Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday.

China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5.

US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China.

China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules.

The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing.&nbsp;

Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology.

China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations.&nbsp;

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft.&nbsp;

But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday. China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5. US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China. China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules. The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing. Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology. China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations. Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft. But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

China challenges US over steel, aluminium tariffs at WTO

In a move which could trigger an all-out trade war, China today said it will retaliate against US move to impose tariffs while condemning President Trump's measure to impose tariffs on worth $50 billion on Chinese goods.

China has notified the WTO(World Trade Organization) of imposing $611.5 million in retaliatory tariffs on $2.75 billion worth of US imports including pork, nuts and ethanol.

According to news reports, China has now fulfilled its legal duty of notifying the WTO after it had decided to impose tariffs a few days back.&nbsp

Last month President Trump had imposed tariffs worth $50 billion on Chinese goods entering the US, including 25 per cent tariffs on steel and aluminium.

The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system."

Meanwhile, the United States on Tuesday announced a "proposed list"&nbspof products imported from China that could be subject to additional tariffs of 25 per cent.

Sectors subject to the proposed tariffs include industries in&nbspaerospace, information and communication technology, robotics&nbspand machinery.

The total value of imports subject to the tariff increase is commensurate with an economic analysis of the harm caused by China's unreasonable technology transfer policies to the US economy, the US Trade Representative(USTR) said.

"We have a problem with China. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. They have a trade deficit of $500 billion a year. It's not something we can live with," Trump told reporters during a media interaction with visiting Baltic leaders.

The theft of intellectual property alone, he said, is probably around $200-300 billion a year.

&nbsp

The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system."

In a move which could trigger an all-out trade war, China today said it will retaliate against US move to impose tariffs while condemning President Trump's measure to impose tariffs on worth $50 billion on Chinese goods. China has notified the WTO(World Trade Organization) of imposing $611.5 million in retaliatory tariffs on $2.75 billion worth of US imports including pork, nuts and ethanol. According to news reports, China has now fulfilled its legal duty of notifying the WTO after it had decided to impose tariffs a few days back. Last month President Trump had imposed tariffs worth $50 billion on Chinese goods entering the US, including 25 per cent tariffs on steel and aluminium. The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system." Meanwhile, the United States on Tuesday announced a "proposed list"&nbspof products imported from China that could be subject to additional tariffs of 25 per cent. Sectors subject to the proposed tariffs include industries in&nbspaerospace, information and communication technology, robotics&nbspand machinery. The total value of imports subject to the tariff increase is commensurate with an economic analysis of the harm caused by China's unreasonable technology transfer policies to the US economy, the US Trade Representative(USTR) said. "We have a problem with China. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. They have a trade deficit of $500 billion a year. It's not something we can live with," Trump told reporters during a media interaction with visiting Baltic leaders. The theft of intellectual property alone, he said, is probably around $200-300 billion a year.

Ready to retaliate against US tariff plan: China

The combined Index of Industrial Production (IIP) of Eight Core Industries stood 5.3 percent higher in February this year, compared to the same period last year, the government said on Monday.

As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed.

-Coal production increased by 1.4 per cent in February, 2018 over February, 2017, and its cumulative index increased by 1.6 per cent during April to February, 2017-18 over the corresponding period of the previous year.

-Crude Oil production declined by 2.4 per cent in February, 2018 over February, 2017 and its cumulative index declined by 0.8 per cent during April to February, 2017-18 over the corresponding period last year.

-Natural Gas production declined by 1.5 per cent in February, 2018 over February, 2017, and its cumulative index increased by 3.1 per cent during April to February, 2017-18 over the corresponding period of previous year.

Among refinery products, petroleum refinery production was up by 7.8 per cent in February, 2018 over February, 2017, while its cumulative index increased by 4.9 per cent during April to February, 2017-18 over the corresponding period of previous year.

Furthermore, fertilizer production increased by 5.3 per cent in February, 2018 over February, 2017. However, the cumulative index declined by 0.2 per cent during April to February, 2017-18 over the corresponding period last year.

Steel production increased by five per cent in February, 2018 over February last year, while its cumulative index increased by 5.9 per cent during April to February 2017-18. Additionally, cement production increased by 22.9 per cent in February, 2018 over February last year. However, its cumulative index increased by 5.7 per cent during April to February, 2017-18 over the corresponding period of previous year.

Meanwhile, electricity generation increased by 4 per cent in February over the same month last year, while its cumulative index increased year-on-year by 5.2 per cent during April to February, 2017-18.&nbsp;

&nbsp;

As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed.

The combined Index of Industrial Production (IIP) of Eight Core Industries stood 5.3 percent higher in February this year, compared to the same period last year, the government said on Monday. As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed. -Coal production increased by 1.4 per cent in February, 2018 over February, 2017, and its cumulative index increased by 1.6 per cent during April to February, 2017-18 over the corresponding period of the previous year. -Crude Oil production declined by 2.4 per cent in February, 2018 over February, 2017 and its cumulative index declined by 0.8 per cent during April to February, 2017-18 over the corresponding period last year. -Natural Gas production declined by 1.5 per cent in February, 2018 over February, 2017, and its cumulative index increased by 3.1 per cent during April to February, 2017-18 over the corresponding period of previous year. Among refinery products, petroleum refinery production was up by 7.8 per cent in February, 2018 over February, 2017, while its cumulative index increased by 4.9 per cent during April to February, 2017-18 over the corresponding period of previous year. Furthermore, fertilizer production increased by 5.3 per cent in February, 2018 over February, 2017. However, the cumulative index declined by 0.2 per cent during April to February, 2017-18 over the corresponding period last year. Steel production increased by five per cent in February, 2018 over February last year, while its cumulative index increased by 5.9 per cent during April to February 2017-18. Additionally, cement production increased by 22.9 per cent in February, 2018 over February last year. However, its cumulative index increased by 5.7 per cent during April to February, 2017-18 over the corresponding period of previous year. Meanwhile, electricity generation increased by 4 per cent in February over the same month last year, while its cumulative index increased year-on-year by 5.2 per cent during April to February, 2017-18.

Core sectors register 5.3% IIP growth in February

Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Tuesday said that India will bilaterally discuss the import tariffs on steel and aluminium with the United States.

&quot;We are not the largest exporter of steel or aluminium to USA but still if we are affected. We will take up this matter with them bilaterally,&quot; Prabhu told reporters at the Informal World Trade Organisation (WTO) ministerial meeting.

US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports.&nbsp;

The new order will see a 25 per cent tariff on imports of steel and a 10 per cent tariff on aluminum.

New Delhi is hosting the largest Informal WTO Ministerial Meeting amidst increasing protectionism in global trade

Prabhu said that food security concerns and items related to agriculture were discussed in the meeting and were strongly put forward by countries, including India.

The meeting will see the participation of delegates from over 52 countries, including the US and China and Director General of WTO Roberto Azevedo.

US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports.

Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Tuesday said that India will bilaterally discuss the import tariffs on steel and aluminium with the United States. "We are not the largest exporter of steel or aluminium to USA but still if we are affected. We will take up this matter with them bilaterally," Prabhu told reporters at the Informal World Trade Organisation (WTO) ministerial meeting. US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports. The new order will see a 25 per cent tariff on imports of steel and a 10 per cent tariff on aluminum. New Delhi is hosting the largest Informal WTO Ministerial Meeting amidst increasing protectionism in global trade Prabhu said that food security concerns and items related to agriculture were discussed in the meeting and were strongly put forward by countries, including India. The meeting will see the participation of delegates from over 52 countries, including the US and China and Director General of WTO Roberto Azevedo.

Will take up tariff issue with US bilaterally: Suresh Prabhu

US&nbsp;President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week.

At a meeting with US&nbsp;industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades.

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks.

An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher.&nbsp;

AK Steel Holding was up 2.8 percent, US&nbsp;Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers.

The administration says duties would protect US&nbsp;industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs.

Trump tweeted on Thursday that American steel and aluminium companies needed &quot;free, fair and smart trade&quot;. Trump has indicated he favors a duty of 24 percent on steel imports.

The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties.

Although China only accounts for two percent of US&nbsp;steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices.

China has indicated it could retaliate against US&nbsp;steel tariffs by targeting imports of US&nbsp;agricultural commodities, such as soybeans of which America is the largest supplier.&nbsp;

Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China.&nbsp;

Shares of Asian steel producers such as South Korea&#39;s POSCO and Nippon Steel fell overnight.

Few more jons from tariffs

While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold.

&quot;Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope,&quot; a report from the highly-regarded independent Econofact economist network said last week.

Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel &quot;intensively&quot;, including auto parts, household appliances, farm machinery and oil equipment.

Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast.

&quot;Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved,&quot; Econofact warned.

&quot;Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation &mdash; the Bush-era steel tariffs led many countries to target politically sensitive US&nbsp;exports like Florida oranges and North Carolina textiles.&quot; 
&nbsp;

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks

US President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week. At a meeting with US industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades. The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks. An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher. AK Steel Holding was up 2.8 percent, US Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers. The administration says duties would protect US industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs. Trump tweeted on Thursday that American steel and aluminium companies needed "free, fair and smart trade". Trump has indicated he favors a duty of 24 percent on steel imports. The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties. Although China only accounts for two percent of US steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices. China has indicated it could retaliate against US steel tariffs by targeting imports of US agricultural commodities, such as soybeans of which America is the largest supplier. Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China. Shares of Asian steel producers such as South Korea's POSCO and Nippon Steel fell overnight. Few more jons from tariffs While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold. "Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope," a report from the highly-regarded independent Econofact economist network said last week. Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel "intensively", including auto parts, household appliances, farm machinery and oil equipment. Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast. "Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved," Econofact warned. "Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation — the Bush-era steel tariffs led many countries to target politically sensitive US exports like Florida oranges and North Carolina textiles."

US to impose tariffs on steel, aluminium imports

Asian shares eked out small gains on Tuesday as expectations that Beijing will maintain support for its economy ahead of a key congress supported Chinese stocks and metals prices, but worries about North Korea kept many investors on edge.

European shares were expected rise slightly after a slide on Monday. Spread betters see Germany&#39;s DAX and France&#39;s CAC gaining 0.3 percent and Britain&#39;s FTSE 0.1 percent.

But Wall Street looked set to open slightly softer after a long holiday weekend during which Pyongyang triggered its most powerful nuclear test yet. S&amp;P500 mini futures, which had slid on Monday, last stood at 2,469, 0.2 percent below Friday&#39;s close.

MSCI&#39;s index of Asia-Pacific shares outside Japan was up 0.2 percent thanks to gains in Chinese shares, though many markets were in the red.

Japan&#39;s Nikkei fell 0.6 percent on fears that more provocation from North Korea is possible. Media said the North appeared to be preparing for further ballistic missile tests.

The White House said on Monday that &quot;all options to address the North Korean threat are on the table&quot; while US&nbsp;Ambassador to the United Nations Nikki Haley urged the 15-member UN&nbsp;Security Council to impose the &quot;strongest possible&quot; sanctions to deter Pyongyang.

&quot;It&#39;s not clear whether diplomacy can solve this problem given it has failed for the last 25 years,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

&quot;But the US&nbsp;doesn&#39;t seem to be ready for a military action soon, either. So we are likely to see continued stalemate, which will keep a tab on share prices.&quot;

Fears about North Korea kept safe-haven assets in demand, with gold rising 0.1 percent to $1,336 per ounce, after having hit a 11-month high of $1,339.8 on Monday.

In the currency market, the yen, which usually gains on risk aversion due to Japan&#39;s net creditor nation status, gained 0.4 percent to 109.32 yen to the dollar, near Monday&#39;s high of 109.22 yen.

The euro slightly extended its gains to trade at $1.1905.

But it kept some distance from a 2-1/2-year high of $1.2070 hit last week on rising expectations that a stronger euro could slow the European Central Bank&#39;s (ECB) plans to rein in its bond-buying stimulus scheme.

The Chinese yuan hit a near 16-month high of 6.515 per dollar. It has gained 2.0 percent in less than two weeks, a sizable move for the pair, in response to dollar weakness and a series of stronger midpoints set by the central bank.

The Shanghai composite index of mainland Chinese shares hit its highest levels since January 2016, due to solid economic and earnings growth in China in recent months and expectations that Beijing will not tolerate any disruptions ahead of a key Communist Party Congress in mid-October.

Such expectations also helped to lift copper to a near three-year of $6,944.5 per tonne. It last stood at $6,933, up 0.2 percent on the day.

The prices of steel and iron ore have rallied in recent weeks.

But some analysts say profit-taking in base metals could start soon.

&quot;Now that Beijing fixed its schedule on the national congress, it may no longer accelerate infrastructure spending,&quot; said Tatsufumi Okoshi, senior economist at Nomura Securities.

&quot;We should be mindful of the possibility that iron ores, steel and other non-ferrous metals will peak out soon.&quot;

US&nbsp;crude oil prices edged higher while U.S. gasoline prices slumped to pre-Hurricane Harvey levels, as oil refineries and pipelines in the US&nbsp;Gulf Coast slowly resumed activity, easing supply concerns.

US&nbsp;West Texas Intermediate (WTI) crude futures ticked up 0.2 percent to trade at $47.38 per barrel.

The return of US&nbsp;refineries ended a spike in gasoline prices as initial fears of a serious supply crunch faded.

US&nbsp;gasoline futures dropped 4.1 percent from their last close, to $1.67 per gallon, down from $2.17 touched on Aug. 31 and back to levels last seen before Harvey hit the US&nbsp;Gulf coast and its large refining industry.

Elsewhere, bitcoin dropped further from Saturday&#39;s all-time high of $4,979.9 to trade at $4,012 after China on Monday banned the practice of raising funds through launches of token-based digital currencies, or so-called initial coin offerings (ICO).

European shares were expected rise slightly after a slide on Monday. Spread betters see Germany's DAX and France's CAC gaining 0.3 percent and Britain's FTSE 0.1 percent.

Asian shares eked out small gains on Tuesday as expectations that Beijing will maintain support for its economy ahead of a key congress supported Chinese stocks and metals prices, but worries about North Korea kept many investors on edge. European shares were expected rise slightly after a slide on Monday. Spread betters see Germany's DAX and France's CAC gaining 0.3 percent and Britain's FTSE 0.1 percent. But Wall Street looked set to open slightly softer after a long holiday weekend during which Pyongyang triggered its most powerful nuclear test yet. S&P500 mini futures, which had slid on Monday, last stood at 2,469, 0.2 percent below Friday's close. MSCI's index of Asia-Pacific shares outside Japan was up 0.2 percent thanks to gains in Chinese shares, though many markets were in the red. Japan's Nikkei fell 0.6 percent on fears that more provocation from North Korea is possible. Media said the North appeared to be preparing for further ballistic missile tests. The White House said on Monday that "all options to address the North Korean threat are on the table" while US Ambassador to the United Nations Nikki Haley urged the 15-member UN Security Council to impose the "strongest possible" sanctions to deter Pyongyang. "It's not clear whether diplomacy can solve this problem given it has failed for the last 25 years," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "But the US doesn't seem to be ready for a military action soon, either. So we are likely to see continued stalemate, which will keep a tab on share prices." Fears about North Korea kept safe-haven assets in demand, with gold rising 0.1 percent to $1,336 per ounce, after having hit a 11-month high of $1,339.8 on Monday. In the currency market, the yen, which usually gains on risk aversion due to Japan's net creditor nation status, gained 0.4 percent to 109.32 yen to the dollar, near Monday's high of 109.22 yen. The euro slightly extended its gains to trade at $1.1905. But it kept some distance from a 2-1/2-year high of $1.2070 hit last week on rising expectations that a stronger euro could slow the European Central Bank's (ECB) plans to rein in its bond-buying stimulus scheme. The Chinese yuan hit a near 16-month high of 6.515 per dollar. It has gained 2.0 percent in less than two weeks, a sizable move for the pair, in response to dollar weakness and a series of stronger midpoints set by the central bank. The Shanghai composite index of mainland Chinese shares hit its highest levels since January 2016, due to solid economic and earnings growth in China in recent months and expectations that Beijing will not tolerate any disruptions ahead of a key Communist Party Congress in mid-October. Such expectations also helped to lift copper to a near three-year of $6,944.5 per tonne. It last stood at $6,933, up 0.2 percent on the day. The prices of steel and iron ore have rallied in recent weeks. But some analysts say profit-taking in base metals could start soon. "Now that Beijing fixed its schedule on the national congress, it may no longer accelerate infrastructure spending," said Tatsufumi Okoshi, senior economist at Nomura Securities. "We should be mindful of the possibility that iron ores, steel and other non-ferrous metals will peak out soon." US crude oil prices edged higher while U.S. gasoline prices slumped to pre-Hurricane Harvey levels, as oil refineries and pipelines in the US Gulf Coast slowly resumed activity, easing supply concerns. US West Texas Intermediate (WTI) crude futures ticked up 0.2 percent to trade at $47.38 per barrel. The return of US refineries ended a spike in gasoline prices as initial fears of a serious supply crunch faded. US gasoline futures dropped 4.1 percent from their last close, to $1.67 per gallon, down from $2.17 touched on Aug. 31 and back to levels last seen before Harvey hit the US Gulf coast and its large refining industry. Elsewhere, bitcoin dropped further from Saturday's all-time high of $4,979.9 to trade at $4,012 after China on Monday banned the practice of raising funds through launches of token-based digital currencies, or so-called initial coin offerings (ICO).

Global stocks on defensive after selloff on North Korea fears

Diversified miner Vedanta Resources&#39; first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China.

The company, which mines zinc in India, South Africa and Namibia, reported an 84 percent jump in mined metal content, mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter to June 30.

Zinc is used to galvanise steel to protect it from rusting and steel producing countries such as China have ramped up production this year to support construction growth.

A jump in production boosted revenue at&nbsp;Vedanta&#39;s&nbsp;Indian unit by about 90 percent to $695 million. This underpinned the parent company&#39;s results.

Vendanta&#39;s output hit a monthly record in July at 74.02 million tonnes boosted by demand for steel-making ingredient zinc as mills ramped up production even as Beijing intensified its war on smog.

Vedanta&#39;s&nbsp;bounce back follows a couple of hard year when it was hit by weak commodities prices and debt. Investors have also worried about&nbsp;Vedanta&#39;s&nbsp;legal action in connection with pollution in Zambia.

Its shares were up 1.6 percent at 785 pence at 0728 GMT on the London Stock Exchange. While its shares have fallen around 20 percent this year, they have outperformed the wider STOXX Basic Resources index since the end of June, Reuters data showed. (http://bit.ly/2xrAclo)

Vedanta said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter, from $527.1 million a year earlier.

The company, which also produces iron ore, copper, aluminium and oil, said revenue rose 32 percent to $3.08 billion in the quarter, beating Jefferies estimates by about 2 percent.

Vedanta has said it is well placed, with its zinc mines and it also produces aluminium - meaning it produces two other materials used in light, low carbon transport.

The group is also exploring ways to produce cobalt for use in batteries amid an anticipated electric vehicle boom.

Diversified miner Vedanta Resources' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China

Diversified miner Vedanta Resources' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China. The company, which mines zinc in India, South Africa and Namibia, reported an 84 percent jump in mined metal content, mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter to June 30. Zinc is used to galvanise steel to protect it from rusting and steel producing countries such as China have ramped up production this year to support construction growth. A jump in production boosted revenue at Vedanta's Indian unit by about 90 percent to $695 million. This underpinned the parent company's results. Vendanta's output hit a monthly record in July at 74.02 million tonnes boosted by demand for steel-making ingredient zinc as mills ramped up production even as Beijing intensified its war on smog. Vedanta's bounce back follows a couple of hard year when it was hit by weak commodities prices and debt. Investors have also worried about Vedanta's legal action in connection with pollution in Zambia. Its shares were up 1.6 percent at 785 pence at 0728 GMT on the London Stock Exchange. While its shares have fallen around 20 percent this year, they have outperformed the wider STOXX Basic Resources index since the end of June, Reuters data showed. (http://bit.ly/2xrAclo) Vedanta said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter, from $527.1 million a year earlier. The company, which also produces iron ore, copper, aluminium and oil, said revenue rose 32 percent to $3.08 billion in the quarter, beating Jefferies estimates by about 2 percent. Vedanta has said it is well placed, with its zinc mines and it also produces aluminium - meaning it produces two other materials used in light, low carbon transport. The group is also exploring ways to produce cobalt for use in batteries amid an anticipated electric vehicle boom.

Vedanta Resources' earnings rise 48 per cent with helping hand from China

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the <a href="http://www.wionews.com/business-economy/watch-chief-economic-adviser-says-54-lakh-tax-payers-added-post-demonetisation-18899" target="_blank">Economic Survey said today</a>.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said.

&quot;These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled,&quot; the mid- term Survey said.

Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year.

&quot;It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector,&quot; the Survey said.

Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said.

The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16.

Against the backdrop of China&#39;s recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China&#39;s demand for steel, the survey said.

In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said.

&quot;In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers,&quot; the Survey said.

The government notified the MIP of steel in February 2016 for a period of one year.

On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China.

The steel sector is one of the core industries in the economy.

India is the at present the third largest producer of Steel in the world.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the Economic Survey said today. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said. "These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled," the mid- term Survey said. Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year. "It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector," the Survey said. Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said. The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16. Against the backdrop of China's recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China's demand for steel, the survey said. In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said. "In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers," the Survey said. The government notified the MIP of steel in February 2016 for a period of one year. On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China. The steel sector is one of the core industries in the economy. India is the at present the third largest producer of Steel in the world.

Steel exports double to 8.2 MT in FY17: Economic Survey

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales.&nbsp; 
 
India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers.&nbsp; 
 
The gambit to protect India&#39;s domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets.&nbsp; 
 
The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India&#39;s shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports.&nbsp; 
 
&quot;My input cost is 40 per cent higher than other nations. How will my finished product compete?&quot; Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs.&nbsp; 
 
Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter.&nbsp; 
 
Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. 
 
Also hanging over India&#39;s steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. 
 
 
Cold-roll steel mills shut down 
 
Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. 
 
Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again.&nbsp; 
 
Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue.&nbsp; 
 
India&#39;s indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place.&nbsp;By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices.&nbsp; 
 
But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses.&nbsp; 
 
About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. 
 
&quot;Others are operating at 40-50 per cent of capacity and incurring losses.&quot;&nbsp; 
 
 
Not just India vs China 
 
China, the world&#39;s largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity.&nbsp; 
 
India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. 
 
India, the world&#39;s third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016.&nbsp;It imported about 11 million tonnes that year, according to the steel ministry&#39;s Joint Plant Committee (JPC), with China supplying around 47 per cent.&nbsp; 
 
(Reuters)

A price policy to protect Indian markets from cheap imports are affecting cold-roll steel mills

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales. India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers. The gambit to protect India's domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets. The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India's shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports. "My input cost is 40 per cent higher than other nations. How will my finished product compete?" Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs. Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter. Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. Also hanging over India's steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. Cold-roll steel mills shut down Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again. Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue. India's indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place. By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices. But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses. About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. "Others are operating at 40-50 per cent of capacity and incurring losses." Not just India vs China China, the world's largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity. India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. India, the world's third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016. It imported about 11 million tonnes that year, according to the steel ministry's Joint Plant Committee (JPC), with China supplying around 47 per cent. (Reuters)

India's anti-China steel tariffs harm engineering, manufacturing firms

Two of China&#39;s biggest steelmakers are planning to merge, they said, as the industry faces a global glut that has hammered producers worldwide. 
 
Baosteel Group, China&#39;s second-largest steelmaker, is &quot;planning a strategic restructuring with Wuhan Iron and Steel Group&quot;, another giant, both companies&#39; listed units said in separate statements to the Shanghai stock exchange yesterday. 
 
But the restructuring plan has not yet been confirmed, the statements said, without giving further details.&nbsp;The two firms rank 5th and 11th respectively in the world. 
 
Baosteel produced 36.1 million tonnes of steel last year, its website says -- more than Brazil and three times more than Britain, according to the World Steel Association, whose ranking shows that if Baosteel was a country, then it would be eighth in the world. 
 
But Chinese steel demand has slumped as its economic growth has slowed and the global steel industry is assailed by huge overcapacity, which has plunged manufacturers into losses from Asia to Europe to the US, and seen political rows and accusations of dumping. 
Shanghai-based Baosteel&#39;s net profit plummeted 83 percent to 1.0 billion Yuan (USD 150 million) last year, while Wuhan Steel lost 7.5 billion Yuan, compared with a 1.3 billion Yuan net profit in 2014. 
 
Beijing has vowed to eliminate 100-150 million tonnes of capacity -- out of a total of 1.2 billion tonnes - by 2020.&nbsp;&quot;The merger of Baosteel and Wuhan Steel fits with the government strategy of improving efficiency and reducing competition and overcapacity,&quot; Xu Xiangchun, chief analyst at consultancy Mysteel Research, told Bloomberg News.&nbsp;&quot;With these two leading the effort there might be more mergers ahead.&quot; 
 
Wuhan Steel chairman Ma Guoqiang denied speculation of a merger at a shareholder meeting earlier this month, the Beijing News reported. 
Trading in both firms&#39; shares was suspended on Monday. 
 
(AFP)

Global steel industry is assailed by huge overcapacity, which has plunged manufacturers into losses from Asia to Europe to the US

Two of China's biggest steelmakers are planning to merge, they said, as the industry faces a global glut that has hammered producers worldwide. Baosteel Group, China's second-largest steelmaker, is "planning a strategic restructuring with Wuhan Iron and Steel Group", another giant, both companies' listed units said in separate statements to the Shanghai stock exchange yesterday. But the restructuring plan has not yet been confirmed, the statements said, without giving further details. The two firms rank 5th and 11th respectively in the world. Baosteel produced 36.1 million tonnes of steel last year, its website says -- more than Brazil and three times more than Britain, according to the World Steel Association, whose ranking shows that if Baosteel was a country, then it would be eighth in the world. But Chinese steel demand has slumped as its economic growth has slowed and the global steel industry is assailed by huge overcapacity, which has plunged manufacturers into losses from Asia to Europe to the US, and seen political rows and accusations of dumping. Shanghai-based Baosteel's net profit plummeted 83 percent to 1.0 billion Yuan (USD 150 million) last year, while Wuhan Steel lost 7.5 billion Yuan, compared with a 1.3 billion Yuan net profit in 2014. Beijing has vowed to eliminate 100-150 million tonnes of capacity -- out of a total of 1.2 billion tonnes - by 2020. "The merger of Baosteel and Wuhan Steel fits with the government strategy of improving efficiency and reducing competition and overcapacity," Xu Xiangchun, chief analyst at consultancy Mysteel Research, told Bloomberg News. "With these two leading the effort there might be more mergers ahead." Wuhan Steel chairman Ma Guoqiang denied speculation of a merger at a shareholder meeting earlier this month, the Beijing News reported. Trading in both firms' shares was suspended on Monday. (AFP)

Chinese steel giants plan merger in face of global glut

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

steel

Steel, News on Steel, stories on Steel, articles on Steel, Steel stories at Wion, Steel news, Steel latest news