With the US raising tariffs on Chinese imports, there could be a flood of Chinese goods to other Asian economies. While countries such as Thailand and Indonesia are particularly vulnerable, sectors such as metals in India may be hit
"The tariff increases announced today will further blunt the harmful policies and practices by the People’s Republic of China," US Trade Representative Katherine Tai said in the statement.
The company has been facing challenges from cheaper imports after several domestic solar PV module manufacturers stocked up solar glass from China before the implementation of a 10% Basic Custom Duty in September.
During Q1FY25, the country saw an increased supply of steel driven by a preference for cheaper imported alternatives and need-based procurement, putting domestic steel prices under pressure.
The move is aimed at reducing Indian companies’ dependence on China for key chemicals needed to manufacture active pharmaceutical ingredients.
Modules manufactured in India are 37 percent more expensive than in China
The recovery so far has mainly been driven by consumer spending, rather than infrastructure and property investment and that has reduced demand for commodities such as crude oil, iron ore and copper
The cumulative engineering exports from April-November 2022-23 declined by 1.8% year-on-year to US$ 70.72 billion.
Electronics and auto companies may reduce output from April 2022 as the supply of parts to India from China could be delayed by 10-15 days
Asian economies import 20-30 percent of their intermediate goods from China
The company posted a consolidated loss of Rs 339 crore in the quarter ended June against net profit of Rs 418 crore in the same quarter last year.
Narendra Kothari of NMDC says there is no problem in the production of steel and the prices are firming in the range of USD 65-70 per tonne.