(This story appears here courtesy our content partner MySteel Global) China will comprehensively ban the import of all solid waste including metal scrap by 2021, as planned, and will no longer support systems to permit the import of such material, the Ministry of Ecology and Environment (MEE) reiterated this week. Nonetheless, the country’s steel scrap […]
The International Monetary Fund (IMF) revised down its forecast for the Asian economy amid the mounting COVID-19 fallout, projecting a 1.6 per cent contraction in 2020, and warning of “clouds on the horizon.” The latest projection is a downgrade to the forecast of zero growth in the April World Economic Outlook (WEO), indicating stronger global […]
Commodity prices have fallen sharply on fears of a second wave of covid-19 spread, only to recover on hopes of another stimulus coming. Base metals, bullion and energy futures started with a sharp decline of up to 4 per cent on MCX but recovered later in the day amid high volatility. Most prices have improved smartly over […]
Global commodity exports to China could plunge by 46 per cent between $15.5 and $33.1 billion in 2020 due to the coronavirus crisis, according to research by the UN trade body. The UN Conference on Trade and Development (UNCTAD) said that the findings raise concerns for economies that rely on exports of primary goods, such […]
Metals and crude oil prices rose on the expectation of a recovery in demand following the gradual re-opening global economy and stronger manufacturing data from China, the world’s largest consumer. The price of copper for delivery in three months jumped 0.7 per cent to trade at $5,415 a tonne on the benchmark London Metal Exchange (LME) on increased demand from […]
The index of mineral production of mining and quarrying sector for March this year (Base: 2011-12=100) at 132.7 was exactly the same as compared to the level in the same month last year, the Ministry of Mines said in a statement. The cumulative growth for the period April- March (2019-20) over the corresponding period of previous year […]
The week’s biggest news was China’s Ministry of Commerce announcement that it will extend anti-dumping duties on imports of alloy-steel seamless pipes for high temperature and pressure from the United States and the European Union for another five years. Following an expiry review launched at the request of the domestic industry, the extension has taken […]
Investors are breaking trading records on China’s commodities exchanges looking towards metals and energy futures products such as stainless steel, tin and crude oil, as they hedge risks amid the global coronavirus outbreak or take speculative positions. Activity has soared over the past month, pushing open interest and trading volumes in the futures markets to […]
Fitch Ratings warned of a deep global recession in 2020, saying the speed with which the coronavirus pandemic is evolving has necessitated another round of huge cuts to its GDP forecasts. Last week, the International Monetary Fund Managing Director Kristalina Georgieva said that the global economy had entered recession, and this week the US Federal […]
The country’s largest iron ore miner NMDC has slashed prices of lump ore and fines by Rs 50 per tonne. NMDC has reduced the price of lumps or high grade iron ore by Rs 50 to Rs 3,150 per tonne, the company informed the BSE on Monday. The price of iron ore fines, which are […]
