US President Donald Trump announced a one-year trade agreement with Chinese President Xi Jinping on the supply of critical rare earth minerals. The deal, announced after their first in-person meeting in six years at the Asia-Pacific Economic Cooperation (APEC) summit in Busan, South Korea, aims to ensure the continued flow of rare earth materials essential … Read more
Domestic steel prices have fallen to a five-year low, trading between Rs 47,000 and Rs 48,000 per tonne, based on BigMint market data.Several factors have influenced these prices. Rising imports, weak export demand and oversupply in the global market all contribute to the decline.Hot rolled coil (HRC) is priced at about Rs 47,150 per tonne. … Read more
New Delhi: Vedanta Resources CEO Deshnee Naidoo showed optimism that demerger of its Indian arm Vedanta will be completed in current fiscal and stressed that her focus now is on restructuring of company.NCLT on Wednesday will hear Vedanta’s proposed demerger of business verticals. agencies Source link
China’s overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the U.S. and China agreed to dial back trade tensions. In the meantime, … Read more
Billionaire Kumar Mangalam Birla‘s Hindalco Industries is considering seeking about $1.2 billion in a planned IPO of US aluminium products maker Novelis, people familiar with the matter said, in what could be one of the year’s biggest share sales. Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said. The … Read more
The Enforcement Directorate (ED) has attached assets worth ₹367 crore in the money laundering case involving Bhushan Steel Limited and others. The immovable properties are located in Delhi, Mumbai, Kolkata, and Odisha. On Friday, the agency said the attached properties were held in the name of “benamidars” and shell entities through dummy directors. It is … Read more
Union steel minister Jyotiraditya Scindia said India becoming a net importer of steel between April and November this fiscal year is not a concern for the government, terming the imports a drop in the ocean of total steel consumption in the country. “Indian steel production has gone up by 12.9% y-o-y (year-on-year). So, more steel … Read more
The move comes as Europe and the United States scramble to wean themselves off rare earths from China. File. China, the world’s top processor of rare earths, on December 21 banned the export of technology to extract and separate the strategic metals, as it overhauled a list of technologies deemed key to national security. The … Read more
Tinplate, a Tata Steel subsidiary has started work on a significant capacity expansion. At it’s existing Jamshedpur plant, it has kicked off a Rs 2,000 crore expansion project. It would add 3,00,000 tonnes to it’s current capacity of 4,15,000 tonnes i.e., an increase of >70%. The project is estimated to take 3 years to complete … Read more