De Beers strikes diamond buyers with one of the steepest price increases in recent times

Diamond company, De Beers has implemented its biggest price increase for diamonds in years as the industry consolidates its recovery from the first pandemic-induced shutdowns. The Anglo American unit hiked prices by about 8% at its first sale of the year, according to Bloomberg. The sharpest increases of up to 20% were for smaller, cheaper stones. […]

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South Korea’s POSCO signs MoU for an Integrated Steel Mill in Gujarat with the Adani group

POSCO and the Adani Group have agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly Integrated Steel Mill at Mundra, Gujarat, as well as other businesses. The investment is estimated to be up to $ 5 billion around Rs 37,000 crore. The non-binding MoU signed between POSCO and Adani intends to […]

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Vedanta to enter BPCL privatization bid with $12 billion war chest

Vedanta Group is willing to spend $12 billion to acquire India’s state-owned refiner Bharat Petroleum Corp., among the largest asset sales in India that has been facing massive delays in completion. “We’re not going to bid aggressively, but we will put the right price,” billionaire chairman Anil Agarwal said in an interview in Riyadh, Saudi Arabia. […]

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India refrains from imposing anti-dumping duty on certain steel products from China and other countries

India’s government has decided not to impose anti-dumping duty on certain steel products being imported from countries like China, Japan, and Korea, as the finance ministry has not accepted the recommendations of the directorate general of trade remedies (DGTR). The commerce ministry’s investigation arm DGTR had conducted a probe against imports of ‘Cold Rolled/cold reduced […]

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High power costs in Europe shoots up aluminium’s price to record high

Costs of aluminium for European consumers are scaling record highs due to soaring energy costs and production cuts, which have exacerbated deficits of the metal used in the power, construction and packaging industries. Consumers buying aluminium on the physical market usually pay the benchmark price on the London Metal Exchange — around $ 2,950 a […]

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Cobalt industry to get a big boost from the shift to a green economy: Fitch Solutions

The global cobalt supply chain is set to remain highly geographically concentrated in the coming years — in the DRC (Democratic Republic of Congo) for mine production and in China for refining — which will likely pose procurement challenges for battery manufacturers, market analyst Fitch Solutions finds in its latest industry report. Yet the global cobalt industry […]

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JSW Steel to invest Rs 15,000 crore in Karnataka

Sajjan Jindal-led JSW Steel said it would be investing Rs 15,000 crore to expand capacity at its integrated plant in Vijayanagar, Karnataka, for commissioning in 2023-24 (FY24). Of the 6-million tonne expansion planned, the new part of the project comprises 5 million tonnes, while the rest 1 million tonne will be through optimisation at the […]

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