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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India’s Food Ministry fear loss of tomato, onion and potato crops due to erratic weather

Erratic weather conditions like rains and hailstorms witnessed recently are likely to hit the yield of key vegetables such as potato, onion and tomato, thus pushing up their prices in the coming weeks, a market intelligence report prepared by the ministry of food processing industries (MFPI) has stated. Currently, mandis’ prices of the key vegetables […]

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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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Iraq’s INOC to acquire ExxonMobil’s stake in Iraqi oil field; China delighted

The newly resurrected Iraqi National Oil Company (INOC) has been given government approval to acquire ExxonMobil’s 32.7 percent stake in the supergiant West Qurna 1 oil field for up to $350 million. West Qurna 1, located around 65 kilometres from southern Iraq’s principal oil and export hub of Basra, holds a considerable portion of the […]

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Twenty lakh tonnes of free foodgrains distributed under fifth phase of PMGKAY

Nearly 20 lakh tonnes of foodgrains have been distributed for free so far to eligible beneficiaries under the fifth phase of Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). In March 2020, the Centre had launched the scheme to provide free foodgrains to over 80 crore beneficiaries covered under the National Food Security Act (NFSA) as […]

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