MySteel Global – More Chinese futures contracts allowed to go international

More futures contracts in China will be allowed to seek the participation of international investors by China Securities Regulatory Commission (CSRC), as the country’s regulatory body has opened expressed its intention to promote dual circulation in the derivatives markets. “Enhancing the opening to the overseas investors in our capital market will enable us to remove […]

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India’s gold demand recovers modestly in Q3

After India’s nationwide lockdown caused gold jewellery demand to drop to a record low during the second quarter, there was a modest recovery during the third quarter to 52.8 tons, according to the World Gold Council (WGC). Still the demand was 48% lower on year – notching the third lowest quarter for Indian jewellery demand. “Not […]

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India exported one third of its steel to China during the first six months of this fiscal FY21

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China was the top foreign buyer of Indian steel between April and September 2020, government data showed, marking a rare rise in bilateral economic activity at a time of political tensions which have triggered some trade curbs. As per a Reuters report, China bought 1.9 million tonnes of finished steel from India, cornering 29 per cent of […]

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Vedanta’s failed delisting to hurt company’s liquidity – Moody’s

Indian metal and mining giant Vedanta Group’s recent failed attempt at delisting its shares from Indian stock exchanges will weaken the company’s liquidity and is a credit negative, according to Moody’s Investors Service On October 5, Vedanta commenced its reverse book building process for public shareholders to tender their shares. The company needed 134 crore shares for […]

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Impact of COVID-19 on commodity markets heaviest on energy prices; lower oil demand likely to persist beyond next year

While metal and agricultural commodities have recouped their losses from the COVID-19 pandemic and are expected to make modest gains in 2021, energy prices, despite some recovery, are expected to stabilize below pre-pandemic levels next year, the World Bank said. Oil prices fell dramatically in the early stages of COVID-19 and have only partially regained […]

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India’s long steel sales volumes to drop by 12%-15% this fiscal year – CRISIL

India’s long steel sales volumes are likely to drop by 12-15% in the fiscal year ending March 31 following the covid-19 pandemic despite central government support for housing projects as well as road projects, according to CRISIL Ratings.  However, secondary long-steel producers may sustain their credit profiles this fiscal despite facing up to 100 basis points decline […]

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