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BLOG: China’s property crash has already destroyed $18tn of household wealth – where next?

LONDON (ICIS)–Click here to see the latest blog post on Chemicals & The Economy by Paul Hodges, which gives an update on the collapse underway in China’s property market. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author and do not necessarily represent those of ICIS. Paul Hodges is the chairman of consultants New Normal Consulting.

17-Feb-2025

S Korea's S-Oil Shaheen project 55% complete; to start commercial ops in H2 ’26

SINGAPORE (ICIS)–S-Oil's Shaheen crude-to-chemical project in Ulsan, South Korea is now 55% complete and is expected to start commercial operations in the second half 2026, the producer said on Monday. Construction of the $7bn project at the Onsan Industrial Complex of Ulsan City started in March 2023, with mechanical completion targeted by the first half of 2026. South Korean refiner S-Oil is 63%-owned by Saudi Aramco, the world's largest crude exporter. The Shaheen project – named after the Arabic word for “falcon” – will have a 1.8 million tonne/year mixed-feed cracking facility; an 880,000 tonne/year linear low density polyethylene (LLDPE) unit; and a 440,000 tonne/year high density PE (HDPE) plant. The site will have a thermal crude-to-chemical (TC2C) facility, which will convert crude directly into petrochemical feedstocks such as liquefied petroleum gas (LPG) and naphtha, and the cracker is expected to recycle waste heat for power generation in the refinery. The company currently produces a range of petrochemicals and fuels including benzene, mixed xylenes, ethylene, methyl tertiary butyl ether (MTBE), paraxylene, polypropylene, propylene, propylene oxide, biodiesel, and potentially bio-based aviation and other bio-derived products at its Onsan site. S-Oil plans to supply feedstock to domestic petrochemical downstream companies mainly through pipelines. "To this end, the construction of logistics-related infrastructure, such as a new pipeline network, is being carried out at the same time," it said. Long-term agreements for stable supply of raw materials are being signed between S-Oil and petrochemical companies located at the two industrial complexes in Ulsan, which would boost competitiveness of domestic value chain, the company said.

17-Feb-2025

Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 14 February. Europe MX and PX chemical value chain braces for headwinds amid downstream closures and tariff threats Downstream demand for mixed xylenes (MX) and paraxylene (PX) in Europe has been limited at the start of 2025, with permanent shutdowns and the threat of tariffs among the hurdles to a meaningful recovery. Germany's battered chemical industry holds its breath ahead of general election Germany is set to head to the polls on 23 February amid one of the most challenging economic scenarios the country has faced in post-war times. EU gas price cap proposals would drive shipments to other regions – ICIS expert Proposals under consideration in the European Commission to temporarily cap natural gas pricing would likely result in the diversion of supplies away from Europe and tighten supply in the region, an ICIS analyst said on Wednesday. EU promises plan to save chemicals as Clean Industrial Deal approaches The European Commission has promised to address the plight of the region’s energy-intensive petrochemical sector later this year as it gears up for the publication of the Clean Industrial Deal on 26 February. IPEX: Asia finding a floor, up 1%; PVC and PP drive 1.3% index fall in Europe; USG toluene firms The ICIS Petrochemical Index (IPEX) for January shows that northeast Asian chemical markets may be finding a floor after two consecutive months of declines, with the regional index up 1% – only its second gain in six months, driven by a 14.7% surge in butadiene due to rising crude oil costs.

17-Feb-2025

UPDATE: US to start antidumping probe on Chinese MDI on 5 March

SINGAPORE (ICIS)–The US International Trade Commission (ITC) will start on 5 March a preliminary antidumping probe on imports of methylene diphenyl diisocyanate (MDI) from China, acting on a petition from BASF and Dow Chemical. The MDI Fair Trade Coalition – consisting of BASF Corp (Florham Park, New Jersey); and Dow Chemical (Midland, Michigan) – filed the petition on 12 February, citing dumping margins of 305.81% to 507.13% for the Chinese material, according to ITC's statement. ITC will make a preliminary determination on possible dumping by end-March 2025. The petition named producers BASF Polyurethane (Chongqing), Covestro Polymers (China), Shanghai Lianheng Isocyanate, Wanhua Chemical Group, and Wanhua Chemical Ningbo as allegedly dumping MDI into the US. China’s Wanhua Chemical is the world’s largest MDI producer. In 2024, the US imported around 229,000 tonnes of MDI from China, which accounted for 57% of total US MDI imports. The US in turn exported minimal amounts of MDI to China. Chinese MDI is currently subject to 35% tariffs in the US, after the additional 10% levy implemented on 4 February 2025. In his first term as US president, Donald Trump had imposed a 25% tariff on a host of Chinese goods, including MDI in May 2019. China, on the other hand, has a 31.5% tariff on imports of US MDI – a 25% tariff on top of the baseline 6.5% duty. (Adds paragraphs 4-9) Thumbnail image: Heavy Fog Hit Shanghai Port, China – 16 February 2025 (Costfoto/NurPhoto/Shutterstock)

17-Feb-2025

US to start antidumping probe on China MDI imports on 5 March

SINGAPORE (ICIS)–The US International Trade Commission (ITC) will start on 5 March a preliminary antidumping probe on imports of methylene diphenyl diisocyanate (MDI) from China, acting on a petition from BASF and Dow Chemical. The MDI Fair Trade Coalition – which consists of BASF Corp (Florham Park, New Jersey); and Dow Chemical (Midland, Michigan) – filed the petition on 12 February, citing dumping margins of 305.81% to 507.13% for the Chinese material, according to ITC's statement. ITC will make a preliminary determination on possible dumping by end-March 2025.

17-Feb-2025

Singapore Jan petrochemical exports dip 0.2%; NODX falls 2.1%

SINGAPORE (ICIS)–Singapore’s petrochemical exports in January declined by 0.2% year on year to Singapore dollar (S$) 1.10 billion ($821 million), while overall non-oil domestic exports (NODX) fell by 2.1% over the same period, official data showed on Monday. The southeast Asian country’s January NODX reversed the 9.0% increase posted in the previous month, trade promotion agency Enterprise Singapore (EnterpriseSG) said. For the whole of 2025, EnterpriseSG forecasts a modest growth of 1.0-3.0% for the overall NODX amid trade and economic headwinds. In January, Singapore’s electronics exports grew by 9.6% year on year, while non- electronics NODX fell by 4.8% over the same period as pharmaceuticals shipments slumped by 53.0%. Exports to Hong Kong, the US and Taiwan posted growths in January 2025, while shipments to China, Indonesia, Thailand, Malaysia and the EU 27 declined. Singapore is a leading petrochemical manufacturer and exporter in southeast Asia, with more than 100 international chemical companies, including ExxonMobil and Shell, based at its Jurong Island hub. For the whole of 2024, Singapore's petrochemical exports grew by 4.6%, with overall NODX inching up by 0.2%. ($1 = S$1.34)

17-Feb-2025

BLOG: China LLDPE net imports in 2025-2035: Three scenarios that could reshape global trade

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson: Let me start with a confession: I have no idea which of the three scenarios in today's blog post will come true. That’s the only honest answer in today’s much more complex markets. What I do know is that China’s role as the world’s biggest net importer of linear low density polyethylene (LLDPE) is shifting, and the outcome will transform global trade, supply chains, and pricing power. Here are the scenarios: ICIS Base Case: 72% average operating rate → Net imports at 4.5 million tonnes per year (down from 5.9 million tonnes per year in 2020-2024). Higher Operating Rates (81%) → Net imports fall to 2.3 million tonnes. Back to 2024 Operating Rate (90%) → Net imports shrink to just 0.3 million tonnes, with China being a net exporter in some years. What factors could push China towards higher or lower LLDPE imports? Geopolitics & Supply Security: Beijing may prioritize self-sufficiency, directing plants to run at high rates – even at a loss – to reduce reliance on imports. After last year's strong export growth, trade tensions don’t block further export growth in manufactured goods. LLDPE demand is boosted, with more of it met locally. China’s Cost-Competitive Production: New world-scale, highly integrated plants in China are far to the right of global cost curves. Shifting to Higher-Value Grades: China triples the number of polymer grades it produces, shifting toward C6 and C8 grades, further reducing reliance on imports. Another Variable: Capacity Growth & Carbon Constraints 2025-2028 will see the biggest wave of LLDPE capacity additions. Most of these plants are already built, under construction, or approved. China’s 2028 refinery cap (due to EV [electric vehicle] growth) may limit domestic feedstock supply. Will China import feedstocks or scale back chemicals capacity growth? China needs a minimum 28% greenhouse gas (GHG) reduction by 2035 to stay on track for net zero by 2060 (Carbon Brief). Could climate policies slow chemicals expansion? Some of China’s steam crackers are now 20+ years old. Will they be revamped, or will we see a wave of shutdowns? As Complexity Grows, AI is Transforming Forecasting Manual calculations that took hours now take minutes. Data crunching is faster, cheaper, and more accurate. Large language models (LLMs) can generate reports instantly, without errors. Even the creative thinking or wisdom-of-crowds approach that produced today's post could soon be done by AI. But will the machines be trusted? I again don't know. What is clear is that AI offers the potential to model today's muddled and very challenging markets. We are lucky that the technology has come along at the right time. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author, and do not necessarily represent those of ICIS.

17-Feb-2025

Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 14 February. SE Asia PE plant shutdowns deemed necessary for rebalancing By Izham Ahmad 10-Feb-25 10:57 SINGAPORE (ICIS)–A recent wave of plant shutdowns among polyethylene (PE) producers across southeast Asia has been seen by some as a reflection of how dire the situation in the market is. Malaysia's Lotte Chemical Titan incurs record Q4 loss; '25 outlook downbeat By Nurluqman Suratman 10-Feb-25 14:44 SINGAPORE (ICIS)–Lotte Chemical Titan (LCT) incurred its largest-ever quarterly loss, with analysts expecting the Malaysian producer to remain in the red in 2025 amid weak economic conditions and an oversupply of petrochemical products. INSIGHT: Strong hydrogen push in China to reshape global industry amid US pullback By Patricia Tao 10-Feb-25 18:23 SINGAPORE (ICIS)–The US has suspended financial support for its own hydrogen sector, while China is ramping up efforts to expand its hydrogen industry. The sharp policy divergence between the two countries could accelerate the global hydrogen market’s shift and reshape the industry landscape over the next three to five years. Asia polyester tracks rising costs despite weak post-holiday demand By Judith Wang 11-Feb-25 12:57 SINGAPORE (ICIS)–Asia’s polyester export discussions edged up in line with the higher cost pressure after the Lunar New Year holiday, while buying activities were limited as end-user demand remained weak. SE Asia VAM market rallies on crimped supply, demand surge By Hwee Hwee Tan 12-Feb-25 12:43 SINGAPORE (ICIS)–The southeast Asia vinyl acetate monomer (VAM) import market is being buoyed by resurgent restocking demand and supply disruptions into February. INSIGHT: US policy shift raises concerns on future of CCS, blue ammonia value chain By Bee Lin Chow 12-Feb-25 13:04 SINGAPORE (ICIS)–The unfolding political battle in the US over national economic interest and energy security has raised concerns about potential implications for its emerging carbon capture and storage (CCS) and blue ammonia sectors, and the potential spillover impact on Asia. PODCAST: US hydrogen subsidy halt vs China’s expansion – what’s next for the global market? By Anita Yang 12-Feb-25 15:45 SINGAPORE (ICIS)–The Trump administration swiftly withdrew financial support for its hydrogen sector, while China is accelerating hydrogen expansion with strong policy backing. INSIGHT: India may offer tariff concessions to US as PM Modi meets Trump By Priya Jestin 13-Feb-25 14:18 MUMBAI (ICIS)–India may offer the US tariff cuts on various products, including electronics and automobiles – major downstream sectors of petrochemicals – to avoid US President Donald Trump’s “reciprocal duties”, which may deal a big blow to the south Asian nation’s exports. Vietnam to raise 2025 GDP growth target to 8% to fuel socioeconomic growth By Jonathan Yee 13-Feb-25 16:08 SINGAPORE (ICIS)–Vietnam announced on 12 February it would raise its GDP growth target for 2025 to 8.0% from 6.5-7.0%, with industrial manufacturing and foreign investment expected to drive growth. Singapore 2024 petrochemical exports grow 4.6%; trade risks stay high By Nurluqman Suratman 14-Feb-25 14:00 SINGAPORE (ICIS)–Singapore’s petrochemical exports in 2024 rose by 4.6%, supporting the overall growth in non-oil shipments abroad which is being threatened by ongoing trade frictions among major economies.

17-Feb-2025

INSIGHT: US mulls reciprocal tariffs on Brazil ethanol, cabinet hopes steel quota is to be kept

SAO PAULO (ICIS)–Although the new US administration has so far only imposed tariffs on China, President Donald Trump keeps using the tariff threat as a form of negotiation and in the latter part of this week it was the turn of Brazil’s ethanol. Earlier in the week, Brazilian officials had already been in damage limitation mode after the US said it would impose higher tariffs on steel on 12 March. Brazil’s still strong steel sector is now hoping the two countries will agree, just like they did in 2018 during Trump’s first term, a quota so Brazil can have an outlet for its excess steel. ETHANOL IN THE SPOTLIGHTThe Brazilian government has so far kept a low profile in the issues presented to it by the new US Administration; first, it was deportation flights and the rather discrete row caused by the fact that Brazilians returning home did so handcuffed in the aircraft. Brazil’s President Luiz Inacio Lula da Silva, however, was wary of how his Colombian counterpart, Gustavo Petro, reacted to the first deportation flights – taking to social media to say Colombia’s sovereignty could never be curtailed, after he ordered two flights to return to the US. Trump’s furious reaction on a Sunday afternoon in his first week in the White House sent the signal to allies – Colombia is a firm ally of the US in the region – and enemies alike about the new winds blowing in Washington. As already said, Brazil’s cabinet also kept a rather low profile about the tariffs on steel. The week started with a report by Folha de S. Paulo citing an unnamed cabinet official saying Brazil could retaliate by raising taxes on the US technological majors operating in the country. The Finance Minister Fernando Haddad was quick to deny such a possibility a few hours later, and what could have become a big row died down. But then came a White House announcement on reciprocal tariffs later in the week, and the US intention to analyze country by country all tariffs and end “unfair trade practices.” The US mentioned specifically Brazilian ethanol as a prime example of those unfair trade practices, something the US trade group for the sector, the Renewable Fuels Association (RFA), was quick to grasp after years of lobbying. “The US is one of the most open economies in the world, yet our trading partners keep their markets closed to our exports. This lack of reciprocity is unfair and contributes to our large and persistent annual trade deficit,” said the White House. “There are endless examples where our trading partners do not give the US reciprocal treatment. [For example] The US tariff on ethanol is a mere 2.5%. Yet Brazil charges the US ethanol exports a tariff of 18%.” The White House went on to say the US posted a trade deficit with Brazil of $148 million in 2024, which it attributed to the effect of the country's higher import tariff. Brazil’s exports to the US totaled $200 million last year, while US shipments stood at $48 million. With Brazil featuring so prominently in one of the White House’s dozens of weekly press releases, it was difficult for the cabinet to remain in the background, aware that ethanol is an important employer and, in a way, Brazil’s own success story. In the 1970's crude oil prices shock, the country took the strategic decision to encourage ethanol as a motor fuel, propping up at the same time what was then a nascent agribusiness which became one of the world’s breadbaskets, owing to Brazil’s vast arable land and abundant water and warm weather. Ethanol, therefore, required a stronger response, and the cabinet’s measured statement decided to focus on sugar. The minister for energy and mines – a heavyweight in any Brazilian government – was the one in charge to remind the US that if all tariffs should be reciprocal, Brazil would very much like to see the hefty tariffs on its sugar lowered. Alexandre Silveira argued that Brazil’s sugar had to pay an 81.16% import tariff to enter the US, without offering anything in return. “To have a fair and reciprocal plan, as stated by President Trump, it would be necessary, in fact, to eliminate import tariffs for Brazilian sugar,” he said, as quoted by CNN Brazil. “Trump’s decision is unreasonable, as there is no counterpart in expanding Brazilian sugar exports to the US. This type of stance weakens multilateralism and will have negative consequences for the US economy itself.” As soon as Brazil’s ethanol featured on the White House’s communication, the US trade group RFA’s CEO issued a statement celebrating that after a decade spending “precious time and resources fighting back against an unfair and unjustified tariff regime” imposed by Brazil on US ethanol exports, the lobbying had finally paid off. “What's more ironic is that these tariff barriers have been erected against US ethanol imports while our country has openly accepted – and even encouraged and incentivized – ethanol imports from Brazil,” said Geoff Cooper. STEEL TARIFFSJust like everyone else, the Brazilian cabinet is trying to adapt to the fast pace of another Trump presidency. For much of the first half of this week, ministers in public and steel industry players in private went from panic mode to talks mode as the 12 March implementation date offers room for that. Brazil’s officials are hopeful a new quota can be agreed with the US, after pressure from manufacturing companies in the US persuaded Trump during his first term to establish a 3.5-million tonne quota for steel semi-finished products and slabs, and a 687,000 tonne quota of rolled products. In the current environment, the repetition of that deal would a be a resounding success for Brazil’s steel producers. Brazil’s produces around 32 million tonnes of steel annually, according to trade group the Steel Brazil Institute, but the country’s demand stands at 24 million. This means the sector must find markets overseas, and for the past few years nearly half of that has been going to the US as per the quota agreed. The large US trade deficit in steel is shown by the 20-25 million tonnes/year imported. In the nine months to September 2024, the US had imported 20.2 million tonnes, according to the US International Trade Administration. Brazil, with 16.7% market share in those imports entering the US, is the second largest supplier only behind Canada (22.5%), followed by Mexico (11.4%), South Korea (10.1%), Vietnam (4.6%), and Japan (4.0%), according to the official data. If the universal tariffs on steel are finally implemented on 12 March, Brazil’s quota would also come to an end. This is where Brazilian officials will put much of its efforts in the next four weeks, an attempt which may well end up being successful if US manufacturers are listened to. Earlier this week, an economist at ICIS warned that higher steel tariffs would likely increase prices in US manufacturing and could potentially reduce levels of capital expenditure (capex) in new plants. The US is heavily reliant in steel imports to cover its demand. “A tariff raises the price in the market as domestic steel producers raise the price for steel to match the tariff… Higher price lowers quantity demanded (law of demand) but does increase quantity supplied by domestic producers. Tariffs allow inefficient domestic products to produce when then they could not have done so without the tariff,” said Kevin Swift. “Steel tariffs will raise the cost of building a chemical plant, for ongoing maintenance, etc. These will especially hurt when government policy is to foster re-shoring and FDI [foreign direct investment] in the US.” US manufacturers likely to be lobbying for exceptions to the steel tariffs are set to be Brazil’s best ally in the next four weeks, considering Trump’s chauvinistic approach to most things. Lula’s Workers’ Party (PT) re-election in the presidential election due in 2026 hangs in the balance. While manufacturing had a bumper 2024, more formal and better-paid jobs in industry have been hard to come so far. The PT’s main constituency is industrial workers, and a blow to the steel sector now would come to represent actual jobs being lost but also, given steel’s unique role in supposedly representing a strong and self-sufficient industrial fabric, a blow to the credibility of the government. The government came into office in 2023 promising to create more jobs by reviving manufacturing. Just like so many other cabinets had done before it in the past 50 years. Frong page picture source: World Steel Association (Worldsteel) Insight by Jonathan Lopez

14-Feb-2025

INSIGHT: India may offer tariff concessions to US as PM Modi meets Trump

MUMBAI (ICIS)–India may offer the US tariff cuts on various products, including electronics and automobiles – major downstream sectors of petrochemicals – to avoid US President Donald Trump’s “reciprocal duties”, which may deal a big blow to the south Asian nation’s exports. India PM Modi in US for state visit on 12-13 February Tariff cuts incorporated in India budget for year to March 2026 India braces for impact from US’ 25% tariffs on all steel, aluminium imports Indian Prime Minister Narendra Modi is set to meet with Trump in Washington on Thursday – their first meeting since Trump assumed office for a second term. The US has not imposed any direct tariffs on India yet. However, the world’s biggest economy is expected to announce reciprocal tariffs on any countries with tariffs on US goods. India’s tariffs on agricultural, mining and manufacturing products from the US were in double-digits, while US tariffs for the same products from India were in the low single-digit levels. The south Asian country, which is a giant emerging market in Asia, is expected to offer tariff cuts on more than 30 goods, as well as increase the purchase of US defence and energy products, according to analysts at Japanese brokerage firm Nomura, in a research note on 10 February. India’s national budget for the next fiscal year starting April 2025 contained provisions reducing import duties on some goods including electronics, textiles, intermediate goods used for technology manufacturing and satellites, synthetic flavouring essences and motorcycles, which are expected to benefit US-based companies. It was largely seen as a pre-emptive move to thwart reciprocal tariffs from the US under Trump. India may consider further tariff reductions on luxury vehicles, solar cells, and chemicals, as part of its strategy to maintain smooth trade relations, according to analysts from Nomura. “We are analysing the announcements made by the US on increasing tariffs,” an official from India’s Ministry of Commerce said. “We are also asking our industry how these tariffs are going to affect them positively or negatively and are looking at the impact of the tariffs that have already been imposed,” he said. DIALING DOWN ON PROTECTIONIST STANCE India has much higher tariff rates compared with other countries in Asia. Amid threats of reciprocal tariffs from the US, India is being forced to backtrack on its protectionist policy, at least where the US is concerned, while maintaining a tough stance on rival Asian giant China. In year to March 2024, the US was India’s largest export destination and accounted for nearly 18% of the country’s total merchandise exports of $437.10 billion, official data showed. Key Indian exports to the US include industrial machinery, gems and jewellery, pharmaceuticals, fuels, iron and steel, textiles, vehicles, and chemicals. US’ exports to India, meanwhile, accounted for just 2% of total US shipments abroad in January-December 2024. A mutually beneficial tariff regime could be struck between then as India seeks to further boost exports to the world’s biggest economy. The US’ recent tariff hikes on China opens up opportunities for Indian exporters to increase their share in the US market. For instance, India’s exports of auto components to the US are currently very low, accounting for only 2% of the US market, underscoring scope for expansion. Between April and September 2024, the country’s total exports of auto parts stood at $11.1 billion, a third of which – or $3.67 billion – were shipped to the US, according to the Automotive Component Manufacturers Association of India (ACMA). Over the past few years, India has adopted trade measures like import certification under the Bureau of Indian Standards (BIS), increased antidumping duties on various products, including petrochemicals, to limit imports and boost domestic production. While some of these policies apply globally, some of them are directed at China, which is a major exporter of goods to India. While the tariffs are worrisome, certain sectors like auto components, mobiles and electronics, electronic machinery, apparel, leather and footwear, furniture, pharmaceutical and toys could see an increase in demand from US buyers, the commerce ministry official said. India is a major exporter of pharmaceutical products to the US but relies on China for 70% of raw material called active pharmaceutical ingredients (API). The US accounted for over 31% of India’s total pharmaceutical exports of $27.9 billion in year to March 2024. IMPORTS OF US LNG TO GROW; US’ TARIFFS ON STEEL, ALUMINIUM WORRY INDIA The south Asian country is expected to increase its petroleum product imports from the US, to alleviate trade imbalances. For the fiscal year 2023-24, India imported $12.96 billion worth of petroleum oil and products from the US, according to official data. India’s state-owned oil and gas companies, including Indian Oil Corporation (IOC), Gas Authority of India Ltd (GAIL) and Bharat Petroleum Corp Ltd (BPCL), are in active discussions with American suppliers to import more LNG from the US, petroleum secretary Pankaj Jain said on 10 February. The recent announcement of 25% tariffs on all steel and aluminium imports into the US could heavily impact India. While Indian steel exports to the US are relatively small, the US tariffs could cause exporting nations to redirect their goods to the Indian markets. India is both a major exporter as well as importer of steel, on which a basic customs duty of around 7-8% apply – much lower than the US’ 25% – raising fears of supply flooding the south Asian country. With the US shutting its doors to global steel, the surplus will inevitably be redirected to India, threatening our domestic industry with market distortions, price crashes, and unfair competition, Indian Steel Association (ISA) Naveen Jindal said said in an official statement on 11 February. “The US, a major steel importer, has historically imposed strict trade restrictions, with over 30 remedial actions in force against Indian steel – some for more than three decades,” Jindal said. “This latest tariff is expected to slash steel exports to the US by 85%, creating a massive surplus that will likely flood India,” he added. While only 5% of the total steel exports from India go to the US, the country accounts for nearly 12% of India’s aluminium exports. Both steel and aluminium industries use chemicals like caustic soda and soda ash during the production process. Insight article by Priya Jestin With contributions from Nurluqman Suratman and Pearl Bantillo

13-Feb-2025

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