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JSW Steel and South Korea's POSCO Group plan a major steel plant in India. The plant will produce six million tonnes annually. Both companies signed an agreement for this joint venture. This partnership builds on an earlier understanding from October 2024. The goal is to create a globally competitive manufacturing hub. This hub will serve both Indian and international markets. View More

JSW Steel and South Korea’s POSCO Group are exploring setting up a six million tonnes per annum (MTPA) integrated steel plant in India , the former said in a press release on Monday. The two companies have signed a non-binding Heads of Agreement (HoA) to jointly set up the plant in a potential 50:50 venture. Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The agreement expands on a Memorandum of Understanding (MoU) signed in October 2024 and outlines the broad framework for collaboration. The HoA was signed in Mumbai , in the presence of Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of JSW Steel. "This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking . The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets," said Jayant Acharya, Joint Managing Director & CEO, JSW Steel. “India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations," added Lee Ju-tae, Representative Director and President, POSCO Holdings. According to the press release, the POSCO Group is a leading industrial conglomerate from South Korea and is recognized globally for its steel production capabilities and diverse business portfolio spanning steel, secondary battery materials, construction, and energy. Its Steel Division, operating from integrated plants in Pohang and Gwangyang, has a crude steel capacity of around 42 million tonnes per year. Live Events (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

A three-year safeguard duty on steel imports, initiated by DGTR due to increased imports and declining domestic profits, faces strong opposition. GTRI's report suggests this duty could negatively impact auto, engineering, and construction sectors by raising input costs. Stakeholders argue that the duty will harm export competitiveness and create sourcing challenges, despite domestic steelmakers' profitability. View More

The three-year safeguard duty on steel imports by Directorate General of Trade Remedies ( DGTR ) could cripple the auto, engineering, and construction sectors by pushing up input costs and squeezing downstream users, stated a report by the Global Trade Research Initiative ( GTRI ). Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The safeguard duty, confirmed on August 16, will start at 12 per cent in the first year, followed by 11.5 per cent in the second year and 11 per cent in the third year. DGTR stated that the decision is taken due to a sharp surge in steel imports, especially from China, and a steep fall in domestic industry profits . However, GTRI stated "that duties would cripple auto, engineering, and construction sectors". DGTR launched probe in December 2024 after complaints from major producers such as AMNS, JSW Steel , Jindal Steel & Power, and SAIL , covered a wide range of products including hot-rolled and cold-rolled steel, metallic-coated, and colour-coated steel. Live Events A provisional 12 per cent duty had already been imposed on April 21, 2025. In its final order, DGTR said imports rose "recently, suddenly, sharply and significantly" during October 2023 to September 2024. As per data, Chinese exports alone reached 110.7 million MT in 2024, a 25 per cent jump from 2023, with much of the excess supply being redirected to India. Imported hot-rolled coils landed at USD 450 per MT in May 2025, which was nearly USD 87 per MT lower than Indian costs, even after duties. Domestic profit before tax plunged 76 per cent, which DGTR said amounted to "serious injury" to local producers. However, GTRI stated that more than 250 stakeholders, including leading automakers, electronics firms, and industry bodies opposed the duty. Tata Motors , Maruti Suzuki , Hyundai, Toyota Kirloskar, LG, Samsung, Whirlpool , ABB , Siemens , Crompton Greaves , Havells , and L&T were among those warning that the move would raise input costs, harm export competitiveness, and make customer-specific grades harder to source. ACMA, EEPC, and IEEMA echoed similar concerns, saying many grades of steel are not produced locally and imports are essential. They argued that import volumes were only returning to pre-COVID levels, not surging, and criticized DGTR's choice of base year. GTRI also countered DGTR's findings, noting that India remains a net steel importer with demand in FY2024-25 estimated at 137.82 MT against domestic production of 132.89 MT. It pointed out that steelmakers still enjoyed strong profitability, with Tata Steel recording a 21 per cent EBITDA margin in India and SAIL at 11.6 per cent. According to GTRI, far from being under distress, Indian steel producers were thriving, and the safeguard duty risks creating cartel-like conditions when combined with Quality Control Orders. The GTRI also noted that the safeguard duty would end up protecting a few large producers at the cost of India's wider manufacturing ecosystem. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The Directorate General of Trade Remedies (DGTR) has suggested imposing a safeguard duty on specific flat steel product imports for three years, aiming to shield domestic manufacturers from a surge in inbound shipments. The recommended duty starts at 12% in the first year, decreasing to 11% by the third year. View More

New Delhi: The Directorate General of Trade Remedies (DGTR) has recommended final imposition of a safeguard duty on imports of certain flat steel products for three years to protect domestic manufacturers from a sudden jump in the inbound shipments. It has recommended 12% duty in the first year, 11.5% in the second and 11% in the third year. Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The DGTR, under the commerce and industry ministry, recommended the duty in its final findings of a probe initiated on a complaint by the Indian Steel Association . Based on the preliminary findings, the government had imposed a provisional 12% safeguard duty in April for 200 days. "There is a recent, sudden, sharp and significant increase in imports of PUC (product under consideration) into India at the cumulative level as a result of unforeseen developments... and threaten to cause serious injury to the domestic industry/producers," the DGTR said in a notification dated August 16. Live Events It recommended that no duty be levied if import prices are at least $675 per tonne for hot-rolled coils and sheets, around $695 per tonne for hot rolled mill plates, $824 per tonne for cold rolled coils and sheets, $964 per tonne for colour coated steel products and $961 per tonne for metallic coated steel coils. The association had alleged a surge in imports which it said posed a serious threat to the domestic industry. China, South Korea, Japan, Vietnam and Nepal are the top exporters of these goods to India. The DGTR recommended imposition of the duty on certain steel products after taking into account the impact on the local industry. The finance ministry imposes the duties. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

India's commerce ministry arm has suggested a three-year safeguard duty on specific flat steel imports due to a surge in shipments, potentially harming domestic producers. The Directorate General of Trade Remedies (DGTR) proposed a phased duty after a complaint from the Indian Steel Association. View More

The DGTR has recommended a safeguard duty on certain flat steel imports for three years to protect domestic manufacturers from a surge in inbound shipments. This decision follows a probe initiated by the Indian Steel Association, citing a significant increase in imports causing injury to the domestic industry. View More

The commerce ministry's arm, DGTR, has recommended final imposition of a safeguard duty on imports of certain flat steel products for three years to protect domestic manufacturers from sudden jump in the inbound shipments. Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The duty was recommended by the directorate general of trade remedies (DGTR) in its final findings of a probe initiated on a complaint by the Indian Steel Association . Based on the preliminary findings, the government in April has already imposed a provisional 12 per cent safeguard duty for 200 days. Now in its final findings, the DGTR has concluded "that there is a recent, sudden, sharp and significant increase in imports of PUC (product under consideration) into India at the cumulative level as a result of unforeseen developments...and threaten to cause serious injury to the domestic industry/producers," the DGTR has said in a notification. It has recommended a 12 per cent duty in the first year, 11.5 per cent in the second, and 11 per cent in the third year. Live Events The Indian Steel Association on behalf of its members including ArcelorMittal Nippon Steel India, JSW Steel , Jindal Steel and Power and Steel Authority of India filed an application seeking imposition of safeguard duty on imports of non-alloy and alloy steel flat products. The applicant alleged that there was a sudden, sharp and significant increase in the volume of imports, which caused serious injury to the domestic industry in India. The applicant also stated that imports took place in such increased quantities and under such circumstances that cause and threaten to cause serious injury to the domestic industry. The DGTR said that taking into account the current serious injury to the domestic industry, and the imminent threat of injury due to the imports of subject goods, the fair selling price and, considering competing interest of all stakeholders, the authority recommends imposition of the duty on certain steel products. Commenting on this, think GTRI said that India's trade watchdog DGTR has confirmed safeguard duties on a wide range of steel imports, rejecting submissions from over 250 stakeholders, including major automakers and electronics firms. It said that the probe, launched in December 2024, covered hot-rolled and cold-rolled products, metallic and colour-coated steel. Chinese exports of these items rose to 110.7 million tonnes in 2024, up 25 per cent over 2023, much of it redirected to India, GTRI said. "GTRI opposed the move, warning it (imposition of final safeguard duty) would raise input costs, hurt export competitiveness, and squeeze downstream users," the think tank's founder Ajay Srivastava said. GTRI argued imports were predictable, not "sudden"; that domestic injury was overstated; and that duties would cripple auto, engineering, and construction sectors, he said. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

PLI reforms will strengthen competitiveness and drive India’s steel leadership, says HD Kumaraswamy View More

China's economic growth faced a slowdown in July. Factory activity, investment, and retail sales numbers were not encouraging. View More

(Bloomberg) --China’s economy slowed across the board in July with factory activity, investment and retail sales disappointing, suggesting Beijing’s crackdown on destructive price wars and spillovers from Donald Trump’s tariffs are casting a pall over the world’s No. 2 economy. Production at Chinese factories and mines rose at the slowest rate since November and expanded a worse-than-forecast 5.7% last month from a year earlier, according to data released by the National Bureau of Statistics on Friday, compared with June’s gain of 6.8%. Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Retail sales grew 3.7% on year in July, the least this year and down from 4.8% in the previous month. Expansion in fixed-asset investment in the first seven months of the year decelerated to 1.6%, as a contraction in the real estate sector deepened. The urban unemployment rate climbed more than expected to 5.2%. Bloomberg “July’s main economic indicators suggest that the country’s tariff-related swoon has begun,” said Homin Lee, a senior macro strategist at Lombard Odier in Singapore. “The loss of momentum evident in both demand and supply indicators calls for the mid-year fiscal policy tweak.” The Hang Seng China Enterprises Index closed 1% lower on Friday, while the onshore CSI 300 Index gained 0.7%. The offshore yuan held steady and the yield on China’s 10-year government bonds edged slightly lower. Live Events The latest snapshot of the economy indicated China’s growth lost steam after a show of strength earlier in the year allowed Beijing to take a wait-and-see approach to further stimulus. Top leaders have signaled they will stick with supportive measures already planned while promising to pump more aid when needed, a strategy analysts expect to be fine-tuned pending economic figures in the coming months. “China’s economy overcame negative factors including a complex and fast-changing external environment and extreme weather at home, and maintained progress amid stability,” the NBS said in a statement. “The economy still faces numerous risks and challenges.” Although uncertainty abounds over the outlook for global trade, industrial activity and construction also suffered from extreme weather. The disruptions in July, caused by high temperatures, unusually heavy rain and flooding in large swathes of China, added to what’s traditionally a slow season for the economy. Growth in yuan-denominated new loans contracted for the first time in 20 years in the month, highlighting subdued willingness for borrowing and spending. Bloomberg Instead of announcing massive new measures to juice growth, Beijing in recent weeks ramped up efforts to curb cutthroat competition among businesses. The campaign has attracted intense attention from investors given the stakes involved in reflating the economy and the potential impact on corporate profitability in industries from steel to solar energy and electric cars. Investment in manufacturing, property and infrastructure fell across the board in July, which was “extremely rare,” according to Jacqueline Rong, chief China economist at BNP Paribas SA. The effort to curb so-called involution drove local governments to “strictly control” new investment in industries suffering from intense competition or having overcapacity concerns, holding back spending in manufacturing, she said. “If August’s economic data continue to be weaker than expectations, policymakers may feel compelled to introduce additional supportive measures in late September or early October to prop up growth in the fourth quarter,” she said. The size of any potential stimulus package might be smaller than what was provided for the same period last year, however, given the risk of missing the around 5% annual growth target is lower and the stock market is in much better shape, Rong added. What Bloomberg Economics Says “China’s economy lost momentum in July at a faster-than-expected pace, reinforcing the case for more stimulus from Beijing. Most notably, consumption continued to decelerate quickly after a negative surprise in June, while investment — a key lever for fiscal stimulus — contracted from a year earlier in July, an infrequent occurrence.” There are signs the government’s consumer subsidies are also having less impact on boosting demand, as retail sales of household electronics, office supplies and furniture slowed in July from a month ago. Car purchases fell 1.5% from a year earlier, the first drop since the January-February period. Some local governments ran into a funding shortage for the subsidy program starting from June, before the country’s top economic planning agency allocated more money to them around late July. Officials may consider broadening the trade-in program to cover more goods and even services as part of its response to the broader slowdown, according to Standard Chartered Plc analyst Ding Shuang, who expects the government to prepare contingency plans to prevent any further downturn. “The data should sound the alarm to the policymakers, but they may not shift policies abruptly based on a one-month data point,” Ding said. “Investment is the main drag.” Private capital expenditure declined 1.5% in the first seven months from a year ago, the worst reading for the cumulative gauge since September 2020. Authorities are also looking for ways to boost domestic consumption to reduce reliance on foreign demand in the long run amid rising rivalry with the US. The government this week unveiled a plan to subsidize part of the interest payments on some consumer loans, after announcing earlier it will gradually waive preschool fees to ease education costs and offer childcare subsidies for families across the nation. “Looking ahead, economic activity data will likely show more signs of growth slowdown, perhaps even at a faster pace in the coming months,” said Xiaojia Zhi, chief China economist at Credit Agricole CIB in Hong Kong.

China's crude steel output dipped to a seven-month low in July and new home prices fell 0.3% from the previous month in July. View More

Hindustan Zinc Ltd. (HZL) aims for ?62,000-65,000 crore in annual revenue by doubling its production capacity to 2 million tonnes. The Vedanta subsidiary anticipates an EBITDA of ?34,000-36,000 crore and a production cost of $1,000 per tonne at this expanded capacity. Silver production is also expected to rise to 1,500 tonnes. View More

Hindustan Zinc Ltd . (HZL), an integrated producer of zinc and silver, is targeting annual revenue in the range of ₹62,000 crore to ₹65,000 crore once its production capacity doubles to 2 million tonne, according to an investor presentation. The company, a subsidiary of Anil Agarwal-owned Vedanta Ltd ., did not say by when it would double production capacity. It had recorded ₹34,083 crore revenue in FY25. Independence Day 2025Modi signals new push for tech independence with local chipsBefore Trump, British used tariffs to kill Indian textileBank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Earnings before interest, tax, depreciation and amortisation is likely to be in the range of ₹34,000 crore to ₹36,000 crore, while the cost of production is likely to be $1,000 per tonne at double the capacity, the company said in its presentation. The government holds a 27.92% stake in Hindustan Zinc. For FY25, Hindustan Zinc clocked in an EBITDA of ₹17,465 crore, while its cost of production stood at $1,052 per tonne. At double output capacity, the production of silver is expected to rise to 1,500 tonne from around 700 tonne now. Silver is recovered as a by-product from the smelting and refining of zinc. Live Events In June, the company had announced a capital expenditure of ₹12,000 crore to enhance capacity at its smelter in Debari by 250,000 tonne, taking it to a total of 1.38 million tonnes. This capacity is expected to come on board in 36 months after the expansion starts. After its initial phase of expanding capacity by 250,000 tonne, Hindustan Zinc is eyeing a revenue of ₹40,000-42,000 crore, and an EBITDA of ₹21,000-22,000 crore. Chief executive officer Arun Misra had told ET in June that the company would announce new expansion plans over the next few months. On Thursday, shares of the company ended 0.8% lower on the BSE at ₹426.50. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The move follows a one-year investigation into potential injury to domestic steel producers caused by dumped imports View More