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Ukraine’s UkrGazVydobuvannya to boost investments in 2008
Journal Staff Report

Ukraine’s largest natural gas producer UkrGazVydobuvannya (UGV) plans to boost investments 41% this year in prospecting and production of hydrocarbons, seeking to reverse the country’s recent output decline, the company reported Wednesday.

UGV plans to invest 3.1 billion hryvnias ($614 million) in prospecting and production in 2007, up from 2.2 billion hryvnias invested in 2006, the company said.

Exports Of Ferrous Scrap Metals Up By 37.4%

In December, exports of ferrous scrap metals rose by 37.4% or 11,050 tons compared to November, to 40,590 tons.

This was disclosed in a statement of the State Statistics Committee, a text of which Ukrainian News obtained.

In December, earnings from export of ferrous scrap metals rose by 39.4% or USD 3.47 million to USD 12.28 million.

Compared to December 2006, exports of ferrous scrap metals fell by 24.2% or 12,960 tons in December 2007.

In January-December, exports of ferrous scrap metals fell by 8% or 59,100 tons compared to the relevant period of the previous year to 675,760 tons for USD 194.17 million.

As Ukrainian News earlier reported, in November, exports of ferrous scrap metals rose by 56.3% or 10,640 tons compared to October, to 29,540 tons.

In 2006, exports of ferrous scrap metals fell by 41.7% or 525,910 tons compared to 2005, to 734,860 tons for USD 168.69 million.

Tuesday, January 29, 2008
Scrap
Источник: Ukrainian Journal

Stainless steel industry suggests Finance Ministry to double CRC import duty

Apprehensive about dumping of stainless steel by China, the domestic industry has sought more protection from such imports. In its pre-budget memorandum to the finance ministry, the Indian Stainless Steel Development Association (ISSDA) has suggested that customs duty on value-added stainless steel cold rolled coils (CRC) should be doubled to 10% so that India does not turn into a dumping ground for Chinese manufacturers.

“The China factor is slowly becoming a serious concern for the stainless steel industry. The country has built up huge production of the metal, accounting for over 25% of global production. With such huge capacities, China may soon upset the global trade of stainless steel and may even resort to dumping. We need to be prepared for this change,” ISSDA president N C Mathur said.

“While we would aim to improve quality, reduce cost and become competitive, the government should also come to the aid of the industry by providing basic protection from this very real fear of dumping,” he added.

Though India is a small importer of stainless steel now, rising input cost is affecting the competitiveness of the industry. The imports have grown by 50% from a level of 10,000 tons in 2006 to 15,000 tons in 2007. The imports should be viewed in the context of domestic consumption that is mere 1.3 mln tons against a production of about 2 mln tons.

ISSDA has also suggested that duty structure on basic inputs going into stainless making should be scrapped. The industry body has said that the present 5% duty on stainless steel melting scrap should be withdrawn. Similarly, duty on nickel products including unwrought nickel, unalloyed nickel, nickel oxide sinter and ferronickel should be brought down from 2-5% levels to zero. “

The duty cuts would cost the exchequer less than Rs 350 crore in revenue loss while it would help industry earn revenue several times this amount and give it the necessary boost to invest Rs 15,000 crore to double stainless steel production by 2010,” said Mr Mathur.

It is expected that duty cuts would bring down stainless steel prices by Rs 5,000 to Rs 7,000 per ton. The 304 grade stainless steel made for industrial use is currently priced at Rs 1,70,000 per ton while kitchen grade steel is priced at Rs 1,00,000 per ton.

“The government is looking at providing relief to common people through this year’s budget. Duty cuts for the sector would also help in bringing down the price of stainless steel kitchen utensils that constitutes 70% of the market for domestically produced metal,” Mr Mathur said.