The Reserve Bank of India said on Thursday that the real gross domestic product (GDP) growth during this fiscal year will be negative despite a recovery since the outbreak of the deadly Covid-19 pandemic and hopes of robust farm output. The bank kept the repo rates unchanged, while announcing a major loan restructuring package for […]
Blocking of the online system for exporters to apply for tax incentives under the export incentive scheme MEIS has created an “extremely precarious situation” for aluminium exports, the Aluminium Association of India (AAI) said. The move will further render exports vulnerable and uncompetitive, the industry body added. India’s commerce ministry has blocked the online system […]
The gems and jewellery industry, which is witnessing an increase in export orders, is facing challenging times due to lack of skilled manpower as workers are either unable to come back due to transportation restrictions or reluctant to leave their families in times of crisis, the Gem & Jewellery Export Promotion Council (GJEPC) said. Demand […]
Exports may be on a path of recovery with the merchandise sent to foreign nations in July reaching almost the same levels as a year ago, Commerce and Industry Minister Piyush Goyal said to the media. “Our exports have almost reached last year’s July level, with nearly 90 per cent of our export of July […]
The Metallurgical Mines’ Association of China (MMAC) expects prices of seaborne iron ore to move within the range of $80-105/dmt CFR China for the second half of 2020 on higher availability but less demand, according to its WeChat sharing on July 31. “Ever-growing supply against the reduction in overall demand will see China’s iron ore […]
The US has broadened the scope of its sanctions on steel, stainless steel, aluminum and copper trade with Iran in a move to stop imports into the country of specialized metals that it says could be used in Iran’s nuclear, ballistic missile and military programs, deemed by the US to pose a grave threat to […]
State-owned mining major NMDC, India’s largest iron-ore producer, said its production and sales rose significantly in July on year, providing yet another indicator that the economy is on the mend after an easing of the Covid-induced lockdown. Despite uncertainty due to COVID-19, NMDC’s production of iron ore rose by 13% to 2.19 million tons and […]
(The story appears here courtesy our content partner Mysteel Global) China’s domestic steel demand is expected to recover further during this half of 2020 with the continued strengthening in the domestic economy to finally score an on-year growth for the whole 2020, offsetting the declines in the first half amid the COVID-19, Shen Bin, chairman of […]
Diesel sales, an approximate barometer of business and commerce, dropped 13 per cent in July 2020 from the previous month and were down 21 per cent year-on-year, forcing oil refiners to slash throughput. This seems to be a clear case of economic recovery slowing down after the spike in May-June this year. Manufacturing activities also […]
The government of India clarified through a Press Note that any foreign direct investment (FDI) in commercial coal mining from an entity of a country that shares land border with India will be allowed only after government approval. “This is with reference to the ongoing auction process of coal mines for commercial coal mining…It is […]
