World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 162.7 million tonnes (Mt) in April 2022, a 5.1% decrease compared to April 2021, the industry body said in a statement seen on Tuesday. Top 10 steel-producing countries China produced 92.8 Mt in April 2022, down 5.2% on April […]
India’s imposition of a sharp 15% export duty on various finished steel products is a significant negative for the steel sector, which is already going through a period of muted demand and high input cost inflation, ICRA Research said in a note seen on Tuesday. Steel exports are likely to be far less attractive going […]
Hailed as the world’s largest office building on a single basement, Surat Diamond Bourse (SDB) will be inaugurated by Prime Minister Narendra Modi in November this year. With construction works of its nine towers completed, landscaping and beautification work at SDB site near Khajod village has been initiated, said Vallabh Lakhani, chairman of the SDB. The SDB […]
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines […]
Steelmaker AMNS India will invest an additional Rs 1,000-crore in Andhra Pradesh to expand its pellet plant capacity to 11 million tonnes per annum (MTPA). The present capacity of its pellet plant located in Visakhapatnam (Vizag) is 8 MTPA. “ArcelorMittal Nippon Steel India has confirmed a proposed investment of Rs 1,000 crore towards brownfield expansion […]
The Reserve Bank of India (RBI) has come up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India. In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers (QJ) as approved by International Financial Services Centers Authority (IFSCA) were […]
An uptick in demand and higher production helped the Steel Authority of India (SAIL) achieve record revenues and production in the year ending March 2022, the governments statement said. During FY’22, the company has clocked its best-ever performance in production and sales while achieving an all-time high revenue from operation of Rs.1,03,473 Crore and EBITDA […]
“There’s going to be a new world order out there, and we’ve got to lead it,” US President Joe Biden said after Russia’s war in Ukraine upended global geopolitics. Far from Earth, that transition is already happening. The lack of cooperation between the US and China on space exploration is particularly dangerous in an era where the cosmos is […]
India’s finance ministry notified export duty on 11 iron and steel intermediates and lowered import duty on three key raw materials for steel production and three inputs for making plastic items. To increase local availability of iron ore and a few steel intermediates, export duty on iron ore and concentrates has been raised to 50% […]
In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the Reserve Bank of India (RBI) has allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of $ 1 billion extended by the State Bank of India (SBI) to Sri Lanka […]