South Korea Current Affairs - 2019
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Reports suggest that the US could terminate the sanctions waivers it granted to some importers of Iranian oil after it re-imposed sanctions on Iran last year.
Ending of Sanction Waiver
- Reports indicate that the US has already communicated to seven countries viz. Japan, South Korea, Turkey, Italy, Greece, China and India- that they will no longer be exempt from US sanctions if they continue to import oil from Iran after their waivers end on May 2.
- The ending of sanction waiver is part of the US strategy to exert maximum pressure and isolate Iran.
- The US has stated it wants to deprive the outlaw regime of the funds that it has used to destabilise the Middle East for decades and incentivise Iran to behave like a normal country.
The news of the ending of sanctions waiver exerted upward pressure on global prices of crude. Further. US has stated that the US along with Saudi Arabia and UAE have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.
For the first time in three years, India was the net importer of steel during the financial year 2018-19. This was attributed to India losing market share among its traditional steel buyers and an increase in imports of higher-quality steel domestically.
Indian Steel Exports
- Indian steel exports fell by 34 percent to 6.36 million tonnes in the fiscal year that ended in March 2019.
- India’s exports during the fiscal year 2018-19 declined after rival steelmakers in China, Japan, South Korea and Indonesia who were blocked from markets in the United States and Europe by tariffs and other protectionist measures, ate away at the India’s markets in the Middle East and Africa.
Indian Steel Imports
- During the 2018-19 financial year, India’s finished steel imports rose 4.7 percent to 7.84 million tonnes.
- Imports from the China, Japan, South Korea and Indonesia also increased as they diverted supply into India after the tarrif and other protectionist measures in the US and EU.
The Ministry of Steel has urged local automakers to cut Japanese and South Korean imports to support domestic producers but the automakers who are the biggest importers of the high-quality steel say they cannot get the quality of steel they need locally. On the other hand Indian steel companies have sought imposition of higher duties on imports.