Daily News - Friday, 17 April 2026

India and Russia Explore Steel Sector Partnerships in New Delhi (Reuters)

India’s Steel Secretary met Russia’s Deputy Minister of Industry and Trade in New Delhi on April 16, 2026, to discuss deeper cooperation in the steel sector, according to the Ministry of Steel. The roundtable focused on raw material sourcing, technological collaboration, equipment manufacturing, and joint research opportunities, reflecting both countries’ interest in strengthening industrial ties amid global supply chain disruptions. India, which produced 168 million tons of crude steel in FY26, is targeting 400 million tons by 2035-36 under its National Steel Policy, requiring significant imports of coking coal and advanced technology. Russia, facing EU sanctions and tariffs, is seeking new export markets and collaborative ventures to sustain its steel industry. Officials emphasized that partnerships could help India reduce its 90% dependence on imported coking coal, while giving Russia access to India’s rapidly expanding market. The talks highlight how both nations are aligning industrial strategies with broader geopolitical and trade shifts.

India May Restrict Sulphur Shipments to Protect Fertiliser Sector (Reuters)

India is considering restricting sulphur exports as supplies tighten due to disruptions from the Iran war and falling imports from the Middle East, according to sources in the Commerce Ministry. India imports about 2 million metric tons of sulphur annually, with nearly half sourced from the Middle East, while exporting 800,000 tons per year, over 90% of which goes to China. Industry lobby groups have urged New Delhi to ban exports to protect domestic supply for fertiliser producers, as sulphur is critical for making ammonium sulphate and single super phosphate. Oil refineries, which generate most of India’s sulphur, have already been directed to prioritize local fertiliser companies. The U.S. Geological Survey reported that the Middle East accounted for 83.87 million tons (25% of global production) last year, but shipments through the Strait of Hormuz have been severely disrupted since late February. The shortage is also affecting global mining, with nickel producers in Indonesia and copper miners in Chile and the Democratic Republic of Congo facing higher costs for sulphuric acid used in ore leaching.

India’s Marine Exports Jump 14% to USD $8.43 Billion in FY26 (Business Standard)

India’s marine products exports rose nearly 14% in FY26 to USD $8.43 billion (INR ₹70,000 crore), up from USD $7.4 billion (INR ₹61,500 crore) in FY25, despite facing U.S. tariffs and the West Asia war towards the end of the season. According to the Ministry of Commerce, the growth was driven by diversification away from the U.S. traditionally the largest buyer of Indian shrimp toward Europe and Russia, along with improved per‑unit realisation. In contrast, rice exports fell 7.5% year-on-year, totaling USD $11.52 billion (INR ₹95,800 crore), with March 2026 shipments down 15.36% to USD $990 million (INR ₹8,200 crore) due to weak basmati prices and disruptions in West Asia. Traders noted that basmati rice faced lower price realisation, while marine products benefited from new market access. The resilience of seafood exports highlights India’s ability to adapt supply chains under geopolitical stress, while rice remains vulnerable to regional crises. The Commerce Ministry is expected to monitor both sectors closely, given their combined importance to India’s agricultural and trade balance.

India-New Zealand FTA to Double Trade to USD $5 Billion (moneycontrol)

India and New Zealand will sign a free trade agreement (FTA) on April 27, 2026, at Bharat Mandapam, following the conclusion of negotiations last December. The pact aims to double bilateral trade to USD $5 billion (INR ₹41,600 crore) within five years and attract USD $20 billion (INR ₹1.66 lakh crore) in investment over 15 years. India will gain zero‑duty access for 100% of its exports, while New Zealand will see tariff elimination or reduction on 95% of its exports, including wool, coal, wood, wine, avocados, and blueberries. However, India has made no duty concessions on sensitive imports such as dairy products (milk, cream, whey, yoghurt, cheese), onions, sugar, spices, edible oils, and rubber, to protect farmers and domestic industry. The deal also includes a temporary employment visa pathway for 5,000 Indian professionals annually, allowing stays of up to three years in New Zealand. Current bilateral merchandise trade stands at USD $1.3 billion (INR ₹10,800 crore), with total goods and services trade at USD $2.4 billion (INR ₹19,900 crore), led by travel, IT, and business services, according to the Ministry of Commerce.