Consumer investment in gold increased in the second quarter of 2021 but some investors were less bullish, according to the World Gold Council’s latest Gold Demand Trends report. The two forces helped create a gold demand of 955.1 tonnes over the quarter, a 9% rise from the first quarter of 2021. Last year, the demand for […]
Global ferrous scrap prices, including in India, remain comparatively weak to iron ore, as the London Metal Exchange launches India scrap futures, allowing increased risk management with iron ore, scrap, coking coal and steel futures available through multiple exchanges. Scrap to iron ore ratios have remained weak, following sustained high iron ore demand in China […]
Uncertainty in steel prices have prompted a few engineering procurement and construction (EPC) players in the highways sector to negotiate with the domestic steel majors for fixed-price annual contracts. Concerned about the rising cost of the raw material, some of them have requested the ministry of road transport and highways (MoRTH) to consider the inclusion […]
Commodities rallied 21 per cent in the first half of 2021, making them the top performing asset group ahead of U.S., European, emerging market and non-Japan Asian stocks. The broad-based index of energy, agriculture, industrial metals and precious metals rose the same amount as high-flying Bitcoin, which pulled back after hitting its all-time high of […]
Indian steelmakers are likely to reap bumper profits if China imposes an export tax on its steel to cool domestic prices, analysts said. China’s steel exports rose 23% in June to 6.5 million tonnes (mt) from the preceding month (75% from a year ago) despite the removal of export rebates, according to the trade data […]
Gold imports to India jumped multi-fold to $ 7.9 billion (Rs 58,572.99 crore) during the April-June 2021 quarter due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to $ 688 million (Rs 5,208.41 crore) in the corresponding period […]
The government approved a Rs 6,322-crore production linked incentive (PLI) scheme to boost production of specialty steel in India. A decision in this regard was taken during the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, Information and Broadcasting Minister Anurag Thakur informed. He said that incentives worth Rs 6,322 crore will be […]
Iron ore prices rose to $ 200 a tonnes, pressured by concerns about demand prospects for the steelmaking raw material in top steel producer China. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $218.66 a tonne. “There are early signs of a turning point in Chinese demand […]
The Biden Administration is expected to continue expansion of the bilateral partnership with India and the driving force of the relationship is concern about China’s growing economic and military power in the region, according to a Congressional report. “Many speculate that the Administration would pay more attention to India’s domestic developments, including on human rights, […]
Australian miner, BHP Billiton announced its production results for the financial year 2020-21 ended 30 June. The company’s iron ore production during the year increased by two per cent to 254 million tonnes. This was achieved despite significant weather impacts, temporary labour shortages due to Covid-19 related border restrictions. BHP Billiton said it expects its […]
