India: Shipowners against move allowing PSU oil firms to import crude on CIF/CFR basis

The Indian National Shipowners’ Association (INSA) has written to the Prime Minister seeking reversal of a recent decision of the Shipping Ministry to allow PSU oil companies to buy 35 per cent of crude imports on CIF/CFR basis. It believes that such a decision will lead to an outflow of $771 million (₹5,685 crore) to
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Steel imports into Europe have risen sharply as a result of U.S. tariffs, particularly from Turkey, threatening European steelmakers as demand growth in the continent slows, European steel association Eurofer said on Wednesday. Eurofer said in its quarterly review it expected European Union apparent steel consumption, a reflection of supply to the market, would rise
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The crude oil import bill for India is expected to increase by $37 billion to $125 billion during the current financial year (2018-19, or FY19) — a 42 per cent spike over the 2017-18 (FY18) bill of $88 billion, according to the latest estimates released by the Petroleum Planning and Analysis Cell (PPAC) Rising crude oil prices and a
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BEIJING: China will cut the import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the Finance Ministry said recently. Import tariffs on wood and paper products, minerals and gemstones will be cut to 5.4 percent from 6.6 percent, the Ministry said Source :dailyshippingtimes

NEW DELHI: India’s coal import increased substantially by 35 per cent to 21.1 million tonnes (MT) in September, as against 15.61 million tonnes in the corresponding month previous fiscal. The rise in imports comes at a time when the captive power plants in the Country are grappling with the issue of coal shortages. “The increase
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India raised import duty on a range of items as Government seeks to rein in the current account deficit and shore up the rupee. The move follows an announcement to this effect by Finance Minister Arun Jaitley earlier this month after a meeting with Prime Minister Narendra Modi in the wake of the slump in
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Indian refiners are preparing to cut daily Iranian crude oil imports nearly in half in September and October compared with the daily imports for April-August, according to data gathered by Reuters from industry and trade sources. Even with the reductions for this month and next, India refiners will still import about 73 percent of their
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MUMBAI: India’s coal import rose 11.9 per cent to 78.7 million tonnes in the first four months of the current fiscal. The Country had imported 70.3 million tonnes (MT) coal in April-July period of the last fiscal, mjunction services, a joint venture between Tata Steel and SAIL, has said. “Overall, coal and coke imports during
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MUMBAI: Higher demand for thermal power and lower-than-required growth in domestic coal output may push up coal imports to 62 million tonne this fiscal, says India Ratings. According to the ratings agency, imported coal requirement is likely to increase to 62 million tonne this fiscal from 56 million tonne in FY2018 to meet the incremental
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The government is working on a scheme to allow duty-free import of capital goods by the domestic industry. The initiative could be an alternative to some of the export incentive schemes (EPCG, those for EOUs and SEZs) that will now have to be phased out or withdrawn because of their incompatibility with global trade rules,
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