India begins anti-dumping probe into "cheap" paper imports

India has initiated an anti-dumping probe into imports of a certain kind of paper from Indonesia, Thailand and Singapore following complaints from some domestic companies.

The West Coast Paper Mills, Tamil Nadu Newsprint, Papers Ltd, Ballarpur Industries and JK PaperBSE -1.61 % had filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of anti-dumping investigation into imports of 'Uncoated Paper' from the three countries.
The DGAD in a notification said it has found "sufficient prima facie evidence" of dumping of such paper from these countries. This paper is used as a photocopy or copy paper.
The move is aimed at protecting domestic players in the sector against cheap imports.

"The authority hereby initiates an investigation into the alleged dumping, and consequent injury to the domestic industry," it said.
In the probe, it would determine the existence and effect of the alleged dumping and recommend the amount of anti- dumping duty, which if levied, would be adequate to remove the injury to the domestic industry, it added.
The period of probe would be April 2016 - June 2017 (15 months) for the purpose of present investigations.

However, for the purpose of injury investigation, the period will cover the data from 2013-2016.
Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports.
As a counter measure, they impose duties under the multilateral regime of WTO.

The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a- vis foreign producers and exporters.
India has already imposed anti-dumping duty on several products to tackle cheap imports from countries, including China.

India, Armenia review bilateral trade, ties

India and Armenia on Friday reviewed bilateral ties across multiple sectors in a bilateral meeting between Prime Minister Narendra Modi and Armenian President Serzh Sargsyan.

The two leaders discussed bilateral as well as regional and multilateral issues during the course of the meeting.

"The two sides reviewed present status of bilateral relations and discussed ways to further strengthen future cooperation in diverse areas including political, defence, space, trade and investment, science and technology, education, culture and people to people contacts," an External Affairs Ministry statement said.

"Specific areas with potential to propel bilateral trade and economic relations were discussed including in the sectors of food processing, renewable energy, pharmaceuticals and healthcare, information technology, mining and jewellery," it said.

Data made available by the External Affairs citing Statistical Service of Armenia, the bilateral trade stood at $32.3 million only.

India's imports from Armenia were at $0.4 million and exports to Armenia stood at $31.9 mn again favouring India.

Indian exports to Armenia consist of bovine meat, agricultural products, electrical equipment, cut and polished diamonds, optical equipment, plastics, pharmaceuticals, cosmetics, garments and other chemical goods and cars, while Armenia's exports include non-ferrous metals and rawrubber.

In Friday's meeting, both sides agreed that early conclusion of an India-Eurasian Economic Union free trade agreement would unleash huge opportunities in increasing bilateral trade.

Earlier on Friday, Sargsyan attended the Worl Food India 207 which was inaugurated by Modi.

He also called on President Ram Nath Kovind and met Vice President Venkaiah Naidu.

The Armenian President arrived here on Thursday on a four-day visit to India.

Wedding bells set to ring in fresh gold demand in India

MUMBAI/BENGALURU: Demand for physical gold was lacklustre in top consumers India and China this week, while the lure of the metal remained stable in Singapore, but India’s peak wedding season is expected to usher in renewed interest for bullion in coming weeks.
Gold is considered an essential part of weddings in India, second-biggest consumer of the metal in the world after China, and it is a popular gift on such occasions.
“The wedding season has started. In the next few weeks, there are many wedding dates, which will boost demand,” said Kumar Jain, a Mumbai-based jeweller.
Dealers in India were charging a premium of up to $3 an ounce this week over official domestic prices, unchanged from last week. The domestic price includes a 10 per cent import tax.

“Gold imports by (jewellery) export houses have fallen sharply in the last few weeks. That’s why the market is in premium, despite moderate demand,” said a dealer with a private bank in Mumbai.
In October, India tightened gold import norms for jewellery exporters by restricting them from importing the yellow metal only for export purposes and not for selling in the domestic market.
Meanwhile, in China, the market for the precious metal remained quiet, with premiums of $5 to $9 an ounce being charged over benchmark rates, as against the $6.50 to $10 range in the previous week.

Benchmark spot gold was on track to register a small weekly gain, hovering around the $1,275.00 level as of 0919 GMT on Friday, but still below Thursday’s mark of $1,284.10, highest in nearly two weeks.
“Dips below the $1,270 level (toward the beginning of the week) spurred some buying, but the upside, (around the $1,280 level) limited purchases,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Premiums in Hong Kong remained more or less unchanged from last week, in the 60 cents to $1.20 range.

“Premiums are quite low, and except for periodic large sales, the market is quiet,” said Joshua Rotbart, managing partner of J. Rotbart & Co in Hong Kong.

In Singapore, premiums rose to 70-90 cents from the 50 cents last week.
“There has been interest from two segments, the wholesalers and high net worth individuals, so it is still strong,” said Loh Mun Chun, Director, Private Wealth at GoldSilver Central in Singapore.
“The wholesalers need to buy ... to produce jewellery, especially with some spillover demand coming from the Diwali and Dhanterras festivals, while the high net worth individuals ... buy to diversify their portfolio and they have the money.”

Japanese markets were closed for a public holiday on Friday.

India to export excess stock of Pulses

From being an importer of Pulses India is now looking at exporting Lentil piggying back on a huge stockpile.

With a stock of 18MT, agencies like MMTC will look for overseas buyers while a bulk will be put forward to consumer agencies like IRCTC, defence forces, central paramilitary forces and Safal to lift about one lakh tonnes in a year.

Moreover, plans for disposal of another 10 lakh tonnes through government agencies, open market sale and at subsidised rates to states have been planned. The government has also allowed export of Arhar and Urad.

India likely to lift import duty on Vegetable Oil

India, one of world’s biggest importer of vegetable oil, is to lift import duty on Vegetable Oils mainly due to lower domestic demand of Oil seeds like Rapeseed and Soybeans.

Local Oil-seed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina.

Considering the situation of local crushers, India seeks raise in import taxes on crude and refined edible oils to protect local farmers.

In August New Delhi had doubled the import tax of Crude Palm Oil and Refined Palm Oil to 15 percent and 25 percent respectively.

Despite the hike in import duty, prices of key oil-seeds such as Soybeans and Rapeseed are trading below the government set price.

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India needs to develop 20-25% of steel capacity along coast by 2025 to meet export targets: Birender Singh

Steel minister Birender Singh has said India could aspire to develop 20-25% of its steel capacity along the country's coastline by 2025 to meet its export targets.
The minister's comments came during an event when he flagged off the maiden coastal shipment of Rashtriya Ispat Nigam Limited(RINL), the corporate entity of Vizag Steel, marking the steel major's foray into sea trade for its domestic needs.

Speaking on the occasion, the Steel Minister said the Sagarmala Project would transform the logistic sector and change the lives of those living along the country's 7500-km coastline. India could aspire for 25-30% of steel capacity to be coastal by 2025 to meet the requirement of steel exports, the minister said. At present, logistic cost in India is amongst the highest in the world but Sagarmala programme has the potential to unlock full potential of India’s coast line and waterways and logistics sector competitive with the world standards, he added.
Coastal shipping is cheaper than road or rail by 60-80% and reduces the burden on rail and road transport. He observed that an overall cost saving of around Rs.40,000 crore per annum is estimated from this project by 2025.
While commending RINL for foraying into sea trade to strengthen its relationship with the coastal transportation for domestic requirements, he said and added that RINL should take advantage of utilizing its locational advantage for import of raw materials like coking coal and export of finished products. He lauded the inherent advantages of coastal shipping over land modes of transport adding that it is environmentally friendly, energy efficient and safer.