considering any new free trade deals. Furthermore, it’s unclear whether the Biden administration will maintain or rescind existing Section 232 steel and aluminum tariffs.

The two countries have a lot going on together. The two have a robust bilateral trade. Through the first 11 months of 2020, the U.S. imported goods from India worth $46.3 billion and exported about $24.6 billion in goods. In addition, the countries have cooperation in defense and an ever-increasing reliance on each other in the field of energy.

The appointment of four Indian-Americans to senior posts in the Department of Energy (DOE) is being seen as a positive. Energy expert Tarak Shah was appointed as the department’s chief of staff, making him the first Indian-American to serve in the position. The DOE said the new leaders will direct policy and enact Biden’s vision for “bold action on the climate crisis.”

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imports

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This morning in metals news: U.S. steel imports in December picked up compared with the previous month; President Joe Biden’s nomination for secretary of commerce, Rhode Island Gov. Gina Raimondo, faced her Senate confirmation hearing yesterday; and the E.U.’s ambassador to the United States called on Biden to reach a resolution on aluminum tariffs and the long-running subsidy saga between Airbus and Boeing.

Steel imports rise in December

U.S. steel imports reached 1.4 million tons in December, up from 1.2 million tons the previous month, the Census Bureau reported today.

Steel import rises were seen for oil country goods, plates in coils and hot rolled sheets. Meanwhile, imports declined for: blooms, billets, and slabs; reinforcing bars; and hot dipped sheets and galvanized strip.

In addition, imports surged from South Korea, rising from 115,332 metric tons in November to 201,332 metric tons in December.  Meanwhile, imports from Germany, Turkey and Thailand declined.

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Biden’s DOC pick on China, tariffs

With respect to trade policy, among the most important questions surrounding the Biden administration are how the new administration’s policy will compare with Trump’s on China and Section 232 tariffs (covering steel imports, in addition to aluminum).

On Tuesday, Rhode Island Gov. Gina Raimondo answered questions at her Senate hearing on the heels of her nomination for secretary of commerce.

However, after the hearing, questions still remain.

The Washington Post reported Raimondo promised an “aggressive” approach against China’s “unfair” trade practices. However, she did not detail how she would approach the Section 232 steel and aluminum tariffs Trump imposed in 2018.

E.U. ambassador calls on Biden to nix aluminum tariffs

Meanwhile, in Europe, the E.U. ambassador to the U.S. has called on President Joe Biden to remove the aforementioned aluminum tariffs and resolve the dispute over subsidies for airplane manufacturers Boeing and Airbus, Reuters reported.

Furthermore, the ambassador, Stavros Lambrinidis, also called on the U.S. to allow for the work of the WTO’s Appellate Body to restart. During the Trump administration, the U.S. blocked the appointment of new judges, leaving the body without a quorum to hear new appeals.

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copper coils stacked

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China has had a fraction of the deaths and hospitalizations from the COVID-19 pandemic that Western societies have had. Furthermore, China had an economic bounceback that saw its GDP rise 2.3% last year.

China’s bounceback

The rebound has been impressive.

Construction of new high-speed train lines to smaller provincial cities and new motorways connecting remote cities left behind in previous plans in part drove the recovery.

The housing sector has also boomed. Overseas demand has boosted manufacturing, particularly PPE and electronic goods, even as other exporters have suffered by lockdowns in those markets.

In the longer term, further debt and a swing back to manufacturing from the earlier pivot to consumption will not do the economy or China any good.

For now, however, the economy is humming. Tailwinds from both stimulus and pent-up savings should keep the economy growing strongly in the first half of 2021.

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January 2021 MMI trends chartBefore we head into the weekend, let’s take a quick look back at the week that was and the metals storylines here on MetalMiner, including the release of the January 2021 MMI, a look at what might happen to the iron ore price and much more.

Inauguration Day draws near for President-elect Joe Biden, leaving metals industry groups to wonder what happens next for President Donald Trump’s signature metals policy: Section 232 tariffs on steel and aluminum imports. Whether Biden ultimately chooses to maintain those measures or do away with them remains to be seen, but metals watchers will be eyeing those developments closely.

As for metals prices, some price gains slowed down amid the festive season, but some have resumed their upward ascent in early 2021. Copper, for example, crossed the $8,100 per metric ton threshold earlier this month.

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imports

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This morning in metals news: U.S. import prices rose in December; the Aluminum Association commented on potential changes to the Section 232 aluminum tariff program; and November steel shipments dropped by 11.9%.

U.S. import prices gain by 0.9% in December

U.S. import prices jumped by 0.9% in December, per the Bureau of Labor Statistics. Furthermore, the December increase marked the largest jump in import prices since August.

Meanwhile, U.S. export prices rose by 1.1% after rising by 0.7% in November.

Aluminum Association calls for ‘targeted, multilateral’ approach

We previously noted several industry groups’ recent call for the incoming Biden administration to maintain existing steel tariffs and quotas.

In that vein, the Aluminum Association offered its own comments on the Section 232 aluminum tariff program.

“The Aluminum Association continues to favor a targeted approach to trade enforcement,” Aluminum Association President and CEO Tom Dobbins said in a prepared statement. “Across-the-board tariffs have failed to dent the non-market-based structural subsidies that drive overcapacity and hurt U.S. aluminum producers and workers. We look forward to working with President-elect Biden’s trade team on new, creative approaches to combat this perennial challenge, including renewed cooperation with traditional trading partners and allies.”

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steel tariff

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This morning in metals news: several industry groups urged President-elect Joe Biden to continue existing steel tariffs and quotas; Germany’s OGE and Thyssenkrupp and Norwegian energy company Equinor are collaborating to mitigate emissions; and Norsk Hydro and Nuvosil are working on aluminum and silicon recycling technology.

Industry groups urge Biden to keep steel tariffs

President Donald Trump in 2018 used Section 232 of the Trade Expansion Act of 1962 to impose steel tariffs of 25%.

The steel tariffs remain in place, as does the 10% tariff on aluminum.

President-elect Joe Biden is set to take office next week. As such, many have wondered how the former vice president’s trade policy will differ from Trump’s approach.

In a joint letter, the American Iron and Steel Institute (AISI), Steel Manufacturers Association (SMA), the United Steelworkers union (USW), The Committee on Pipe and Tube Imports (CPTI) and American Institute of Steel Construction (AISC) urged Biden to keep the steel tariffs in place.

“Continuation of the [steel] tariffs and quotas is essential to ensuring the viability of the domestic steel industry in the face of this massive and growing excess steel capacity,” the statement reads.

The letter adds that removing or weakening the measures will invite a “new surge” in imports.

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OGE, Thyssenkrupp, Equinor work together to curb Duisburg emissions

According to Reuters, German firms OGE and Thyssenkrupp and Norwegian energy company Equinor will work together to curb emissions from Thyssenkrupp’s plant in Duisburg, Germany.

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E.U. flag

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This morning in metals news: new E.U. duties on iron and steel imports from Turkey take effect today; meanwhile, the Aluminum Association commented on President-elect Joe Biden’s nomination for the post of secretary of commerce; and natural gas prices fell to their lowest levels in decades last year.

Cut-to-length adders. Width and gauge adders. Coatings. Feel confident in knowing what you should be paying for metal with MetalMiner should-cost models.

E.U. duties on Turkish iron, steel

E.U. duties on Turkish iron and steel imports are set to take into effect today, Reuters reported.

According to the report, the anti-dumping duties will range from 4.8-7.6%.

Meanwhile, the European Steel Association (Eurofer) in May 2020 filed the initial complaint that sparked the probe. In September 2020, Eurofer petitioned for the registration of Turkish hot-rolled steel imports.

Elsewhere, MetalMiner contributor Christopher Rivituso earlier this week surveyed the Turkish steel market.

Aluminum Association comments on Biden’s pick to lead DOC

On the heels of President-elect Joe Biden’s announcement that he intends to nominate Rhode Island Gov. Gina Raimondo for the post of secretary of commerce, the Aluminum Association released a statement.

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China and Australia flags

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Nobody yet is quite sure whether Australia and China’s spat over coking coal imports will eventually turn out to be a case of bad politics making good economics or bad economic sense making for good politics.

While politics between China and Australia is part of the reason for the former to have completely banned the import of coal from the latter, it has led to churn in the Asian the rest of the global coal markets.

With China not lifting the ban despite it being a new year (as some had anticipated), the volatility in the markets is likely to continue.

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China’s coking coal import ban

In the last quarter of 2020, a verbal ban by China to halt all Australian coke was followed up with a formal one.

Coking coal import prices then declined by 24% from early-October to mid-December. Why? Because market players expected a glut in the global coal market in the medium term.

This game of Chinese checkers is not relegated to only the two players, China and Australia.

Ripple effects

India, Japan, and a host of other Asian and Southeast Asian nations have started to feel the after-effects.

Of late, according to this report by CNBC, major Chinese cities have started suffering power cuts because of the Chinese authorities limiting power usage while citing a shortage of coal.

What’s more, Chinese coal prices have shot up due to the reported shortage.

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