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Global News
2020-7-2

July 2(LTIT) –The Government of India on 30th June’20 commenced a probe into alleged subsidised exports of aluminium wires from Malaysia, as it is affecting the domestic industry, following a complaint by Vedanta Ltd and Bharat Aluminium Company Ltd. India instigates anti-subsidy probe against Malaysian Aluminium wire The investigation arm of Ministry of Commerce, Directorate General of Trade Remedies (DGTR) has initiated the probe to see if the subsidy programme of Malaysia for exports of ''Aluminium Wire/Wire Rods above 7 mm diameter'' is impacting the domestic industry. The companies had filed an application before the DGTR for anti-subsidy investigation on these imports originating in or exported from Malaysia. India begins anti-subsidy probe against Malaysian export of Aluminium wire The applicants had claimed that the subsidised imports from Malaysia are causing a material dent to Indian domestic industry, and requested for the imposition of countervailing duty on imports of these subsidised goods coming from Malaysia. According to the notification of DGTR, based on the prima facie evidence submitted by the domestic companies, "the authority hereby initiates an investigation to determine the existence, degree and effect of alleged subsidies in respect of the goods" being exported by Malaysia. If it is confirmed that subsidies by Malaysia are impacting the domestic industry, the DGTR would advocate the amount of countervailing duty, which if levied, would be acceptable to remove the dent to the domestic industry. The product is majorly used in electrical and steel industries. The investigation phase is marked between from April’19 – Dec’19, although it will cover the data of 2016-19. The applicants have also claimed that producers/exporters of the goods in Malaysia have gained from applicative subsidies delivered at various levels by their government, including the provinces and districts in which producers/exporters are located, and other public bodies. Under the global trade rules of the World Trade Organization (WTO), a member country is allowed to impose anti-subsidy or countervailing duty if a product is subsidised by the government of its trading partner. Report on Energy consumption in Aluminium smelting and Changing technologies towards gas emission These duties are earmarked as trade remedies to protect domestic industry, as subsidy on a product makes it competitive in price terms in international markets. Countries provide subsidies to encourage their exports. India and Malaysia both are members of the Geneva-based multilateral organisation. Malaysia is a major trading partner of India. Both the countries also have an extensive free trade agreement since 2011. The bilateral trade between the countries rose to $ 17.25 billion in 2018-19 from $ 14.7 billion in the previous fiscal. The trade balance is in favour of Malaysia.

Eyes on China
2020-7-2

Copper: Today, the price of recycled copper in Foshan market has risen slightly, and the recent rise is good. However, after the continuous rise of copper price, the market has become cautious. At present, due to the worry of copper supply interruption and the support of China's economic data, LME copper fluctuated around the first-line high of US$ 6,100, and some investors even predicted that there was still room for further increase in short-term copper prices. However, the spot copper market is obviously cautious in chasing up. They are worried that the copper price may be suppressed by profit after accumulating huge increase. Therefore, they are very cautious in purchasing goods, and mainly purchase on demand. Three national standards, namely Recycled Brass Raw Materials, Recycled Copper Raw Materials and Recycled Casting Aluminum Alloy Raw Materials, have been officially implemented since July 1, and the certification of import and export qualifications will be launched soon, hence we will continue to pay attention to them. Aluminum: Today, the aluminum price in Foshan market has further increased slightly. In the third quarter, China continued to introduce favorable policies to stimulate economic recovery and the destocking of the aluminum ingot market continued to support the aluminum price. The monthly contract of SHFE aluminum remained above 14,000 yuan, and the cargo holders and factories and enterprises took the opportunity to make profits and actively ship goods. At present, the industry is generally optimistic about the aluminum price in July, and it is expected that the market will fluctuate strongly. Zinc: Today, the zinc price in Foshan market further declined slightly, and the wait-and-see atmosphere dominated the market. Traders were very cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers are worried about the market outlook, their purchasing enthusiasm is not high, the trading atmosphere in the market is clear, and the overall turnover decreases. Stainless Steel: Today, the price of waste stainless steel in Foshan market continues to be stable. The peripheral nickel price continued to rise, which became the only support of the weak stainless steel market at present. Meantime, it also began to stimulate the waste industry's desire to enter the market while taking advantage of the low price. Buyers who had been receiving goods at the low level had raised their prices. If the demand continues to improve, it may support the scrap stainless steel market. (Source: Lingtong Metal Information)

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