The stimulus packages being announced across the globe amid the Covid-19 pandemic, are benefitting base metals Copper, zinc and nickel have been rallying for the last 8 months as a broad-based weakening of the dollar made commodities cheaper for holders of other currencies. Besides, supply constraints from the pandemic-hit Latin American nations provided support to the metals, said brokerages. […]
Aditya Birla group flagship, Hindalco Industries reported a year-on-year decline of 60 per cent in the consolidated net profit at Rs 387 crore for the quarter ended September 30 due to a loss of Rs 1,398 crore in the sale of Aleris’s Lewisport plant. The company’s net profit from continuing operations stood at Rs 1,785 crore, […]
Commodity giant, Vedanta reported a 61.8 per cent decline in its consolidated net profit at Rs 824 crore for the quarter ended September 30, 2020 on the back of one-time tax expense. The company posted a net profit of Rs 2,158 crore in the year-ago period, Vedanta said in a filing to BSE. Income during July-September […]
India’s demand for copper and aluminium are likely to fall by around 20% during the financial year ending march 31, 2021, but are expected to rebound to around last year’s level in the third and fourth quarter, Satish Pai, managing director of Hindalco Industries Ltd said on Thursday. He was speaking at a webinar organised by the Federation of […]
At the very outset, allow me to dispel any lingering notion that India will replace China. That much-vaunted, zealous sabre rattling is just that – sabre rattling at worst and a distant dream at best. If at all, by all indications the economic disparity between India and China might expand, rather than contract, with time. […]
Moody’s has changed the outlook for the global base metals industry to stable from negative, as demand has improved following the early recovery and reopening of the Chinese economy. The world’s No. 2 economy accounts for half of the world’s production of copper, aluminium and other base metals and remains an important consumer as well across the […]
Consumption of non-ferrous metals like copper and aluminium would contract significantly this year due to the COVID-19 pandemic, rating agency ICRA said on Thursday. The pandemic has severely impacted the global automobile, construction and electrical machinery industries, which together contributes 75-85 per cent to the global non-ferrous metal demand, ICRA said in a statement. “Consequently, ICRA expects that in the current calendar year, […]
The Indian aluminum sector finds itself buffeted by the winds of uncertainty because of the COVID-19 pandemic. Industry leaders have suggested many measures to the India government to put the sector back on track. Top of the list is a request to allow an export scheme for aluminum without any cap on the total exports. […]
India’s mining industry has urged the government to re-examine an export duty of 15% imposed on bauxite that has sharply cut down shipments as well as policy measures to facilitate production of the aluminium-making material. R.L. Mohanty, vice president of Federation of Indian Mineral Industries told a conference titled “Leveraging Indian Bauxite and Aluminum Industry for […]
Just like the Steel Import Monitoring System (SIMS) that captures details of steel imports on a weekly basis, the government will soon put in place similar mechanisms to monitor imports of coal, aluminium and copper with the aim of capturing disaggregated data to facilitate effective monitoring and policy intervention. India’s imports of coal and coke, […]
