Opposition surfaces over Chinese investments

[Zenither6]

The Indian government also had reservations over approving Chinese investments in pelletisation plants without reciprocal arrangements on other raw materials like coking coal, and there had not been any response from the Chinese government over granting preferential access to coking coal, according to the official.

However, the official acknowledged the imperative of increasing Chinese investment in India in the interest of the overall trade balance. As Indias largest trading partner, trade with China was estimated at $75-billion. Chinas investments in India were a mere $135-million with India having a trade deficit of $39-billion at the end of March 2012. This figure was expected to decline following a sharp fall in the export of iron-ore.

The imperative of attracting direct investments from China and the compulsion to protect strategic raw material and the interests of domestic steel companies without access to captive raw material would, however, have to be balanced before Chinese investments in pelletisation plants was approved by the Indian government, the official said.


KOLKATA- A number of domestic steel producers have opposed Indias decision to invite Chinese steel companies to set up iron-ore pelletisation plants in the country.

According to officials in Indias Mines Ministry Sand Making Machine, domestic steel producers have submitted their opposition to giving access to strategic raw material to Chinese steel producers at a time when there was a shortage of raw material for domestic steel production, and several steel companies did not have captive iron-ore mines.

It has also been pointed out that even though the objective of inviting Chinese investment in pelletisation was ostensibly to add value to raw material within the country and check export of iron-ore fines, in reality overseas producers would gain easy access to cheaper raw material at the cost of domestic producers, who were paying higher than the international prices of iron-ore.

The Mines Ministry has taken note of the Raymond Mill to Chinese investments in pelletisation and apprehensions over such has also been expressed within the government, because of geopolitical considerations, and the matter is expected to be placed at the highest level of the government before any foreign investments in the sector are approved, an official in the Mines Ministry said.

The opposition to investment from China was triggered by the Quarry Crusher Steel Authority of India Limited and the Chinese Iron and Steel Association signing a memorandum of understanding, which invited Chinese steel producers to construct iron-ore pelletisation plants in India, since exports attracted a nil rate of duty against 30% levied on exports of ore.

Indian iron-ore exports to China fell to 300 000 t in October, the lowest in the last 20 years and total exports to that country during 2012/13 were forecast not to exceed between 30-million and 32-million tons, down from 73-million tons in 2011/12.

[kiyoumins]

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