South Korea January coal imports up 3pct

Friday, 17 Feb 2012

South Korea's imports of coal in January rose 3.8 percent to 10.71 million tonnes from 10.32 million tonnes a year earlier, customs data showed on Wednesday.

Details of January imports are as follows

	Jan '12	Price	Jan '11	Price
Australia	3,761,874	161.01	3,618,429	132.98
Indonesia	3,236,837	96.46	3,943,822	85.97
Canada	1,055,996	193.90	867,003	148.93
S. Africa	1,054,408	128.12	137,476	89.82
Russia	966,939	124.15	760,921	118.71
U.S.	414,786	230.24	419,356	232.34
China	198,533	169.62	386,113	121.76
Malaysia	22,000	90.23		_
Colombia		-	165,025	105.81
Cyprus		-	23,340	216.07

Price in USD

(Sourced from Reuters)

South Korea utility coal demand seen at 73 million tonne this year - KEPCO

Monday, 13 Feb 2012

An official at state-run Korea Electric Power Corp said that South Korea's five state run power utilities will need 73 million tonnes of steaming coal this year, of which 52% has already been secured. KEPCO did not provide figures for last year's consumption.

A utility source said demand last year had reached at a similar level, adding that earlier projections had put demand this year at up to 80 million tonnes, but a shift to high calorific coal after a nationwide power shortage late last year had reduced the volume of demand.

KEPCO and other utility officials said procurements this year had been made at an average of about USD 115 per tonne on a cost-and-freight basis, adding that most were made through long-term contracts rather than spot purchases.

KEPCO fully owns five utilities Korea East West Power Co, Korea Southern Power Co, Korea South East Power Co, Korea Western Power Co and Korea Midland Power Co.

(Sourced from Reuters)

Australian iron ore exports

Wednesday, 08 Feb 2012

Australia trade data shows that December saw a strong rebound in Australian iron ore exports, up 18% to an all time high of 46.2 million tonne (wet basis). This, in turn, ensured an annual total of almost 460 million tonne in 2011, up 9% on the corresponding 2010 level.

China accounted for 70% of the total exports, followed by Japan at 17% and South Korea at 10%. Most of the annual rise was due to increased shipments to China, with an increase of 34 million tonne year on year to a new record of 321 million tonne.

(sourced www.ssyonline.com)

ECT ink MoU with K Coal of Korea

Tuesday, 17 Jan 2012

Environmental Clean Technologies Limited advises that following meetings in South Korea it has signed a Memorandum of Understanding with Korean based energy company K-Coal Co Ltd. The MoU provides K-Coal with exclusive sales and marketing rights into Korea for ECT's Coldry technology.

Mr Michael Davies ECT Chairman and Managing Director stated that "K-Coal is well positioned to participate in supplying Coldry coal into the very large and growing thermal coal consumer industry in Korea. K-Coal will build on the very strong relationships its parent company S&J Group has with the major energy companies in the region."

S&J Chairman Dr Kim Sung-Ryeal commented that "S&J Group evaluated numerous coal drying technologies before we decided on Coldry. We like the fact that Coldry utilises a low temperature and low-pressure process, which means that the water released, is clean. S&J Group is a clean energy company and this is important to us. Also we are confident that ECT's Coldry process is cost effective when compared to other technologies."

S&J Group is a diverse, Busan Korea based group of companies. S&J have interests in Energy Distribution, Food Production, Leisure, Clean Technologies and Information Technology.

Mr Davies commented "I was very impressed with the support to Busan area companies that the city government provides. S&J Group and K-Coal are well known to the city government and it was evident from our meetings in Busan that there exists a very strong and supportive relationship between the companies and the city government".

He said that "In addition, S&J has commissioned a number of major projects in the energy sector and has relevant experience in the delivery of major infrastructure projects"

S Korea WP seeks 260000 tonnes coal for Nov to Dec

Friday, 21 Oct 2011

Reuters quoted the utility said Korea Western Power Co Ltd is seeking 260,000 tonnes of bituminous coal for arrival between November 15 and December 15 through a spot tender.

The utility said the tender for NCV minimum 5,600 kilocalories per kilogram bituminous coal supply to Taean Power Plant will close at 2 PM on October 20.

(Sourced from Reuters)

Euro Coal-Prices dip, trade remains thin

Wed Oct 12, 2011

* Nov S.African trades at $112.50/T
* Oil rises but coal fails to follow

LONDON Oct 12 (Reuters) - Prompt physical coal prices fell slightly by around 25 U.S. cents a tonne on Wednesday after a day of quiet trade.

Few bids, offers or trades were reported in Europe, although South Korea and China have continued to quietly buy prompt cargoes, traders said.

"It's hard to see the market's direction clearly," said Emmanuel Fages, analyst with Societe Generale in Paris.

Coal has largely been immune to the sharp movements seen in other markets although prices have drifted lower by around $15 a tonne during the past two months.

Brent crude oil rose on Wednesday, lifted by news Slovakian lawmakers will approve a plan to expand powers in the euro zone rescue fund.

European demand has been minimal aside from the regular spot buying by one major utility which is always short physical coal but the pace of buying has picked up in Asia.

TRADES

A November loading South African cargo traded at $112.50 a tonne, up around 25 cents.

A December delivery DES ARA cargo traded at $119.50.

(sourced Reuters)

Government extends MMTC LTA for high grade iron ore export

Friday, 08 Jul 2011

The Indian government has approved the proposal to renew the long term agreements and has authorized MMTC to supply iron ore, both lumps and fines, of grade +64% Fe content to Japanese steel mills and POSCO of South Korea for another 3 years ie 2011-2014) under long term agreements entered into by MMTC earlier.

The long term agreements entered into by MMTC during the year 2006-11 expired on March 31st 2011.

Japan's radioactive water worries S Korea

Tue, April05, 2011

By North Asia correspondent Mark Willacy, wires

South Korea has expressed concern to Japan about the pumping of radioactive water into the Pacific Ocean.

Japan says it is dumping more than 11,000 tonnes of low-level radioactive water into the ocean to make space for even more contaminated run-off from water used to douse overheating fuel rods.

The government says the release is needed to stabilise the crippled Fukushima nuclear plant.

South Korea's embassy in Tokyo has expressed concern that the release may be in breach of international laws.

"It's the proximity between the two countries that makes Japan's release of radioactive water a pressing issue for us," an unnamed official told South Korea's Yonhap news agency.

Tokyo Electric Power Co, the operator of the stricken plant, said the release of the water - the equivalent of more than four Olympic-sized swimming pools - would not harm marine life or seafood safety.

Traces of airborne radioactive material had already been detected in South Korea, but were said to be too minuscule to pose health risks.

Meanwhile, Singapore has suspended fruit and vegetable imports from another Japanese prefecture after raised radiation levels were detected in cabbages from the region.

The sample was from Hyogo, based around Kobe, 1,000 kilometres west of the Fukushima nuclear plant.

Elevated levels of radioactive iodine have also been found in young lance fish found off Ibaraki, about 140 kilometres south of the Fukushima plant.

Responding to public concern, the Japanese government says it will increase inspections of marine products.

Authorities have advised the public not to eat the species.

Singapore had earlier banned imports from 10 Japanese prefectures including Fukushima and Tokyo. sourced: ABC/AFP

China Coking Coal Supplies In Shortage During 2011

Thu Mar 31, 2011 11:30

China's coking coal output this year would amount to 513 million tons while its consumption would be 569 million tons, resulting in a supply shortage of 56 million tons. China and India have replaced South Korea and Japan as the world's largest importers of coking coal, suggesting the international prices of such a raw material will continue an upward movement in the medium and long run.

China's reserves of coking coal account for only 21.9 percent of its total coal resources. Shanxi harbors 52.4 percent of the country's total coking coal reserves and produces a third of the country's total coking coal. The import volumes of coking coal into China are forecast to increase by 10 percent this year, lower than the staggering growth rate of 37.3 percent in 2010. Soaring oil prices, a weaker dollar and the resources tax reform in Australia will push the international prices of coking coal even higher this year. (sourced:Indiainfoline)

U.S. halts Japan food imports, Tokyo water contaminated

Wed Mar 23, 2011 6:41am GMT

* U.S. to block milk, fruit, vegetable imports
* Radiation dangerous for infants in Tokyo water
* Engineers battling to stabilise Fukushima reactors
* Earthquake, tsunami left nearly 23,000 dead or missing

By Mayumi Negishi and Kazunori Takada

TOKYO, March 23 (Reuters) - Radiation danger from Japan's tsunami-smashed nuclear plant loomed on Wednesday with water in Tokyo showing hazardous levels for infants and the United States becoming the first nation to block food imports.

Tokyo authorities said water at a purification plant for the capital of 13 million people had 210 becquerels of radioactive iodine -- more than twice the safety level for infants.

"This is without doubt, an effect of the Fukushima Daiichi plant," a Tokyo metropolitan government official said, in reference to the damaged nuclear plant 250 km (150 miles) north of the city.

Tokyo governor Shintaro Ishihara, however, said the radiation level posed no immediate health risk and water could still be used.

"But for infants under age one, I would like them to refrain from using tap water to dilute baby formula," he said.

Crystallising international concern, the U.S. Food and Drug Administration said it was stopping imports of milk, vegetable and fruit from four prefectures in Japan's crisis-hit northeast.

South Korea may be next to ban Japanese food after the world's worst atomic crisis since Chernobyl in 1986. France this week asked the European Commission to look into harmonising controls on radioactivity in imports from Japan.

At the six-reactor Fukushima plant, crippled by a March 11 earthquake and tsunami, engineers are battling to cool reactors to contain further contamination and avert a meltdown.

In a rapidly widening problem, Japan said on Wednesday above-safety radiation levels had been discovered in 11 types of vegetables from the area, in addition to milk and water.

Officials still insisted, however, that there was no major danger to humans and urged the world not to over react.

"We will explain to countries the facts and we hope they will take logical measures based on them," Japan's chief cabinet secretary Yukio Edano, who has been the government's public face during the disaster, told a news conference.

The Asian nation's worst crisis since World War Two may have caused $300 billion damage, sent shock waves through global financial markets, and left nearly 23,000 people dead or missing, mostly from flattened coastal towns.

More than a quarter of a million people are living in shelters, while rescuers and sniffer dogs comb debris and mud looking for corpses and personal mementoes.

Worsened by widespread ignorance of the technicalities of radiation, public concern is rising around the world and radioactive particles have been found as far away as Iceland.

Japan has already halted shipment of some food from the area and told people there to stop eating leafy vegetables.

Asian neighbours are inspecting imports for contamination, and Taiwan advised boats to stop fishing in Japanese waters.

Although there has been progress in restoring power to the Fukushima site 13 days after the accident, plant operator Tokyo Electric Power Co (TEPCO) said it needed more time before it could say the reactors were stabilised.

DRAMA AT FUKUSHIMA

Technicians working inside an evacuation zone around the plant have successfully attached power cables to all six reactors and started a pump at one to cool overheating nuclear fuel rods.

Concern is high over reactor No. 1 after its temperature rose to near 400 degrees Celsius, above a design limit of 302.

As well as having its workers on the front line in highly dangerous circumstances, TEPCO is also facing accusations of a slow disaster response and questions over why it originally stored more uranium at the plant than it was designed to hold.

Vienna-based U.N. watchdog, the International Atomic Energy Agency (IAEA), expressed concern about a lack of information from Japanese authorities. It cited missing data on temperatures of spent fuel pools at the facility's reactors 1, 3 and 4.

"We continue to see radiation coming from the site ... and the question is where exactly is that coming from?" said a senior IAEA official, James Lyons.

U.S. Defense Secretary Robert Gates said he was concerned about radioactive fallout affecting the U.S. 55,000 troops in and around Japan, many involved in a massive relief operation for Washington's close ally. "We're also deeply concerned about the wellbeing of our Japanese allies," he said.

Experts said tiny traces of radioactive particles, measured by a network of monitoring stations as they spread eastwards from Japan across the Pacific, North America, the Atlantic and to Europe, were far too low to cause any harm to humans.

"It's only a matter of days before it disperses in the entire northern hemisphere," said Andreas Stohl, a senior scientist at the Norwegian Institute for Air Research
GLOBAL IMPACT

The Japan crisis has dealt a blow to the nuclear power industry around the world. Italy became the latest nation to re-assess its programme, announcing a one-year moratorium on site selection and building of plants.

Crisis in the world's third-biggest economy -- and its key position in global supply chains, especially for the auto and technology sectors -- has added to global market jitters, also affected by conflict in Libya and unrest in the Middle East.

Asian shares fell on Wednesday, with Tokyo's Nikkei shedding more than 1 percent as investors took profits from a two-session bounce. Japanese stocks are about 8 percent below their close on the day the 9.0 magnitude earthquake struck.

Toyota said it would delay the launch in Japan of two additions to the Prius line-up, a wagon and a minivan, from the originally planned end-April due to production disruptions.

The tsunami and earthquake are the world's costliest ever natural disaster, with the government estimating damage at 15-25 trillion yen ($185 billion-$308 billion.

The upper end of that range would equate to about 6 percent of Japan's gross domestic product.

The official death toll has risen to 9,199, but with 13,786 people still reported missing, it is certain to rise.

There are reports dozens of survivors, mostly elderly, have died in hospitals and evacuation centres due to a lack of proper treatment, or simply because of the cold. It is winter in Japan.

At one sports arena in Minamisanriku where 1,500 evacuees are staying, old people crowded at a counter stacked with pills and bandages, while about 30 people slept on beds or on the floor in a makeshift clinic with doctors on standby.

"It's less a problem of medical supplies now, but a problem of finding out what medicine is lacking where and centralising that information," said Nobuyuki Maki, a doctor.

"Many places in this area haven't restored mobile phone connections yet so there are still problems with communication."

Wuyang Steel exports 18000 tonnes of steel plate in February

Monday, 14 Mar 2011

It is reported that Hebei Province based Chinese steelmaker Wuyang Iron and Steel Co Ltd exported 18,000 tonnes of steel plate in February this year marking its best monthly export performance since the outbreak of the financial crisis.

Wuyang Steel mainly exports boiler plate, container plate, thick Z-plate and offshore platform steel plate to be used in hydroelectric and wind power projects in South America as well as in oil storage tank manufacturing in the Gulf region. In addition, Wuyang Steel also exports its steel plates to countries such as South Korea, Vietnam and Iran.

In H1 2010 Wuyang Steel exported 92,000 tonnes of wide and thick plate, almost equal to the company total export volume for the whole of 2009.

US imports 2,048,000 nt of steel in January

Thursday, 24 February 2011

The American Iron and Steel Institute (AISI) announced Wednesday that based on preliminary US Census Bureau data, the US imported 2,048,000 net tons (nt) of steel in January, including 1,632,000 nt of finished steel, up 10 and 8 percent, respectively, from December data. Import market share for finished steel products was approximately 21 percent last month, up 1 percent from December.

The most significant month-over-month increases of imported finished steel products are reinforcing bar (up 44 percent), wire rod (up 34 percent), as well as standard pipe (up 38 percent), line pipe (up 34 percent), and oil country goods (up 24 percent).

The largest volumes of finished steel imports from offshore were from South Korea (213,000 nt and up 9 percent), Japan (126,000 nt up 23 percent), Germany (78,000 nt and up 20 percent) and Australia (74,000 nt and up78 percent).

Tags: rebar , wire rod , pipe , longs , tubular , USA , Germany , Australia , Japan , Korea S. , Oceania , Europe , Far East , North America , imp/exp statistics , trading , East Asia and Pacific , European Union

Russia scrap exports double in January

Wednesday, 23 Feb 2011

According to preliminary data, in January this year Russia exports of scrap and ferrous metal waste doubled compared to the same period last year amounting to 264,200 tonnes.

Russia imported 200 tonnes of scrap in January this year, while in January 2010 there were no imports of scrap into the country. In 2010, Russia scrap exports increased by 1.5 times to 5.5 million tonnes while its imports went up by 2.4 times to 10,600 tonnes both compared to 2009.

Russian scrap exports are directed mainly to Turkey, Spain, Greece, the Netherlands and South Korea.

(Sourced:www.steelorbis.com)

Vale, ArcelorMittal among 15 bidding for Mongolia coal mine

By Miyoung Kim and Yuko Inoue
SEOUL/TOKYO Mon Jan 31, 2011 (Reuters)

Resource-hungry Asian states are locking horns with steelmaker ArcelorMittal and miner Vale to develop the world's largest untapped coking coal deposit in Mongolia, scrambling for raw materials to produce steel.
China, Japan and South Korea are scouring the world from Africa, India, Australia and South America and snapping up iron ore and coking coal assets to diversify from heavyweight suppliers such as BHP Billiton and Rio Tinto.

Asian private and state-linked firms are among the 15 bidders vying for Tavan Tolgoi coking coal project, along with the world's top steelmaker ArcelorMittal SA and the top iron ore miner Vale of Brazil, according to a source with direct knowledge of the matter.
Mongolia, while poor and undeveloped, sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade.
The country's fledgling democratic government plans to keep ownership of the mine, estimated to house a total 5 billion tonnes of coal reserves, and give strategic investors a chance to develop its western block on a contract basis.

Over 20 investment banks will this month submit written proposals for the privatisation of Tavan Tolgoi, which could value it at up to $8 billion, The Independent on Sunday reported this week.
"It is the biggest undeveloped coking coal mine in the world, it is strategically important and that's why you see so many interested parties," said Carol Cao, an analyst with Macquarie in Hong Kong.
South Korea bidders in the race also included Xstrata, U.S. coal miner Peabody and consortia led by South Korea, China, Japan and India.
State-run Korea Resources Corp said its consortium is formed of nine Korean firms, two Russian firms and four Japanese companies to develop the Tsankhi block, which is estimated to have 1.2 billion tonnes of coal reserves.
"Mongolia has rich untapped reserves and the block in the auction is very attractive, as it is one of the few large-sized coal mines in the world left undeveloped," Korea Resources Corp said in a statement.

UNCERTAINTY
Steelmakers across Asia have been scrambling to secure new supply channels after devastating floods hit Queensland -- the heart of Australia's coal mining sector -- in December and January.
The Mongolian government is likely to decide preferred bidders in mid-February, after the Lunar New Year holiday starting this week, Korea Resources said.
But auction, which closed on Monday after two weeks of delay, faces uncertainty, as Mongolia has struggled to develop a consistent strategy when it comes to overseas companies buying into national assets.

It has long frustrated the global resources industry for dragging its feet on investment decisions. The government, hobbled by indecision and bureaucratic infighting, took years to conclude the agreement to develop the Oyu Tolgoi copper and gold project.
An initial 2009 bidding auction for the Tavan Tolgoi coal project attracted consortia from South Korea, Japan and Russia as well as mining giants such as BHP, Vale, India's Jindal, and China Shenhua Energy.
But the government abruptly announced the auction would be cancelled early last year and said the state would maintain control and foreign firms could bid for licenses to develop and run the mine.
A top executive at a Japanese trading firm said BHP, which previously expressed interest in the project, had pulled out.

BIDDERS
Members of South Korean bidding group include steelmaker POSCO, utility firm KEPCO, trading firms LG Corp and Daewoo International Corp, Russian Railways and Japanese trading houses Itochu Corp, Sumitomo Corp, Marubeni Corp and Sojitz Corp.
Sources told Reuters on Monday competing Mitsui is leading a Japanese consortium, which has partnered with China's state-run Shenhua Group.
Some investors said winning the deal could add lustre to the winner's stock price over the long-term. (Reporting by Rebekah Kebede in PERTH, Ju-min Park in SEOUL, sourced: reuters)

MEPS announces global crude steel output forecast for 2011

Tuesday, 01 Feb 2011
MEPS estimates world steel output, in 2010, at just over 1.4 billion tonnes. This equates to a rise of over 190 million tonnes as compared with 2009. China, Japan and the US have contributed over 50% of the growth. Steel production in Germany and South Korea has also shown significant expansion.
The majority of countries have recorded double digit percentage rises in 2010 relative to 2009. The largest of these are found in the more economically developed regions like European Union, North America and Oceania, whose markets declined the most in the downturn of 2009.
The economic outlook for 2011 is cautiously optimistic. In the West, certain sectors of the economy are performing well. However, the construction market remains depressed and this continues to dampen demand for steel, especially long products. Government spending cuts and the fragile financial situation could pose further negative risks.
In 2011, strong growth in steel production is expected in South America and the Middle East. Although the impact of this will be relatively small on the world total when compared to the dominance of China. Gains in the industrialized nations are likely to be modest. MEPS forecasts a YoY increase of approximately 4.4% for global steel production in 2012.
MEPS global crude steel production forecast.

Region	2010 (e)	2011 (f)
EU 27	172.9	178.2
Americas	155.3	162.1
Asia	900.2	948.3
Others	186.7	196.5
World Total	1415.0	1485.0

In million tonnes

(e) - Estimate

(f) - Forecast



(Sourced from MEPS - World Steel Outlook)

Hyundai Steel to build a new furnace by 2013

Sunday, 30 Jan 2011
Reuters reported that South Korea's Hyundai Steel Co will invest more than KRW 3 trillion to build a No 3 furnace with a capacity of 4 million tonnes of steel per year.
Construction will start in the second quarter of 2011 and run through to 2013.

Hyundai Steel completed its first blast furnace in 2010 with an annual production capacity of 4 million tonnes per annum and added a No 2 furnace with the same capacity later in the year.
In April 2010, the steelmaker said its new furnace would specialize in steel plates for Hyundai Motor Group automobiles to strengthen the group's integrated supply chain.

Hyundai Steel provides crude steel and hot rolled plates to Hyundai Hysco Co Limited, which supplies cold rolled plates to the country's top two automakers Hyundai Motor Co and Kia Motors Corporation.
Hyundai Steel used to make mainly rebar and H section for the construction sector and recycling scrap steel at mini mills. (Sourced: reuters.com)

Hyundai Heavy to increase use of steel plate by 14pct in 2011

Thursday, 27 Jan 2011

Bloomberg reported that Hyundai Heavy Industries Co plans to increase use of steel plate by 14% in 2011 to the most since 2008 as it boosts production of container vessels and oil tankers.Mr Kim Ki Young, a spokesman of Hyundai Heavy Industries Co, said that it expects to use 4 million tonnes of plate in 2011 as compared with about 3.5 million tonnes in 2010. Consumption among the world's six largest yards, all based in South Korea, will rise 12% to 8 million tonnes, based on company figures.

Mr Cho In Karp head of research at Heungkuk Securities Co said that the increase in demand may help POSCO and Dongkuk Steel Mill Co, the biggest South Korean plate makers, raise prices that have tumbled 33% in two years amid a slowdown in ship deliveries and rising competition. Shipyards may be able to pass on higher costs as demand for vessels rebounds following the end of the global recession.He added that "It will give shipyards ammunition to raise ship prices, which will be positive in the long term. In the short term, higher plate costs could crimp margins."Shipyards spend the equivalent of about 15% of sales on steel plate, used to make hulls, making it their biggest materials expense. Prices have been unchanged at KRW 950,000 per tonne since the mills' last increase in July 2010.

Hyundai Steel Co, South Korea's second biggest steelmaker, began making plate in 2010 challenging POSCO, Dongkuk and Chinese and Japanese producers.Mr Moon Jeong Up, an analyst at Daishin Securities Co, said that "Demand is going to allow steelmakers to raise prices. Demand for steel plate is sure to increase because shipyards are planning to build more in 2011."According to Credit Suisse Group AG, prices for most types of steel are rising as increasing demand and flooding in Australia’s mining region pushes up materials costs. Coking coal may jump to a record USD 250 a tonne in 2011. Prices for iron ore arriving at Tianjin, China surged to a nine month high on January 21st 2011.

Samsung Heavy Industries Co, the world's second largest shipyard, plans to use 1.5 million tonnes of steel plate in 2011, a 15% increase. Third ranked Daewoo Shipbuilding & Marine Engineering Co expects use to climb 6.3% to about 1.7 million tonnes. STX Shipbuilding & Offshore Co, the No 4 yard, plans to use 810,000 tonnes, up by 5.9% YoY.Hyundai Heavy's steel plate tally includes units Hyundai Mipo Dockyard Co and Hyundai Samho Heavy Industries Co, the world's fifth and sixth biggest yards.
(Sourced from www.bloomberg.net)

South Korea awaits POSCO fate in India - Mr Kim Jong Hoon

Tuesday, 25 Jan 2011
Mr Kim Jong Hoon trade minister of South Korea, in an exclusive interview with Economic Times, said that India's comprehensive trade pact with South Korea signed in 2010 has shown encouraging results. Trade in goods is on track, but more has to be done in services. With a little effort from both sides, the benefits could multiply. Following is the Excerpts from an exclusive interview:
Q - Are you satisfied with the increase in trade after the signing of the bilateral comprehensive economic partnership agreement last year?
A - I think trade in goods is on track. There has been almost 45% increase in two-way trade last year. But there is no room for complacency. We want to upgrade the agreement, particularly in terms of tariff reduction scheduling. We want tariffs to come down faster.

Q - To what extent has CEPA liberalized market in services?
A - South Korea has agreed to open up certain professional jobs. One example is IT software. Programmers from India are now coming to look for well paying jobs. We never dreamt of such a thing before CEPA. Koreans now want to see what India is like and also look for business opportunities. Last year 18,000 Koreans visited India, half as tourists and half for business. In the same year, about 50,000 Indians visited Korea. Around 250 of them have been issued visas to look for professional jobs. We have to do more in services. Liberalizing movement of people is an important part of opening up services. People should be free to carry money as investments to other market or go to other market looking for new jobs. I and Mr Anand Sharma commerce and industry minister of India agreed to facilitate such movement of persons.

Q - Some items of interest to Korea, like automobiles, were kept out of the CEPA. Would you want them to be included gradually?
A - India does not allow import of finished cars. That is not a big problem as Korean companies have invested here. Hyundai is doing good business. In auto parts, India has agreed to a progressive tariff reduction. This will be good for our auto companies here who can import more parts, expand business and hire more people. Auto parts business in Korea is usually with small and medium companies who can easily attach themselves to new companies. So, smart SMEs in India can seek collaboration with Korean companies and specialize in making auto parts.

Q - Does the POSCO delay bother you?
A - We understand that India has its own concerns related to environment and mining rights. At the same time I have emphasized that it will get record high foreign investments through this project. Importantly, the investments are to build factories that can hire locals. I am very certain it will be good for the Indian economy. Many South Korean companies are looking at how the case is being dealt with.
(Sourced from www.economictimes.indiatimes.com)

Top 10 steel producing countries in 2010, China, Japan, United States, Russia, India...

Saturday, 22 Jan 2011

Rank	Country	2010	2009	Change
1	China	626.7	573.6	9.3
2	Japan	109.6	87.5	25.2
3	United States	80.6	58.2	38.5
4	Russia	67.0	60.0	11.7
5	India	66.8	62.8	6.4
6	South Korea	58.5	48.6	20.3
7	Germany	43.8	32.7	34.1
8	Ukraine	33.6	29.9	12.4
9	Brazil	32.8	26.5	23.8
10	Turkey	29.0	25.3	14.6

In million tonnes
(Source - worldsteel.org)

Posco steel project issues to be resolved soon

TNN, Jan 21, 2011

NEW DELHI: Commerce Minister Anand Sharma on Thursday his South Korean counterpart that the issues delaying the Posco project in Orissa would be soon resolved.

South Korean trade minister Kim Jon-Hoon, who is in India to take part in the India-Korea bilateral meet, said on Thursday that both countries should work together to find a solution if there are any environmental concerns.

"There are certain issues. I am sure whatever the glitches are, will be removed. The necessary clearances will come and the remainder issues will get settled," Sharma said.

Jong-Hoon said the $12 billion Posco steel project would usher in development in India and create more jobs. "We don't have to disregard the importance of this Greenfield investment which can create a great deal of jobs in India and a great deal of value for Indian industry," Hoon told reporters.

"The site where we are trying to set up the steel mill is not in my mind forest area," he said.

Posco had signed an agreement with the Orissa government in 2005 to set up a 12 MTPA steel project but the plans are facing environmental hurdles.
Read more at The Times of India