Domestic non-basmati paddy prices rule firm over damage to crop last year

Amid the setback faced by the Indian basmati exporters over stalled shipments due to the ongoing US-Iran standoff, the prices of non-basmati paddy are holding firm and rising in some local markets after reports of crop damage following last year’s heavy rainfall and subsequent flooding in major growing areas have surfaced, Business Standard reports. After the advisory by All India Rice […]

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Steel producers in India raise prices by Rs 1,000-1,500 a tonne as demand perks up

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Responding to cost pressure and greater demand, domestic steel producers have raised prices by Rs 1,000-1,500 a tonne across products for January, reports Business Standard. “Iron ore miners have increased prices by Rs 600 per tonne and so this increases the cost of production by Rs 1,000 a tonne. Hence, we have hiked prices from […]

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Manganese and chromite mines in India facing closure and job loss

With seven manganese and four chromite non-captive mines on their way to shut down by March 2020, the mining industry is staring at a sizeable job loss since the ratio of direct and indirect employment is 1:10. This is just the beginning since mining leases of total 329 mines of private mining companies, including 48 operative and 281 non-operative mines spread […]

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India okays allocation of 5 coal mines; allows part output sale in open market

The Indian government has approved the allocation of five coal mines with a combined capacity of about 5.2 million tonnes per year, allowing successful bidders the flexibility to sell a portion of the production in the open market, according to the ministry of coal. “The significant feature of the allocations is that for the first […]

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Cabinet approves extension of jute packaging norms for foodgrains and sugar

The Cabinet has approved extension of norms for mandatory packaging of foodgrains and sugar in jute material for the Jute Year 2019-20. The decision taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, mandates that 100 per cent of the foodgrains and 20 per cent of sugar will be mandatorily […]

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Three coal mine auctions close with significant variations across winning bid prices

The auction of coal mines under the eighth, ninth and tenth round has come to a close with winning bid prices reflecting the significant variation. The highest winning bid amount from among all mines bid out, at Rs.1,674 per tonne, has been quoted for the Jamkhani coal mine in Odisha by Vedanta Limited. Prakash Industries’s […]

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Supreme Court approves ArcelorMittal’s acquisition of Essar Steel

The Supreme Court of India has unconditionally approved ArcelorMittal India Private Limited’s (AMIPL) resolution plan for Essar Steel India Limited (ESIL). Completion of the transaction is now expected before the end of the year. After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan’s largest steel producer and the […]

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