Secondary metal producers have asked the government to cut customs duty on imported metallic scrap and curb cheap imports, arguing they provide jobs but need a level-playing field. The industry faces an inverse duty structure: It pays 2.5 per cent customs duty on imported metallic scrap of aluminium and copper; and 5 per cent on zinc and lead. However, […]
In the tail end of the peak season of latex harvesting, market has witnessed a long-due price rise for domestic NR (natural rubber). From Rs 120 per kg in the first week of November, the price of premium grade RSS-4 has crossed Rs 137 per kg this week, and expected to touch Rs 150 per […]
In a major decision which will impact jewellers, gold buyers and those who invest in gold, the government has notified that only hallmarked gold and jewellery will be sold in the country from 15 January 2021 onwards. With it the government has also mandated that hallmarked gold articles in only three grades — 14, 18 […]
Retail inflation in India rose to about five-and-half year high of 7.35 per cent in December 2019, surpassing the RBI’s comfort level, mainly due to spiralling prices of vegetables as onions were selling costlier. The unexpected jump in inflation diminished the chances of the RBI cutting interest rate at its next monetary policy review due […]
Consumer Affairs Minister Ram Vilas Paswan told reporters that the central government is “worried” about disposing imported onions as not many states are interested to take it despite being offered at an average landed cost of Rs 55 per kg. Retail onion prices, which were ruling over Rs 100 per kg in most cities since […]
The United States Department of Agriculture (USDA) estimates Malaysia’s 2019/20 palm oil production at 20.5 million metric tonnes (mmt), down 2 per cent from last month and down 1 percent from last year. Harvested area is estimated at 5.35 million hectares, unchanged from last month, but up 1 percent from last year. Yield is estimated […]
India has imposed anti-subsidy duty for a period of five years on copper wire rods from Indonesia, Malaysia, Thailand and Vietnam after concluding a probe that these imports have impacted domestic players. In a notification, the finance ministry said that it has imposed the anti-subsidy or countervailing duty after considering the final findings of the […]
The gems and jewellery industry in the country is expecting gold prices to be volatile during 2020, as the hostility between the US and Iran may continue this year. Notwithstanding the price volatility, the industry hopes that various forms of government support may help it grow 10 per cent in terms of volume during the year as […]
Investors infused Rs 16 crore in gold exchange-traded funds (ETFs) in 2019, after pulling out money from safe-haven assets in the past six years, on fears of a slowdown in the global market and volatility in equity and debt markets. Going ahead, the segment is likely to gain more traction from investors due to the […]
India’s oilmeals export fell sharply by 79.20 per cent to 67,562 tonnes in December 2019, due to price disparity in soybean meal, industry body SEA said. The country had shipped 3,24,927 tonnes of oilmeals during December 2018. Oilmeals are used as animal feed in poultry and other sectors. Overall shipment of oilmeals during April-December period […]
