Daily News - Tuesday, 6 January 2026
India-Israel Trade in Rupees: SBI Engages Defence Firms, Chamber of Commerce and MEA South Division (CNBC TV18)
The State Bank of India (SBI), the only Indian bank operating in Israel since 2007, announced plans to facilitate bilateral trade settlements in Indian rupees (INR) through its Tel Aviv branch. V. Manivannan, CEO of SBI Israel, confirmed that Israeli exporters and importers will now be able to receive and make payments in INR via the Special Rupee Vostro Account (SRVA). The initiative follows the Reserve Bank of India (RBI) directive permitting Indian banks to settle exports and imports in INR with partner countries, with Israel identified as one such partner. SBI Tel Aviv has conducted webinars with the Israel–India Chamber of Commerce and engaged major defence entities to promote rupee trade, highlighting strategic cooperation between the two nations. With over 40,000 Indian workers recently joining Israel’s workforce in construction and agriculture, SBI is also facilitating NRI account openings and remittance flows back to India. The push comes amid high‑level visits: External Affairs Minister S. Jaishankar (Dec 2025), Commerce Minister Piyush Goyal (Nov 2025), and Israeli ministers including Finance Minister Bezalel Smotrich, as both countries advance towards a Free Trade Agreement (FTA) and have already signed a Bilateral Investment Treaty (BIT).
India launched an anti-dumping probe into nylon-6 chips from China and Russia (Livemint)
The Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce and Industry has launched an anti‑dumping investigation into imports of nylon‑6 chips and granules from China and Russia, following complaints of cheap imports hurting domestic producers. The probe was triggered by an application from Gujarat Polyfilms Pvt. Ltd, which has a production capacity of about 1,200 tonnes per year, alleging that imports with relative viscosity below three have surged and depressed local prices. India’s total nylon‑6 production capacity stands at 83,500 tonnes, as per the Ministry of Chemicals and Fertilizers, with major domestic producers including Gujarat State Fertilizers & Chemicals Ltd and Gujarat Polyfilms. Commerce ministry data shows India imported 277,369.6 tonnes worth USD 613.81 million (INR 51.2 billion) in FY24 and 335,242.2 tonnes worth USD 730.61 million (INR 60.9 billion) in FY25. Imports from China rose over 33%, from USD 297.56 million (INR 24.8 billion) to USD 395.96 million (INR 33.0 billion), raising its share from 49% to 54%, while imports from Russia jumped over 300%, from USD 6.37 million (INR 530 million) to USD 25.90 million (INR 2.16 billion), lifting its share from 1% to 3.5%. The DGTR’s preliminary findings indicate dumping margins above the de‑minimis threshold, with evidence of price depression, loss of market share, and weakened financial performance, and corrective duties may be recommended to restore fair competition.
India’s Urea Imports Double to 7.17 MT in Apr-Nov 2025 (Business Standard)
The Fertiliser Association of India (FAI) reported that India’s urea imports more than doubled to 7.17 million tonnes (MT) during April–November 2024‑25, compared to 3.26 MT in the same period last year. In November 2025 alone, imports surged 68.4% to 1.31 MT, up from 0.78 MT in November 2024, reflecting growing dependence on foreign supplies. Domestic urea production fell 3.7% to 19.75 MT, while overall urea sales rose 2.3% to 25.40 MT, according to FAI data. FAI Chairman S. Sankarasubramanian stated that while sales growth was achieved through coordinated planning, the reliance on imports for urea and di‑ammonium phosphate (DAP) underscores the need for strategic supply chain management. DAP imports now account for 67% of total supply, up from 56% last year, with domestic production declining 5.2% to 2.68 MT, while sales remained flat at 7.12 MT. FAI Director General Dr. Suresh Kumar Chaudhari highlighted a “structural shift toward import‑driven supply management” for nitrogen and phosphate nutrients, while noting strong growth in indigenous single super phosphate (SSP), whose sales rose 15% to 4.16 MT, validating domestic capacity.
India Extends Anti‑Dumping Duty on Metallurgical Coke Imports from Six Nations till June 2026 (Livemint)
The Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce and Industry has extended the provisional anti‑dumping duty on imports of low‑ash metallurgical coke (LAM coke) from China, Australia, Poland, Colombia, Russia, and Venezuela until 30 June 2026. The duty was first imposed in September 2025 after investigations revealed that these countries were exporting LAM coke to India at prices below normal value, causing injury to domestic producers. India’s annual demand for metallurgical coke is estimated at 25-30 million tonnes, with imports accounting for nearly 40% of consumption, making trade remedies critical for protecting local industry. The DGTR’s probe was initiated following complaints from domestic producers including Saurashtra Fuels Pvt Ltd and Carbon Resources Pvt Ltd, who argued that dumping was depressing prices and eroding profitability. Commerce ministry data shows India imported over USD 1.2 billion (INR 100 billion) worth of metallurgical coke in FY25, with China alone contributing nearly 60% of total imports, highlighting the scale of dependence. The extension of duties is expected to stabilize domestic prices, safeguard employment in the coke industry, and align with India’s broader trade defence measures under the Foreign Trade Policy 2023.
