8DECEMBER, 2024India's imports of finished steel hit a peak of 5.7 million metric tons in April-October, the highest in seven years. India, the second largest producer of crude steel worldwide, transitioned into a net importer of the metal in the fiscal year ending on March 31, 2024, and this pattern has been ongoing, with imports increasing steadily."(The) steel industry in 2024/25 by now has lost margins by 68 percent to 91 percent and are under severe stress, leading to uncertainty of funding from investors impacting the capacity expansion", the Indian Steel Association said.India's JSW Steel Ltd, the country's biggest steelmaker by capacity, last reported a third straight quarterly drop in profits, as rising imports dragged down domestic prices. After going through the presentation, the DGTR asked the Indian Steel Association to submit a formal petition to help initiate an investigation to determine whether cheap steel imports have hurt Indian steelmakers.The imposition of a safeguard duty will depend on the outcome of the DGTR investigation. Cheap imports are eating into the market share of domestic steelmakers, the Indian Steel Association said in its presentation. It said 17 percent of the hot-rolled segment, 20 percent of coated steel, and 19 percent of the plates segment have been displaced by cheap Chinese, Japanese and South Korean steel.China, Japan, South Korea and Vietnam are selling their surplus stocks to India to cash in on strong demand for steel in the south Asian country. India's Tata Electronics has taken a significant step toward becoming a key Apple supplier by acquiring a majority stake in Taiwanese contract manufacturer Pegatron's sole iPhone plant in India. The deal forms a joint venture, with Tata holding a 60 percent stake and overseeing daily operations, while Pegatron retains 40 percent and provides technical expertise, according to insider sources. The financial terms of the agreement remain undisclosed, as neither Tata, Apple, nor Pegatron responded to inquiries. The internal announcement was made last week, and the companies plan to seek approval from the Competition Commission of India (CCI) shortly. This move follows Apple's strategic push to diversify its supply chain beyond China, driven by rising geopolitical tensions between Washington and Beijing. For Tata, acquiring Pegatron's Chennai plant aligns with its ambitions to ramp up iPhone manufacturing in India. The plant employs approximately 10,000 workers and produces 5 million iPhones annually, making it Tata's third iPhone production facility in the country. Tata has rapidly expanded its presence in the iPhone manufacturing space, joining Foxconn as one of India's leading contract manufacturers. It previously acquired Wistron's iPhone assembly plant in Karnataka and is constructing another in Hosur, Tamil Nadu. The Hosur facility also houses a component manufacturing unit, which recently made headlines due to a fire incident in September. Analysts predict that India's contribution to global iPhone shipments will reach 20-25 percent this year, up from 12-14 percent in 2023. This acquisition underscores Tata's growing influence in Apple's supply ecosystem and highlights India's increasing role in global smartphone manufacturing. Keep up with the latest updates on Tata, Apple, and India's booming iPhone production industry. TOP STORIESINDIA'S FINISHED STEEL IMPORTS HIT 7-YEAR HIGH OF 5.7 MILLION METRIC TONSTATA ELECTRONICS PARTNERS WITH PEGATRON TO PRODUCE 5M IPHONES ANNUALLY
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