DECEMBER 20248APPLE MAKES LANDMARK MILESTONE BY ESTABLISHING RESEARCH WING IN INDIAEXCESSIVE FINISHED STEEL IMPORTS DRIVE INDIA'S MARKET TO A BEARISH STANCEIndia may soon play a significant role in the development of Apple's new products, including research, design, and testing. Apple has incorporated a wholly owned subsidiary in India, named Apple Operations India. According to a regulatory filing by the new entity, its activities will include the procurement of engineering equipment, leasing of facilities, employing engineers for hardware development, and providing failure analysis services to other group companies.Apple Operations India's filing also mentions that Apple Inc. has provided a letter of comfort, assuring operational and financial support to the subsidiary "for the foreseeable future." This move marks a significant step, as Apple has yet to conduct hardware design and testing in India--an initiative that would be a first for the country. Currently, Apple carries out its R&D in locations like the US, China, Germany, and Israel.This development also represents a shift for Apple, as it sets up its first direct subsidiary in India, whereas previously its Apple India entity was under the ownership of Apple Operations International, based in Ireland. The manufacturing of Apple products in India is currently outsourced, but the new subsidiary will support third-party manufacturers and contractors by providing hardware, software, and other related services. The surge in imports has impacted the domestic market, with cheap imports reportedly contributing to a bearish market sentiment in India. This has raised concerns within the Indian steel industry, with Tata Steel's CEO warning that prolonged steel imports from China could negatively affect domestic investment plans. As TOP STORIESa result, India has launched an anti-dumping investigation into certain steel imports from Vietnam.Alongside China, South Korea, Japan, and Vietnam also contributed to the rising imports. South Korea exported 1.2 million metric tons, an 11.5 percent increase, while Japan's exports to India more than doubled, reaching 1.1 million metric tons. Vietnam also increased its exports, sending 0.4 million metric tons, a more than double increase compared to the previous year.India's steel imports surged between April and September 2023, driven largely by shipments from China, which remained the largest supplier. During this period, India imported 4.7 million metric tons of finished steel, a 42.2 percent increase compared to the same period in the previous year. Domestically, India's finished steel production reached 70.6 million metric tons, a 4.7 percent increase from the previous year. However, finished steel exports declined by 35.9 percent, totaling 2.3 million metric tons, with Italy being the largest export market despite a 43.5 percent drop in shipments.India's crude steel production for the same period rose by 3.6 percent, reaching 72.8 million metric tons, and finished steel consumption increased by 13.5 percent, totaling 72.7 million metric tons.
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