Bucking the global trend, China and Russia produced more steel in 2020 than in 2019. Among the top five nations, production declined in India, Japan and the United States by up to 17.2 per cent. Global crude steel production reached 1,864.0 million tonnes for the year 2020, down by 0.9 per cent compared to 2019. […]
The government plans to provide incentives to mineral block allocatees for early commencement of production from the auctioned mines, a move aimed at increasing mineral output of the country and reducing imports. The mines ministry plans to do the same through amendment of the mining rules and has sought comments and suggestions from stakeholders on […]
Global primary aluminum production grew to 5.67 million tonnes in December, up 4.22% year-on-year, accompanying continuing demand growth, the International Aluminium Institute (IAI) reported. Average daily output during the month at 182,900 tonnes was nonetheless 0.33 per cent lower than in November 2020, IAI said. Primary aluminium is aluminium tapped from electrolytic cells or pots […]
UK-based Kyma Capital, founded by former Blackstone trader Akshay Shah, is set to complain to US regulators in a dispute with Indian billionaire Anil Agarwal over nearly $1 billion in loans by Vedanta Limited to its parent company, a source familiar with the matter told Reuters. Kyma Capital, a London-based hedge fund that owns shares in […]
The government of India has invited preliminary bids for strategic sale of Neelachal Ispat Nigam Ltd (NINL). The Indian cabinet is also likely to take up the proposal for approval of strategic disinvestment of Rashtriya Ispat Nigam (RINL), the Vizag-based steel public sector unit (PSU) having 6.3 million tonnes per annum (mtpa) steel-making capacity. In […]
Environmentalists and politicians in Goa, India, known globally for its beaches and dense forests, are opposing a plan by Prime Minister Narendra Modi’s government to turn the southwestern coastal state into a coal transportation hub. Protests against the initiative began last year, when New Delhi unveiled three infrastructure projects to increase coking coal handling at the state-run Mormugao Port Trust […]
With shortfall in production and supply of iron ore from a large number of mines auctioned before expiry of leases on March 31, 2020, India’s mines ministry has proposed amendment in Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules (MCR), 2021 which prescribes stricter conditions against defaulting leaseholders. The draft amendment of […]
The World Uncertainty Index—a quarterly measure of global economic and policy uncertainty covering 143 countries—shows that although uncertainty has come down by about 60 per cent from the peak observed at the onset of the COVID-19 pandemic in the first quarter of 2020, but still remains about 50 per cent above its historical average during […]
On the back of a strong recovery in steel demand, JSW Steel reported record numbers for the three months of October-December. The net profit of Mumbai-based company increased nearly 14 times on a year-on-year basis to Rs 2,669 crore. Consolidated revenue from operations surged 21% y-o-y to Rs 21,859 crore. Overall sales volumes were slightly lower by […]
India’s diamond industry, one of the worst-affected by the Covid pandemic, is fast regaining its lost sparkle amid a recent upsurge in spending in key markets US and China. The slide in profitability this fiscal year is now seen at -20% rather than -33% that was expected earlier, according to rating agency CRISIL. That will […]
