GLOBAL NEWS-
China said on Monday it will impose anti-dumping duties on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia.Anti-dumping tariffs of 18.1% to 103.1% will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the EU and the three Asian nations, effective July 23, China’s Ministry of Commerce said in a statement.The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel. Stainless steel billets and hot-rolled stainless steel plates are mainly used as raw material to make cold-rolled stainless steel products or used in shipbuilding, containers, rail, power and other industries.China, the world’s largest stainless steel producer, churned out 26.71 million tonnes of stainless steel products in 2018, up 2.4% from a year ago, according to China’s Stainless Steel Association.The country imported 1.85 million tonnes of stainless steel products last year, up 53.7% from 2017.
Britain was weighing its next moves in the Gulf tanker crisis on Sunday, with few good options apparent as a recording emerged showing that the Iranian military defied a British warship when it boarded and seized a ship three days ago.Prime Minister Theresa May’s office said she would chair a meeting of Britain’s COBR emergency response committee on Monday morning to discuss the crisis.Little clue has been given by Britain on how it plans to respond after Iranian Revolutionary Guards rappelled from helicopters and seized the Stena Impero in the Strait of Hormuz on Friday in apparent retaliation for the British capture of an Iranian tanker two weeks earlier.
The Reserve Bank of India’s change in monetary policy stance effectively equates to an additional 25-basis-point (bps) rate cut, Governor Shaktikanta Das was reported as saying.The comments fueled speculation over whether the central bank is nearing an end to its current rate-cutting cycle, after three moves so far this year.Das also said future policy decisions will depend on incoming data, particularly inflation.
India’s edible oil imports are likely to rise 7.3% in 2019/20 to a record high as scanty monsoon rains are expected to curtail yields of summer-sown oilseeds such as soybeans and groundnut, a senior industry official said.Higher purchases by the world’s biggest edible oil importer could support palm oil prices that are under pressure due to sluggish demand amid an expected rise in production.The shortfall in oilseed production will force India to import as much as 16.1 million tonnes of edible oils in the new marketing year starting from Nov.1, up from this year’s estimated 15 million tonnes.
The dollar drifted higher on Monday as investors tempered their expectations for deep U.S. interest rate cuts this month and heightened Middle East tensions supported safe-haven assets.While currency-market focus will center on global central bank decisions scheduled for the next two weeks, traders are also watching for developments in U.S.-China trade negotiations and Wall Street earnings.The dollar broke above 108 yen to hit its highest since Wednesday, though that was still in the middle of the 107-109 range where it has traded for a month. The dollar index .DXY, was barely changed at 97.179 after gaining 0.35% last week.
Most Asian emerging currencies fell on Monday as the U.S. dollar held steady, while heightened tensions in the Middle East pushed oil prices higher.The dollar index was barely changed at 97.171 after gaining 0.35% last week, but the greenback broke above 108 yen to hit its highest since Wednesday, still in the middle of the 107-109 range where it has traded for a month.Underpinning the dollar, investors on Friday tempered expectations for deep U.S. interest rate cuts later this month, though a quarter-point cut is still widely expected.
Gold prices gained on Monday following a steep fall in the previous session as tensions in the Middle East and weaker financial markets supported the metal, while a stronger dollar kept a lid on gains.Spot gold was up 0.2% at $1,427.88 per ounce, as of 0524 GMT. The metal hit $1,452.60 in the previous session, its highest since May 2013, before closing 1.5% lower.U.S. gold futures were up 0.1% at $1,428.30 an ounce.
Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week.Brent crude futures were up 51 cents, or 0.8%, at$62.98 a barrel by 0042 GMT. The international benchmark rose to as high as $63.47 earlier.West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3%, at $55.78.WTI fell over 7% and Brent fell more than 6% last week.