Steel tidbits: worth-to-know news from India and Indonesia

On November 19, the Indian government announced a decisive lash to its trade strategy, eliminating export duties on certain goods, including iron ore and several steel products. The determination marks a sharp reversal from the decision of last May to impose duties to curb soaring steel prices in the domestic market.
According to Platts, the provision could also increase pressure on steel prices for Turkish steel mills, as India is one of Turkey's biggest rivals in the major export markets.

From Indonesia - or rather the World Trade Organization - comes another piece of news relevant to those working in the steel industry, particularly the stainless steel industry: on November 30, the WTO ruled that specific measures taken by the Southeast Asian country, namely the export ban and the requirement for domestic processing of nickel ore, violate WTO rules. The EU had formally requested an opinion in November 2019 and the establishment of a panel in January 2021. The WTO decision was welcomed by the European steel association EUROFER, as Indonesia's nickel ore export ban and related measures "have been artificially distorting the global market for nickel ore and fuelling the new export-oriented stainless steel production in Indonesia, whilst harming the EU stainless sector.”


You could be interested in reading:
The buzzword is deglobalization
Italian Wire Machinery Manufacturers' recent meeting: ‘Milan to host Wire & Cable conference in 2023’
Customs transit procedures between Ukraine and the EU are now easier