India’s steel imports from China hit record high, latest data shows

India’s finished steel imports from China hit a record high in the first seven months of this fiscal year, reaching 1.7 million metric tons. This surge, a 35.4% year-on-year increase, is impacting smaller Indian steel producers already grappling with falling domestic prices and cheap imports.

Three trading houses dominate Russian oil sales to India as smaller firms exit due to high funding costs and Western sanctions. This shift allows Russia to sell record oil volumes at smaller discounts, but increases vulnerability to future sanctions. While Russian oil remains cheaper than competitors, the concentrated trade raises concerns about potential disruptions.

Bob Willen, Kearney’s chairman, discusses Trump’s trade stance, India’s GCC growth, and AI’s impact. He cautions about Trump’s tariff threats but remains optimistic about India’s potential amid a shifting global trade landscape. Willen emphasizes Kearney’s focus on operational strategy and its embrace of AI as a transformative tool.

Israeli Economy Minister Nir Barkat thanked India for its support after the October 7 terror attacks and promoted investment and technology partnerships. He highlighted Israel’s economic model focused on six key sectors and suggested collaborative pilot projects with India, particularly in AI and quantum technologies, leveraging Israel’s innovation and India’s market scale.

Smuggling of gold for food staples like sugar and grain surges across the India-Bangladesh border. India’s export curbs created price disparities, incentivizing illegal barter trade and impacting government revenues. Despite efforts to curb smuggling, the practice persists, driven by high food prices in Bangladesh and lucrative arbitrage opportunities for grey market operators.

US President-elect Donald Trump’s decision to impose high tariffs on China, Mexico, and Canada will create significant export opportunities for India, according to Niti Aayog CEO BVR Subrahmanyam. He emphasized that India must prepare to capitalize on these opportunities, especially as trade disruptions in the US could lead to trade diversion.

A NITI Aayog report reveals that India has had limited success in capitalizing on the “China Plus One” strategy, unlike South Asian peers such as Vietnam, Thailand, Cambodia, and Malaysia, which have benefited from factors like cheaper labour, simplified tax laws, and lower tariffs.

The Indian government asks banks to identify and overcome hurdles in implementing international trade settlements in Indian rupees through special rupee vostro accounts (SRVA). A crucial meeting is scheduled to address these challenges and boost rupee trade with surplus trade countries amid global financial shifts and sanctions concerns.