The people of New Zealand are mourning as the production of country's cheapest sparkling wines has come to an end.&nbsp;

The death knell has sounded for the $10-a-bottle Bernadino spumante, colloquially known as “Bernadino spewmante”, “Bernie” or “the best party plonk”.

Lion New Zealand, the liquor company that owns and distributes Bernadino, told that it was stopping production due to rising costs.

A spokesperson was quoted by The Guardian as saying, "The sparkling wine category is very competitive and with costs rising, unfortunately, it has become commercially unviable to continue its production at this time".

<a href="https://www.wionews.com/world/bill-gates-regrets-meeting-convicted-sex-offender-epstein-403409">Also read |&nbsp;Bill Gates regrets meeting convicted sex offender Epstein</a>

Usually priced between $10 and $12, and with a mid-range alcohol content of 9.5 per cent, Bernadino has long been a popular coming of age drink for young Kiwis, and equally enjoyed by older drinkers.

South City Liquorland store took to its official Facebook handle and announced its demise.&nbsp;

Duty manager Conner Bray was quoted by Stuff as saying, "We were sitting in our group chat last night saying ‘this is getting out of hand – it's at 400 comments’ and then someone only an hour later said ‘it’s at 2000 comments".

The people of New Zealand are mourning as the production of country's cheapest sparkling wines has come to an end. The death knell has sounded for the $10-a-bottle Bernadino spumante, colloquially known as “Bernadino spewmante”, “Bernie” or “the best party plonk”.

The people of New Zealand are mourning as the production of country's cheapest sparkling wines has come to an end. The death knell has sounded for the $10-a-bottle Bernadino spumante, colloquially known as “Bernadino spewmante”, “Bernie” or “the best party plonk”. Lion New Zealand, the liquor company that owns and distributes Bernadino, told that it was stopping production due to rising costs. A spokesperson was quoted by The Guardian as saying, "The sparkling wine category is very competitive and with costs rising, unfortunately, it has become commercially unviable to continue its production at this time". Also read | Bill Gates regrets meeting convicted sex offender Epstein Usually priced between $10 and $12, and with a mid-range alcohol content of 9.5 per cent, Bernadino has long been a popular coming of age drink for young Kiwis, and equally enjoyed by older drinkers. South City Liquorland store took to its official Facebook handle and announced its demise. Duty manager Conner Bray was quoted by Stuff as saying, "We were sitting in our group chat last night saying ‘this is getting out of hand – it's at 400 comments’ and then someone only an hour later said ‘it’s at 2000 comments".

End of an era for Bernadino sparkling wine, here is all you need to know

In a double hit to the US planemaker's COVID-19 pandemic recovery, Boeing said it will cut 787 production after finding another production-related structural defect, and a major customer partially canceled a 737 MAX order.

World Business Watch: Boeing cuts 787 production after discovering new flaw

Boeing Co deliveries slowed even further in May from April as the coronavirus pandemic's crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday.

The US&nbsp;planemaker said it handed over just four planes in May, down from the six it delivered in April, its lowest total for the month in six decades and about 87 per cent&nbsp;fewer than it delivered to customers at the same time a year ago.

Deliveries are financially important to planemakers because airlines pay most of the purchase price when they actually receive the plane.

Customers also canceled orders for another 18 planes last month, including 14 MAX jets that were the company's top-selling plane until a pair of crashes just over a year ago.

While Boeing resumed production last week and expects to make deliveries of the MAX in the third quarter, many aircraft leasing companies and airlines, including Southwest Airlines, United Airlines, and Brazil's GOL have canceled or deferred delivery as the industry faces a collapse in air travel since January.

Earlier on Tuesday, Reuters reported Emirates, one of the world's biggest long-haul airlines, laid off hundreds of pilots and thousands of cabin crew.

Boeing shares fell more than 3 per cent&nbsp;by the early afternoon.

Boeing did score nine new orders for wide body planes and its deliveries included two 777 freighters, one 737 NG (Next Generation)-based aircraft for the US&nbsp;military and one 767 freighter, but no passenger planes.

The May cancellations came from a host of aircraft-leasing firms, including three from Aviation Capital Group, one from CIT Aviation, four from General Electric Co's leasing division and six unidentified customers.

Leasing firms, which control over 40 per cent&nbsp;of the global fleet, are among the largest MAX customers.

After further accounting adjustments representing jets ordered in previous years but now unlikely to be delivered, Boeing's adjusted net orders sank to a negative 602 airplanes.

Boeing Co deliveries slowed even further in May from April as the coronavirus pandemic's crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday.

Boeing Co deliveries slowed even further in May from April as the coronavirus pandemic's crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday. The US planemaker said it handed over just four planes in May, down from the six it delivered in April, its lowest total for the month in six decades and about 87 per cent fewer than it delivered to customers at the same time a year ago. Deliveries are financially important to planemakers because airlines pay most of the purchase price when they actually receive the plane. Customers also canceled orders for another 18 planes last month, including 14 MAX jets that were the company's top-selling plane until a pair of crashes just over a year ago. While Boeing resumed production last week and expects to make deliveries of the MAX in the third quarter, many aircraft leasing companies and airlines, including Southwest Airlines, United Airlines, and Brazil's GOL have canceled or deferred delivery as the industry faces a collapse in air travel since January. Earlier on Tuesday, Reuters reported Emirates, one of the world's biggest long-haul airlines, laid off hundreds of pilots and thousands of cabin crew. Boeing shares fell more than 3 per cent by the early afternoon. Boeing did score nine new orders for wide body planes and its deliveries included two 777 freighters, one 737 NG (Next Generation)-based aircraft for the US military and one 767 freighter, but no passenger planes. The May cancellations came from a host of aircraft-leasing firms, including three from Aviation Capital Group, one from CIT Aviation, four from General Electric Co's leasing division and six unidentified customers. Leasing firms, which control over 40 per cent of the global fleet, are among the largest MAX customers. After further accounting adjustments representing jets ordered in previous years but now unlikely to be delivered, Boeing's adjusted net orders sank to a negative 602 airplanes.

Boeing jet deliveries sink to just four in May

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023.

German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent&nbsp;drop in global auto sales this year, with declines likely to spill into 2020.

"The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche.

Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation.

"The result is that we need 15 per cent&nbsp;less space, 60 per cent&nbsp;fewer logistics vehicles and are able to move 20 per cent&nbsp;more product," said Tostmann, according to extracts from his Automobilwoche interview.

VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent&nbsp;of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production.

Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023. German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent drop in global auto sales this year, with declines likely to spill into 2020. "The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche. Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation. "The result is that we need 15 per cent less space, 60 per cent fewer logistics vehicles and are able to move 20 per cent more product," said Tostmann, according to extracts from his Automobilwoche interview. VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production. Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to shape up: Production chief

Flooding at a key Coal India Ltd&nbsp;mine in Chhattisgarh will stop production there for at least 30 days, a senior Coal India Ltd official told Reuters on Wednesday.

Large parts of the Dipka mine, which has an annual production capacity of over 30 million tonnes and supplies utilities including NTPC Ltd's plant in Korba, are submerged after embankments of a nearby river broke due to <a href="https://www.wionews.com/india-news/imd-predicts-heavy-rainfall-for-bihar-himachal-pradesh-252582">heavy rainfall</a>, the official said.

"This is a huge loss for us, and is a big setback to our production goals," the Coal India official said.

He declined to be named as he is not authorized to speak to the media.&nbsp;

The flooding comes as Coal India said on Tuesday its output for the six months to end-September was down 6 per cent, with September production falling 23.5 per cent.

The state producer has targeted 660 million tonnes of coal output for the year to end-March 2020, up 8.7 per cent from 606.9 million tonnes it produced in 2018/19.

Coal accounts for about 75 pct of India's power generation, and India wants to arrest rising imports.

However, the government has failed to open the industry to competition, despite passing a liberalization policy 19 months ago.

Flooding at a key Coal India Ltd mine in Chhattisgarh will stop production there for at least 30 days, a senior Coal India Ltd official told Reuters on Wednesday.

Flooding at a key Coal India Ltd mine in Chhattisgarh will stop production there for at least 30 days, a senior Coal India Ltd official told Reuters on Wednesday. Large parts of the Dipka mine, which has an annual production capacity of over 30 million tonnes and supplies utilities including NTPC Ltd's plant in Korba, are submerged after embankments of a nearby river broke due to heavy rainfall, the official said. "This is a huge loss for us, and is a big setback to our production goals," the Coal India official said. He declined to be named as he is not authorized to speak to the media. The flooding comes as Coal India said on Tuesday its output for the six months to end-September was down 6 per cent, with September production falling 23.5 per cent. The state producer has targeted 660 million tonnes of coal output for the year to end-March 2020, up 8.7 per cent from 606.9 million tonnes it produced in 2018/19. Coal accounts for about 75 pct of India's power generation, and India wants to arrest rising imports. However, the government has failed to open the industry to competition, despite passing a liberalization policy 19 months ago.

Coal India's 30 million tonnes Dipka mine to stop output for a month on flooding

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide <a href="https://www.wionews.com/india-news/government-bans-e-cigarettes-citing-health-hazards-250374">ban on electronic cigarettes</a>.

Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of <a href="https://www.wionews.com/world/world-health-organization-says-e-cigarettes-undoubtedly-harmful-238779">e-cigarettes</a>, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India.

Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order.

Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found.

"Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings.

Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier.

Amazon said e-cigarettes are not allowed to be listed or sold on&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=http://Amazon.co.in&amp;source=gmail&amp;ust=1568981438627000&amp;usg=AFQjCNEneKHjksBQXERzXjN7RgagedFjaA" href="http://amazon.co.in/" target="_blank">Amazon.co.in</a>&nbsp;as per its policy and it takes action if it learns about sellers evasively listing a prohibited product.

A source with direct knowledge said that Amazon was working to quickly remove the listings.

Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products.

Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled.

On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children.

India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said.

Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes. Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of e-cigarettes, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India. Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order. Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found. "Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings. Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier. Amazon said e-cigarettes are not allowed to be listed or sold on Amazon.co.in as per its policy and it takes action if it learns about sellers evasively listing a prohibited product. A source with direct knowledge said that Amazon was working to quickly remove the listings. Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products. Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled. On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children. India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said. Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Flipkart, Amazon, others rush to pull vaping devices after India ban

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">Saudi Arabia</a> has yet to comment on the extent of damage on its <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil production</a> but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent&nbsp;of global supply has been affected.

Saudi Arabia, the <a href="https://www.wionews.com/business-economy/opec-cuts-2020-oil-demand-forecast-urges-effort-to-avert-a-new-glut-249037">Organization of the Petroleum Exporting Countries</a>' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity.

Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage.

Industry sources have said Saudi Arabia will be able to restore supply within days.

A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US&nbsp;shale production.

The <a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182">United States has briefly overtaken Saudi Arabia</a> as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer.

Analysts have repeatedly underestimated US&nbsp;output growth gains with the country now producing around 15 per cent&nbsp;of global supply.

Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela.

Both are subject to US&nbsp;sanctions and have seen their exports reduced to a trickle over the past year as US&nbsp;President Donald Trump has tightened sanctions.

Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too.

While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further.

Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019.

WILDCARDS

OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem.

Nigerian exports have also suffered big from disruptions.

Meanwhile, US&nbsp;crude oil production is expected to rise to new records.

However, large US&nbsp;crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide.

The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions.

"We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average.

"Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers. Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent of global supply has been affected. Saudi Arabia, the Organization of the Petroleum Exporting Countries' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity. Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage. Industry sources have said Saudi Arabia will be able to restore supply within days. A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US shale production. The United States has briefly overtaken Saudi Arabia as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer. Analysts have repeatedly underestimated US output growth gains with the country now producing around 15 per cent of global supply. Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela. Both are subject to US sanctions and have seen their exports reduced to a trickle over the past year as US President Donald Trump has tightened sanctions. Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too. While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further. Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019. WILDCARDS OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem. Nigerian exports have also suffered big from disruptions. Meanwhile, US crude oil production is expected to rise to new records. However, large US crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide. The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions. "We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average. "Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

Global spare oil capacity in United States hands after Saudi outage

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> and other countries may agree to extend production cuts in a bid to support prices.

Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US&nbsp;crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31.

US oil gained more than 2 per cent&nbsp;on Monday, while Brent finished the day 1.7 per cent&nbsp;higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday.

Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>'s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term.

A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader.&nbsp;

Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements.

"Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA.

Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on.

Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies.

In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. 
Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31. US oil gained more than 2 per cent on Monday, while Brent finished the day 1.7 per cent higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday. Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of Saudi Arabia's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term. A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements. "Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA. Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on. Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies. In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil hits six-week high on hopes of extended OPEC output cuts

US President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia and added that any agreement with China cannot be a "50-50" deal.

Trump Asks Tariffs Making Companies Leave China, A Deal Can't Be '50-50'

In pictures: Apple CEO Tim Cook earns $15.7 million, salary rises 22%

Oil prices climbed on Monday as the world's biggest supplier&nbsp;Saudi&nbsp;Arabia announced plans to cut production, in the face of fears of oversupply.

Saudi&nbsp;Arabia's energy minister said Monday that oil-producing nations should cut output by one million barrels per day to re-balance the market.

Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to cut supply in 2019, reversing an almost year-long expansion.

Saudi&nbsp;Arabia had said the kingdom would cut its production by 500,000 barrels per day.

Oil prices advanced steadily through Monday, with both Brent Crude and West Texas Intermediate (WTI) seeing gains of more than a dollar per barrel.

"In the short term this is a positive for oil, but we must question the impact longer term unless it’s the sign of more to come from OPEC," said Neil Wilson, chief market analyst at&nbsp;Markets.com.&nbsp;

"Saudi&nbsp;Arabia cannot act alone though -- realistically it needs to pull together OPEC allies, and critically Russia, to curb production if it wants prices to hold. The language from Russia suggests it is not ready to follow the Saudis yet."

Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent Crude dropped below US $70 a barrel for the first time since April.

China focus&nbsp;

In equities, Asian markets were largely flat Monday following lacklustre US trading at the end of last week and&nbsp;nervousness over Chinese growth.

Hong Kong and Tokyo hovered between positive and negative territory, both closing up 0.1 per cent.&nbsp;

Taiwan was flat, Seoul slid 0.3 per cent, and Sydney closed up 0.3 per cent.

"Asia stocks are trading tentatively as global growth worries and uncertainty over the course for oil prices weighs on sentiment," said Stephen Innes, head of trading for Asia-Pacific at OANDA.

"Investors are... left to ponder if this is the beginning of a more definitive downturn or just another wobble."

China's economy is in the spotlight this week, with key monthly data expected Wednesday and stocks tumbling last week on mounting concerns of a slowdown.

Chinese e-commerce giant Alibaba took a record US $30.7 billion in orders on Sunday during its annual "Singles Day" shopping frenzy.&nbsp;

However sales growth slowed to 27 per cent this year from 39 per cent in 2017, adding to mounting concerns over the outlook for the Asian powerhouse.

"But where we can get some comfort from this number is that Chinese consumers are slowing, not collapsing," Junheng Li, founder of JL Warren Capital LLC, told Bloomberg News.

Major retailers got a Single's Day lift in China, with Suning.com gaining 1.5 per cent and Shanghai Bailian Group climbing 2.2 per cent.

China's banking stocks were mixed however after the government gave new guidance on requirements for banks to lend to private companies. Last week bank shares dropped as investors balked at what were seen as unprecedented government demands on lenders.

Industrial &amp; Commercial Bank of China (ICBC), the Bank of China and the China Merchants Banks all started the week with gains.

In Europe, where pressure is mounting on British Prime Minister Theresa May over her Brexit plan, the FTSE opened up 0.6 percent in early trading.

Oil prices climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply. Saudi Arabia's energy minister said Monday that oil-producing nations should cut output by one million barrels per day to re-balance the market.

Oil prices climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply. Saudi Arabia's energy minister said Monday that oil-producing nations should cut output by one million barrels per day to re-balance the market. Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to cut supply in 2019, reversing an almost year-long expansion. Saudi Arabia had said the kingdom would cut its production by 500,000 barrels per day. Oil prices advanced steadily through Monday, with both Brent Crude and West Texas Intermediate (WTI) seeing gains of more than a dollar per barrel. "In the short term this is a positive for oil, but we must question the impact longer term unless it’s the sign of more to come from OPEC," said Neil Wilson, chief market analyst at Markets.com. "Saudi Arabia cannot act alone though -- realistically it needs to pull together OPEC allies, and critically Russia, to curb production if it wants prices to hold. The language from Russia suggests it is not ready to follow the Saudis yet." Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent Crude dropped below US $70 a barrel for the first time since April. China focus In equities, Asian markets were largely flat Monday following lacklustre US trading at the end of last week and nervousness over Chinese growth. Hong Kong and Tokyo hovered between positive and negative territory, both closing up 0.1 per cent. Taiwan was flat, Seoul slid 0.3 per cent, and Sydney closed up 0.3 per cent. "Asia stocks are trading tentatively as global growth worries and uncertainty over the course for oil prices weighs on sentiment," said Stephen Innes, head of trading for Asia-Pacific at OANDA. "Investors are... left to ponder if this is the beginning of a more definitive downturn or just another wobble." China's economy is in the spotlight this week, with key monthly data expected Wednesday and stocks tumbling last week on mounting concerns of a slowdown. Chinese e-commerce giant Alibaba took a record US $30.7 billion in orders on Sunday during its annual "Singles Day" shopping frenzy. However sales growth slowed to 27 per cent this year from 39 per cent in 2017, adding to mounting concerns over the outlook for the Asian powerhouse. "But where we can get some comfort from this number is that Chinese consumers are slowing, not collapsing," Junheng Li, founder of JL Warren Capital LLC, told Bloomberg News. Major retailers got a Single's Day lift in China, with Suning.com gaining 1.5 per cent and Shanghai Bailian Group climbing 2.2 per cent. China's banking stocks were mixed however after the government gave new guidance on requirements for banks to lend to private companies. Last week bank shares dropped as investors balked at what were seen as unprecedented government demands on lenders. Industrial & Commercial Bank of China (ICBC), the Bank of China and the China Merchants Banks all started the week with gains. In Europe, where pressure is mounting on British Prime Minister Theresa May over her Brexit plan, the FTSE opened up 0.6 percent in early trading.

Oil price climbs after Saudi Arabia announces production cuts

Iran has started mass-producing its locally designed Kowsar fighter plane, state television reported on Saturday.

"Soon the needed number of this plane will be produced and put at the service of the Air Force," Defence Minister Amir Hatami said at a ceremony launching the plane's production, which was shown on television.

Meanwhile, the United States will add 700 individuals and entities to its Iran blacklist and pressure the global SWIFT banking network to cut off Tehran when expanded sanctions are put in place next week.

The aim is to cripple the Iranian economy to pressure Tehran to halt its nuclear activities and what the US says is broad support for “terrorism” in the region, Secretary of State Mike Pompeo said.

The reimposition of sanctions “is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world,” Pompeo explained.

“Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country.”

Iran has started mass-producing its locally designed Kowsar fighter plane, state television reported on Saturday. "Soon the needed number of this plane will be produced and put at the service of the Air Force," Defence Minister Amir Hatami said at a ceremony launching the plane's production, which was shown on television.

Iran has started mass-producing its locally designed Kowsar fighter plane, state television reported on Saturday. "Soon the needed number of this plane will be produced and put at the service of the Air Force," Defence Minister Amir Hatami said at a ceremony launching the plane's production, which was shown on television. Meanwhile, the United States will add 700 individuals and entities to its Iran blacklist and pressure the global SWIFT banking network to cut off Tehran when expanded sanctions are put in place next week. The aim is to cripple the Iranian economy to pressure Tehran to halt its nuclear activities and what the US says is broad support for “terrorism” in the region, Secretary of State Mike Pompeo said. The reimposition of sanctions “is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world,” Pompeo explained. “Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country.”

Iran starts mass-producing local fighter jet: State TV

French growth stagnated in the second quarter of the year, statistics bureau INSEE reported today, a &quot;disappointing&quot; result that dashed hopes of a small economic expansion. 
 
France&#39;s gross domestic product (GDP) showed no change in the three months to June, according to a first estimate, after rising a revised 0.7 per cent in the first quarter. The finance ministry called the flat figure &quot;disappointing&quot;, given that INSEE had predicted 0.3 per cent growth and the Bank of France 0.2 per cent.&nbsp; 
 
The ministry said, however, it stood by its own growth forecast of 1.5 per cent for 2016. But such optimism had analysts scratching their heads. &quot;Which factors could possibly reverse the trend and give us growth drivers which would allow reaching the 1.5 per cent promised by the government?&quot; asked Philippe Waechter, chief economist at Natixis. 
 
Consumer spending stagnated, having driven growth with a 1.2-per cent increase in the three previous months, INSEE said. Food spending dropped, as did services as start-of-year spending on tickets and accommodation for the Euro 2016 football championships dropped out of the equation, INSEE said. Mathieu Plane, of economic think-tank OFCE, called the French slowdown &quot;very pronounced&quot; as well as &quot;pretty surprising&quot;.&nbsp; 
 
Given the end of austerity policies in France and accommodating monetary policy by the European Central Bank, &quot;We should be expecting growth picking up&quot;, Plane said. &quot;But that&#39;s not happening,&quot; he told AFP. &quot;That&#39;s not good.&quot;&nbsp; 
 
Investment, which fell for both companies and the public sector, will be key rekindling growth, Natixis&#39;s Waechter said, warning however that Brexit, attacks in France, and uncertainty surrounding the upcoming US election should be expected to put the brakes on capital spending. &quot;All these factors produce uncertainty and may well prompt company chiefs to delay investment,&quot; he said. 
 
Oil refinery strikes in May and June weighed on overall production, which dropped 0.2 per cent, and the construction sector also weakened. France&#39;s trade balance, however, made a positive contribution of 0.3 percentage points to GDP thanks to a sharp slowdown in imports of manufactured goods and oil products. 
 
(AFP)

The French finance ministry expected a marginal increase of 0.2-0.3 per cent, but the growth figure remained flat

French growth stagnated in the second quarter of the year, statistics bureau INSEE reported today, a "disappointing" result that dashed hopes of a small economic expansion. France's gross domestic product (GDP) showed no change in the three months to June, according to a first estimate, after rising a revised 0.7 per cent in the first quarter. The finance ministry called the flat figure "disappointing", given that INSEE had predicted 0.3 per cent growth and the Bank of France 0.2 per cent. The ministry said, however, it stood by its own growth forecast of 1.5 per cent for 2016. But such optimism had analysts scratching their heads. "Which factors could possibly reverse the trend and give us growth drivers which would allow reaching the 1.5 per cent promised by the government?" asked Philippe Waechter, chief economist at Natixis. Consumer spending stagnated, having driven growth with a 1.2-per cent increase in the three previous months, INSEE said. Food spending dropped, as did services as start-of-year spending on tickets and accommodation for the Euro 2016 football championships dropped out of the equation, INSEE said. Mathieu Plane, of economic think-tank OFCE, called the French slowdown "very pronounced" as well as "pretty surprising". Given the end of austerity policies in France and accommodating monetary policy by the European Central Bank, "We should be expecting growth picking up", Plane said. "But that's not happening," he told AFP. "That's not good." Investment, which fell for both companies and the public sector, will be key rekindling growth, Natixis's Waechter said, warning however that Brexit, attacks in France, and uncertainty surrounding the upcoming US election should be expected to put the brakes on capital spending. "All these factors produce uncertainty and may well prompt company chiefs to delay investment," he said. Oil refinery strikes in May and June weighed on overall production, which dropped 0.2 per cent, and the construction sector also weakened. France's trade balance, however, made a positive contribution of 0.3 percentage points to GDP thanks to a sharp slowdown in imports of manufactured goods and oil products. (AFP)

France reports zero growth in GDP

Traders in the liquefied petroleum gas (LPG) market face a &quot;career-ruining&quot; glut that has led to millions of dollars in losses as Chinese buyers, far from coming to the rescue, are in a stand-off with oil companies to cancel deals. 
 
LPG, a historically niche and dislocated market, has ballooned with the advent of US exports due to the shale boom. The United States went from an importer to the largest single exporter of propane in just a few years, rivalling the West Asia Gulf producers. 
 
&quot;I can&#39;t remember it being this bad. There was massive new production out of the US and people hoped the Chinese market might absorb it,&quot; one LPG trader said. 
 
&quot;There was strong buying in the first four months of the year with low oil prices but that stopped and the market is now a few million tonnes long.&quot; 
 
Traders scrambling to mitigate losses&nbsp; 
 
A glut was expected, but its severity caught most by surprise and will likely serve as a warning to those trading liquefied natural gas, which is increasingly oversupplied. 
 
LPG is the collective term for propane and butane. The United States exports mostly propane used for heating and in the petrochemical industry to make propylene, a base for plastics manufacturing. 
 
Traders have been left scrambling to mitigate losses as China has failed to be the driver of demand. 
 
At least five companies- Vitol, Gunvor, Shell, BP and EDF Trading cancelled July-loading cargoes out of the two major Texas LPG terminals, preferring to pay penalties of up to $1 million per cargo. 
 
Many LPG traders signed up for multi-year contracts but premiums to the US benchmark on a spot basis sunk by about $40 a tonne this year, undercutting the term lifters. 
 
The contracts were also signed when the US benchmark was around a $150 to $200-per-tonne discount to the European benchmark and Saudi Arabia&#39;s official selling price. But spreads shrunk dramatically in 2016, making US exports suddenly unappealing to Asia. 
 
Chinese end-users are now cancelling or renegotiating their term contracts, taking advantage of product overhangs in the Middle East and a cheaper alternative feedstock, naphtha. 
 
Asian demand slowed earlier this year on weak propylene margins, which led to run cuts and delayed new plant start-ups. After hitting a trough, the market is expected to rebalance by the year-end though supply will continue to outpace demand. 
 
&quot;Non-associated gas output means there will be a steady rise in natural gas liquids output despite the oil price doldrums. This trend will continue in the medium term,&quot; Al Troner, head of Asia Pacific Energy Consulting in Houston, said. 
 
Showdown in Court 
 
The disputes have, in some cases, devolved into open altercations and tanker stand-offs. 
 
At an LPG conference earlier this year in China, one trader said he saw &quot;serious arguments between the Chinese and the US suppliers outside the hall at the caf? ... Everyone pretended not to be eavesdropping but stopped chatting and just stood still&quot;. 
 
Targa Resources, operator of an export terminal in Texas, has been stung by contracts with Chinese buyers and is seeking &quot;damages in excess of $1,000,000&quot; from China Soft Packaging Group, documents filed by Targa at a Texas county court showed. 
 
China Soft Packaging declined to comment and Targa did not respond to requests for comment. 
 
&quot;The US suppliers already made fat margins earlier (in 2015) and they should be ready for price negotiations,&quot; a senior source with one of the east China-based LPG buyers said. 
 
Hong Kong-based Oriental Energy International Trading has also had disputes with Targa and Greek LPG trader Naftomar. Targa let Oriental&#39;s Kikyo tanker languish for weeks offshore Texas in June. Naftomar&#39;s Constellation ship is now stuck outside China&#39;s Ningbo port, a senior trader at Naftomar said. 
 
Singapore-based SK Chemical Trading recently cancelled contracts with Naftomar, Petredec and Shell after its end-user Zhejiang Shaoxing Sanyuan Petrochemical Co reneged on its orders. The companies did not respond to requests for comment. 
 
One trader said the price rout was ruining careers and had &quot;gunfight at the O.K. Corral-type implications&quot;, referring to one of the most famous shootouts from the days of the American Wild West. 
 
(Reuters)

A glut was expected but its severity caught most by surprise and will likely serve as a warning to those trading liquefied natural gas

Traders in the liquefied petroleum gas (LPG) market face a "career-ruining" glut that has led to millions of dollars in losses as Chinese buyers, far from coming to the rescue, are in a stand-off with oil companies to cancel deals. LPG, a historically niche and dislocated market, has ballooned with the advent of US exports due to the shale boom. The United States went from an importer to the largest single exporter of propane in just a few years, rivalling the West Asia Gulf producers. "I can't remember it being this bad. There was massive new production out of the US and people hoped the Chinese market might absorb it," one LPG trader said. "There was strong buying in the first four months of the year with low oil prices but that stopped and the market is now a few million tonnes long." Traders scrambling to mitigate losses A glut was expected, but its severity caught most by surprise and will likely serve as a warning to those trading liquefied natural gas, which is increasingly oversupplied. LPG is the collective term for propane and butane. The United States exports mostly propane used for heating and in the petrochemical industry to make propylene, a base for plastics manufacturing. Traders have been left scrambling to mitigate losses as China has failed to be the driver of demand. At least five companies- Vitol, Gunvor, Shell, BP and EDF Trading cancelled July-loading cargoes out of the two major Texas LPG terminals, preferring to pay penalties of up to $1 million per cargo. Many LPG traders signed up for multi-year contracts but premiums to the US benchmark on a spot basis sunk by about $40 a tonne this year, undercutting the term lifters. The contracts were also signed when the US benchmark was around a $150 to $200-per-tonne discount to the European benchmark and Saudi Arabia's official selling price. But spreads shrunk dramatically in 2016, making US exports suddenly unappealing to Asia. Chinese end-users are now cancelling or renegotiating their term contracts, taking advantage of product overhangs in the Middle East and a cheaper alternative feedstock, naphtha. Asian demand slowed earlier this year on weak propylene margins, which led to run cuts and delayed new plant start-ups. After hitting a trough, the market is expected to rebalance by the year-end though supply will continue to outpace demand. "Non-associated gas output means there will be a steady rise in natural gas liquids output despite the oil price doldrums. This trend will continue in the medium term," Al Troner, head of Asia Pacific Energy Consulting in Houston, said. Showdown in Court The disputes have, in some cases, devolved into open altercations and tanker stand-offs. At an LPG conference earlier this year in China, one trader said he saw "serious arguments between the Chinese and the US suppliers outside the hall at the caf? ... Everyone pretended not to be eavesdropping but stopped chatting and just stood still". Targa Resources, operator of an export terminal in Texas, has been stung by contracts with Chinese buyers and is seeking "damages in excess of $1,000,000" from China Soft Packaging Group, documents filed by Targa at a Texas county court showed. China Soft Packaging declined to comment and Targa did not respond to requests for comment. "The US suppliers already made fat margins earlier (in 2015) and they should be ready for price negotiations," a senior source with one of the east China-based LPG buyers said. Hong Kong-based Oriental Energy International Trading has also had disputes with Targa and Greek LPG trader Naftomar. Targa let Oriental's Kikyo tanker languish for weeks offshore Texas in June. Naftomar's Constellation ship is now stuck outside China's Ningbo port, a senior trader at Naftomar said. Singapore-based SK Chemical Trading recently cancelled contracts with Naftomar, Petredec and Shell after its end-user Zhejiang Shaoxing Sanyuan Petrochemical Co reneged on its orders. The companies did not respond to requests for comment. One trader said the price rout was ruining careers and had "gunfight at the O.K. Corral-type implications", referring to one of the most famous shootouts from the days of the American Wild West. (Reuters)

Oil traders lose millions as LPG glut shocks market

China and Poland have agreed on Monday to upgrade their ties to a comprehensive strategic partnership during Chinese President Xi Jinping&#39;s&nbsp;visit to the country.

The move was made as Xi met with Polish President Andrzej Duda, in a bid to further promote cooperation across the board and benefit the two peoples.

Xi said at the meeting that the two peoples have enjoyed lasting friendship since the two countries established diplomatic relations 67 years ago.

The two countries have borne fruitful results in high-level and people-to-people exchanges, and economic and trade cooperation, especially since they established a strategic partnership in 2011, said Xi.

He added that China has cherished the traditional friendship with Poland and stands ready to work with Poland to push forward the bilateral relations in a sound and steady way.

Xi also called for efforts to enhance mutual trust, align development strategies of the two countries and boost interconnectivity and production cooperation under the Belt and Road initiative.

Bilateral cooperation in economy and trade, finance, agriculture, science and technology should be promoted, according to Xi.

Hailing the bilateral ties, Duda said that Poland is willing to strengthen cooperation within the framework of the Sino-Polish comprehensive strategic partnership in various areas including the Belt and Road initiative, the Asian Infrastructure Investment Bank, and people-to-people exchanges.

A joint statement on the establishment of a comprehensive strategic partnership was inked after the meeting, as well as a memorandum of understanding on a bilateral cooperation blueprint.

Poland is the second leg of Xi&#39;s Eurasia tour. Before visiting Poland, Xi visited Serbia from June 17 to June 19.

After visiting Poland, Xi will travel to Uzbekistan for a state visit and attend a summit of the Shanghai Cooperation Organization. 
 
(Reuters)

A bunch of cooperation agreements signed covering various aspects, including infrastructure construction, education, culture and aerospace

China and Poland have agreed on Monday to upgrade their ties to a comprehensive strategic partnership during Chinese President Xi Jinping's visit to the country. The move was made as Xi met with Polish President Andrzej Duda, in a bid to further promote cooperation across the board and benefit the two peoples. Xi said at the meeting that the two peoples have enjoyed lasting friendship since the two countries established diplomatic relations 67 years ago. The two countries have borne fruitful results in high-level and people-to-people exchanges, and economic and trade cooperation, especially since they established a strategic partnership in 2011, said Xi. He added that China has cherished the traditional friendship with Poland and stands ready to work with Poland to push forward the bilateral relations in a sound and steady way. Xi also called for efforts to enhance mutual trust, align development strategies of the two countries and boost interconnectivity and production cooperation under the Belt and Road initiative. Bilateral cooperation in economy and trade, finance, agriculture, science and technology should be promoted, according to Xi. Hailing the bilateral ties, Duda said that Poland is willing to strengthen cooperation within the framework of the Sino-Polish comprehensive strategic partnership in various areas including the Belt and Road initiative, the Asian Infrastructure Investment Bank, and people-to-people exchanges. A joint statement on the establishment of a comprehensive strategic partnership was inked after the meeting, as well as a memorandum of understanding on a bilateral cooperation blueprint. Poland is the second leg of Xi's Eurasia tour. Before visiting Poland, Xi visited Serbia from June 17 to June 19. After visiting Poland, Xi will travel to Uzbekistan for a state visit and attend a summit of the Shanghai Cooperation Organization. (Reuters)

China, Poland to lift ties to comprehensive strategic partnership

A sustained government spending on infrastructure like roads, railways, power and housing will propel India into the league of top global steel consuming nations in the next 10 years, said&nbsp;a top official of domestic steel giant SAIL&nbsp;. 
 
&quot;If you look at the massive infrastructure push by the government, even going by conservative estimates, steel demand will grow a lot. India will equal the global per capita consumption&nbsp;in 10 years,&quot; SAIL Chairman P K Singh told PTI. 
 
Per capita steel consumption in India, the world&#39;s third largest producer of the metal, stood at 59.4 kg per person in 2014, against a global average of 216.6 kg, data from industry body World Steel Association showed. 
 
The chief of India&#39;s largest steel producer added the country is at a &quot;take-off stage&quot; and all the &quot;requisite ingredients&quot; are in place, only a little push from the government was needed, which is now on its way. 
 
&quot;Look at the road sector, more highways are being built, which means more steel will be used. Similarly, in Railways more tracks are to be laid and we expect a huge jump in spending there. Power sector is also expanding, which again will boost demand for the metal,&quot; Singh said. 
 
According to him, the government&#39;s &#39;Housing for all&#39; is a novel initiative that will give impetus to steel demand. In automobiles, too, demand is rising for commercial vehicles as well as passenger cars which will further aid steel sector. 
 
According to a report by the Working Group on Steel for the 12th Five Year Plan period, the potential of raising per capita steel consumption in India is being supported by several factors. 
 
An estimated infrastructure investment of USD 1 trillion, projected growth in manufacturing at 11-12 per cent, rise in urban population, emergence of rural market for steel buoyed by projects such as Bharat Nirman, Pradhan Mantri Gram Sadak Yojana are prominent ones among them, it had said. 
 
Singh, however, cautioned against the rising overcapacity in steel across the globe, especially in China. 
 
&quot;We have to be cautious about the excess capacity in the world and in China. Some countries are dumping their products in India at cheaper rates and adversely impacting the health of domestic producers. Steel industry is of strategic importance and is the barometer of growth,&quot; he said. 
 
India is the &quot;only growth area&quot; globally and everyone is trying to get a &quot;share of this pie&quot;, Singh said adding that government needs to watch out for dumping of steel products so that domestic firms can participate with full vigour in the &#39;Make in India&#39; programme. 
 
He welcomed the imposition of a provisional minimum import price (MIP) on 173 steel products and hoped that government will continue with it beyond August, when it expires. 
 
As per government data, steel imports declined by 41 per cent to 0.546 million tonnes (MT) in May this year compared to the year-ago period. This was triggered by MIP and other measures like safeguard and anti-dumping duty. 
 
In April too, steel imports were down 15.5 per cent year- on-year at 0.654 MT 
 
(PTI)

Per capita steel consumption in India, the world's third largest producer of the metal, stood at 59.4 kg per person in 2014

A sustained government spending on infrastructure like roads, railways, power and housing will propel India into the league of top global steel consuming nations in the next 10 years, said a top official of domestic steel giant SAIL . "If you look at the massive infrastructure push by the government, even going by conservative estimates, steel demand will grow a lot. India will equal the global per capita consumption in 10 years," SAIL Chairman P K Singh told PTI. Per capita steel consumption in India, the world's third largest producer of the metal, stood at 59.4 kg per person in 2014, against a global average of 216.6 kg, data from industry body World Steel Association showed. The chief of India's largest steel producer added the country is at a "take-off stage" and all the "requisite ingredients" are in place, only a little push from the government was needed, which is now on its way. "Look at the road sector, more highways are being built, which means more steel will be used. Similarly, in Railways more tracks are to be laid and we expect a huge jump in spending there. Power sector is also expanding, which again will boost demand for the metal," Singh said. According to him, the government's 'Housing for all' is a novel initiative that will give impetus to steel demand. In automobiles, too, demand is rising for commercial vehicles as well as passenger cars which will further aid steel sector. According to a report by the Working Group on Steel for the 12th Five Year Plan period, the potential of raising per capita steel consumption in India is being supported by several factors. An estimated infrastructure investment of USD 1 trillion, projected growth in manufacturing at 11-12 per cent, rise in urban population, emergence of rural market for steel buoyed by projects such as Bharat Nirman, Pradhan Mantri Gram Sadak Yojana are prominent ones among them, it had said. Singh, however, cautioned against the rising overcapacity in steel across the globe, especially in China. "We have to be cautious about the excess capacity in the world and in China. Some countries are dumping their products in India at cheaper rates and adversely impacting the health of domestic producers. Steel industry is of strategic importance and is the barometer of growth," he said. India is the "only growth area" globally and everyone is trying to get a "share of this pie", Singh said adding that government needs to watch out for dumping of steel products so that domestic firms can participate with full vigour in the 'Make in India' programme. He welcomed the imposition of a provisional minimum import price (MIP) on 173 steel products and hoped that government will continue with it beyond August, when it expires. As per government data, steel imports declined by 41 per cent to 0.546 million tonnes (MT) in May this year compared to the year-ago period. This was triggered by MIP and other measures like safeguard and anti-dumping duty. In April too, steel imports were down 15.5 per cent year- on-year at 0.654 MT (PTI)

India to equal world per capita steel consumption in 10 years

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