Iron ore slumps on China’s inventory pile-up and soft demand for steel

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Iron ore futures extended losses, with the Chinese Dalian benchmark touching a fresh two-week low, as China’s rising port inventories and softening physical demand for steel products weighed on sentiment, Reuters reports. Portside iron ore stocks in top steel producer China also rose to a seven-month high of 123.6 million tonnes last week, SteelHome consultancy […]

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Indian Oil quarterly net profit down by 47% to Rs 1,911 crore on inventory loss due to oil price crash

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Indian Oil Corporation (IOCL) reported a net profit of Rs 1,910.8 crore on a standalone basis for the quarter ended June 30, recording a 46.9% drop from the same period a year ago. The state-run oil refining and marketing company attributed the fall in profit to inventory losses, stemming from fluctuations in global oil prices. The […]

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India’s cane arrears to farmers reduce at least by 13% in Sugar season 2020: CRISIL report

Higher liquidity and profitability of mills is expected to reduce cane arrears that stood at Rs 15,200 crore as of July 2019, rating agency CRISIL Research said in its latest report. The government is expected to reimburse the cost of carrying inventory of 4 million tonnes by paying Rs 1,670 crore directly to farmers, thus […]

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China’s commercial crude oil stocks down 1.89 percent

China’s commercial crude oil inventories declined 1.89 percent month-on-month by the end of December despite a sharp rise in imports, the official Xinhua news agency said. While net imports of crude oil increased 12.06 percent in December, the amount of oil refined also increased significantly, reducing stocks, it said. Diesel reserves also dropped due to […]

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