Gold prices on 30 September for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the U.S. Federal Reserve and commitment to deliver more dented the zero-yielding metal’s appeal. Spot gold ticked 0.1% higher to $1,661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers […]
Import duty on platinum has been increased to a total of 15.4 per cent with effect from Monday (3rd October, 2022) through a notification by the Finance Ministry. Platinum and palladium for use in manufacture of precious metal chemicals, compounds (noble metal compounds and solutions) and catalytic converters will continue at basic customs duty of […]
India’s power ministry is proposing a nearly $2.5 billion incentive plan to encourage domestic manufacturing of grid-scale batteries, aiming at bringing down the cost of energy storage to speed up its energy transition, according to a Bloomberg news report. There are early-stage discussions in the government about offering incentives to manufacturers for batteries they produce over a […]
Saudi Arabia says it has the potential to unlock enough copper to ease a looming shortage as the world makes an epic shift to clean energy, but the kingdom faces challenges that established mining countries already have solved. Key among those challenges as the world’s largest oil producer seeks to unlock an estimated $1.3 trillion […]
According to a report titled ‘Jewellery market structure’, released by The World Gold Council, while small independent retailers still dominate the landscape, the market share of chain stores (national and regional) has increased steadily over the last decade. Launched as part of a series of in-depth analysis on the Indian gold market, the report highlights […]
Bhilai Steel Plant (BSP), an arm of state-run Steel Authority of India (SAIL), has been reeling from a severe coking coal crisis that has reportedly affected the output in the company, reports Business Standard. The stock of imported coking coal in the BSP has been depleting fast since a fortnight. A stranded ferry from the Visakhapatnam port is cited to be the reason for […]
Adani Group is reportedly planning to bid for the state-owned Rashtriya Ispat Nigam which is expected to go under the hammer in January 2023. With this, the group would foray into a new business after making entering the cement sector with the Adani-Holcim deal, according to BusinessLine (BL). The report quoted sources as saying that […]
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 150.6 million tonnes (Mt) in August 2022, a 3.0% decrease compared to August 2021. Africa produced 1.3 Mt in August 2022, up 3.5% on August 2022. Asia and Oceania produced 112.6 Mt, down by 0.2%. The European Union (EU) […]
Tata Steel is combining with itself six of its subsidiaries and an associate company in an effort to streamline its metal business. The Board of Directors of Tata Steel on Friday approved the merger of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Ltd., Indian Steel […]
Vedanta Resources, which has the single largest investment of Rs 80,000 crore in Odisha said it plans to pump in another Rs 25,000 crore for expansion of its aluminium, ferrochrome and mining businesses in the state. With this quantum of investment, it is contributing nearly four per cent to Odisha’s state GDP through its operations (direct […]
