The Belgium-based SWIFT financial messaging service said it is suspending some unspecified Iranian banks’ access to its messaging system following the US resumption of sanctions on Iran.
In a brief statement on Monday, SWIFT made no mention of US sanctions coming back into effect on some Iranian financial institutions. It said suspending the Iranian banks access to the messaging system was a “regrettable” step but was “taken in the interest of the stability and integrity of the wider global financial system,” Reuters reported
SWIFT’s decision not to mention the US sanctions likely reflects the fact that it is caught between two contrary regulatory demands.
The US government has told SWIFT that it is expected to comply with US sanctions and it could face US sanctions if it fails to do so. On the other hand, SWIFT is barred from doing so under the European Union’s blocking statute, which could subject it to European penalties for complying with US law.
According to customs data maintained with SteelMint, bulk Indian pig iron export volumes have come down sharply by 50% in FY19. India has exported 221,260 MT pig iron in FY’19 as against 446,250 MT in FY’18. In the month of March pig iron exports from India recorded at 50,000 MT against nil from the previous month.
As per sources, one of the world's largest steel producer and a leading Russian metal company Magnitogorsk Iron and Steel (MMK) has doubled its metal shipments to Vietnam in CY18 as compared to CY17.
Indian Steel industry observed average inquiries during the Week-15 (9th to 13th Apr) owing to election mood in the country. In context to supply scenario, the production of Semis & Finished steel products more or less on same proportion, this led to volatility in prices.
Major global scrap markets observed price correction on weak demand globally. Turkish steel mills booked cargoes at lowered prices amid subdued steel demand. Japan's monthly Kanto tender for Apr'19 fetched bids lower by USD 15 against last month.
The Director General of Isfahan Provincial Crisis Management Department, accompanied by a host of crisis managers from governor’s offices in the province, toured the production lines of Mobarakeh Steel Company and hailed MSC as a leading company when it comes to cutting water consumption.
Imported HRC offers to Vietnam inched up this week following uptrend in export offers from China. On weekly basis imported HRC offer to Vietnam inch up by USD 5/MT from China.