“Game changer for Africa” as leader launch ‘historic’ free trade deal
African nations officially launched a landmark trade agreement at the African Union summit in Niger on Sunday, with the long sought-after agreement hailed as a historic step towards “peace and prosperity” across the continent.
After 17 years of touch negotiations, the AU launched the ‘operational phase’ of the African Continental Free Trade (AfCFTA) in what AU commission chairperson Moussa Faki had described as a ‘historic’ moment.
“An old dream is coming true, the founding fathers must be proud,” said Faki, adding that AfCFTA would create “the greatest trading area in the world”.
Niger’s President Mahamadou Issoufou hailed it as “the greatest historical event for the African continent since the creation of the Organisation of African Unity in 1963, referring to the AU’s predecessor.
AU officials announced the launch of the five “operational instruments” of the AfCFTA. Nations agree to sharing “rules of origin, the monitoring and elimination of non-tariff barriers, a unified digital payments system and an African trade observatory dashboard”, the AU commission announced.
India probes alleged dumping of flat rolled products of stainless steel from 15 nations
Indian Stainless Steel Development Association, Jindal Stainless, Jindal Stainless (Hisar) and Jindal Stainless Steelway have filed an application before the directorate alleging dumping of products from companies of these nations. India has initiated a probe into alleged dumping of flat rolled products of stainless steel from 15 countries including China, the USA and Japan following complaints by domestic players. Commerce ministry’s investigation arm DGTR has begun the investigation after finding evidence of dumping of proucts from China, Korea, the European Union, Japan, Taiwan, Indonesia, the US, Thailand, South Africa, the UAE, Hong Kong, Singapore, Mexico, Vietnam and Malaysia.
“The authority accordingly initiates an investigation into the alleged dumping, and consequent injury to the domestic industry,” the Directorate General of Trade Remedies (DGTR) said in a notification. In the probe, DGTR will determine the existence, degree and effect of alleged dumping and recommend the amount of anti-dumping duty, which if levied, would be adequate to remove the injury to the domestic market, it added.
Tsingsham Indonesia Shakes up Stainless Steel Markets in South East Asia
According to Wood Mackenzie, shockwaves from Tsingshan’s new stainless steel hub in Indonesia are reverberating across South East Asica and beyond. Mr Sean Mulshaw, Wood Mackenzie Principal Analyst said that “Competitively prices exports of Indonesian stainless product have provoked varying reactions from stainless steelmakers in the destination countries. China has warned off Tsingshan with anti-dumping duties, Taiwan has willingly taken Indonesian stainless instead of melting its own, South Korea is changing its mix of stainless grades and fighting a proposal for a new Tsingshan cold rolling mill, India is partnering with Tsingshan in a new CR venture that is about to enter production and Europe is worried that more Indonesian stainless might come its way.”
China to hit Indonesia, Japan, EU, South Korea stainless steel imports with anti-dumping duties
China will impose duties on stainless steel imports from the European Union, Japan, South Korea, and Indonesia this week in response to the damage caused to the domestic industry by products sold at below fair market prices, the Ministry of Commerce announced on Monday.
Anti-dumping duties ranging from 18.1 per cent to 103.1 per cent will be imposed on all stainless steel billets and hot-rolled stainless steel plates from Tuesday.
“Dumping from the EU, Japan, Korea, and Indonesia has caused substantial damages to the Chinese domestic stainless steel billet and hot-rolled stainless steel plate industry,” the Ministry of Commerce statement said. Dumping is a process where an imported product is sold at a price lower than the price normally charged in the home market.
Nickel Hits One-Year High As Investors Bet EV Adoption
Seeking Alpha reported that nickel prices jump 3.5% to a one year high USD 14,955 per tonne on track for its highest settlement since June 2018, boosted by constricting supply and bullish speculators. Supplies have dropped on disruptions at a nickel smelter as well as floods and landslides in Indonesia, a major producer of the ore, and prices also have climbed as investors bet nickel demand will rise on electric vehicle adoption and battery production.
Nickel is enlivening an otherwise torpid summer for the base metals complex.
The market is on a bull charge in both London and Shanghai.
London Metal Exchange three-month nickel has jumped 23% since the start of June and at a current USD 14,250 per tonne is trading at its highest level in a year.
Chinese speculators are surging into the Shanghai Futures Exchange contract, which is also nudging one-year highs.
The trigger for this collective exuberance is news that Indonesia will stop allowing the export of unprocessed nickel ore in 2022.