London Metal Exchange launches India scrap futures

Global ferrous scrap prices, including in India, remain comparatively weak to iron ore, as the London Metal Exchange launches India scrap futures, allowing increased risk management with iron ore, scrap, coking coal and steel futures available through multiple exchanges. Scrap to iron ore ratios have remained weak, following sustained high iron ore demand in China […]

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India’s crude import bill rises by 190% to $25 billion in the first quarter of FY22

The country’s crude oil import bill has increased 190.6% year-on-year to $24.7 billion in Q1FY22 with rising prices of the commodity in the international market and higher procurement volumes with demand for auto fuels increasing. The volume of crude oil imported in the quarter, at 51 million tonne, was 14.7% higher than the same period […]

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All import restrictions on refined palm oil abolished till December 2021 to rein in edible oil prices

The government has finally removed import restrictions on refined palm oil till 31 December this year. This is expected to increase availability of edible oil in the domestic market and bring down prices. According to a notification of the Directorate General of Foreign Trade (DGFT), “import policy” of refined bleached deodorisedpalm oil, and refined bleached deodorised palmolein “is amended […]

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Malaysia overcomes Indonesia to become India’s top palm oil supplier

Malaysia has surpassed Indonesia to become the biggest crude palm oil (CPO) exporter to top consumer India in 2020/21, after Indonesia imposed heavy taxes on exports of the edible oil last year, industry officials told Reuters. Malaysia’s palm oil exports to India surged 238% to 2.42 million tonnes in the first seven months of 2020/21 marketing year started on Nov. […]

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