India has signed a memorandum of understanding with Russia to accelerate the development of the International North-South Transport Corridor (INSTC) that will enable a smoother connectivity to the region via Iran.
Russian Railways Logistics Joint Stock Company (RZD) and Container Corporation of India (CONCOR), the largest rail container transport operator in India, last week signed the MoU for providing logistics services on INTSC, the implementation of which has been delayed for years despite a dry run on the corridor in recent years, The Economic Times reported.
The MoU involves the study of possibilities for developing joint logistics projects in Russia and India using international transport corridors, including INSTC.
INSTC is the shortest multimodal transportation route linking the Indian Ocean and the Persian Gulf via Iran to Russia and Europe. India could take benefit of this route. Cargo from India can be taken to the Iranian port of Bandar Abbas, and from there to Bandar-e Anzali on the Caspian Sea by land. The goods can then be shipped to the Russian port of Astrakhan and from there to the rest of Europe by rail.
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.
Anti-dumping duty on imports of Ductile Iron (DI) pipes further extended till 09th May 2019, as per recent notification by Indian government.
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.
Tata Steel Ltd has issued another RFQ (Request for Quotation) for procurement of 15,000 MT imported steel melting scrap for its newly acquired plant Bhushan Steel Limited recently, SteelMint learned from industry sources.