Chief Correspondent, Commodities, India
Krishna's Feed
Jul 27, 2015

India to sell high-grade iron pellets to Iran as ties strengthen

NEW DELHI/MANILA, July 27 (Reuters) – An Indian state
company has agreed to sell high-quality iron ore pellets to
Iran, its chairman told Reuters, in what could be a $200 million
annual deal that signifies expanding business ties between the
countries as sanctions against Tehran ease.

India had remained one of Iran’s top oil buyers despite
trade curbs over Iran’s nuclear programme and the two countries
are now exploring partnerships worth billions of dollars in
ports, steel, aluminium and power.

Jul 21, 2015

Vedanta may cut jobs at aluminium unit as prices tank

NEW DELHI/BHUBANESWAR, India (Reuters) – The aluminium business of Vedanta Ltd(VDAN.NS: Quote, Profile, Research) has scaled down operations and may make “huge” job cuts due to low world prices and rising imports, its head told Reuters, urging the government to double the tariffs on foreign supply.

Vedanta, controlled by billionaire Anil Agarwal, is running its main plant at a third of capacity even as global output in the first half of the year rose at its fastest pace since 2010. China, the world’s biggest producer, raised output by 18 percent against world growth of 10.3 percent.

Jul 21, 2015

India’s Vedanta may cut jobs at aluminium unit as prices tank

NEW DELHI/BHUBANESWAR, India, July 21 (Reuters) – The
aluminium business of India’s Vedanta Ltd has scaled
down operations and may make “huge” job cuts due to low world
prices and rising imports, its head told Reuters, urging the
government to double the tariffs on foreign supply.

Vedanta, controlled by billionaire Anil Agarwal, is running
its main plant at a third of capacity even as global output in
the first half of the year rose at its fastest pace since 2010.
China, the world’s biggest producer, raised output by 18 percent
against world growth of 10.3 percent.

Jul 16, 2015

Insight- Is it end of the line for South Asia’s ship graveyards?

ALANG, India/SINGAPORE (Reuters) – In the world’s biggest ship recycling centre of Alang on India’s Arabian Sea coast, workers with blow torches cut segments of steel stripped from the rusting hull of a towering cargo ship, sold for scrap by its Japanese owner.

But in this town – located in Prime Minister Narendra Modi’s home state of Gujarat – more than half of the ship-breaking yards have shut in the past two years and the future of the trade in India and neighbours Bangladesh and Pakistan is bleak.

Jul 16, 2015

Is it end of the line for South Asia’s ship graveyards?

ALANG, India/SINGAPORE, July 17 (Reuters) – In the world’s
biggest ship recycling centre of Alang on India’s Arabian Sea
coast, workers with blow torches cut segments of steel stripped
from the rusting hull of a towering cargo ship, sold for scrap
by its Japanese owner.

But in this town – located in Prime Minister Narendra Modi’s
home state of Gujarat – more than half of the ship-breaking
yards have shut in the past two years and the future of the
trade in India and neighbours Bangladesh and Pakistan is bleak.

Jul 16, 2015

South Korea’s POSCO may scrap planned $12 bln India steel project

NEW DELHI/BHUBANESWAR, India, July 16 (Reuters) – South
Korean steelmaker POSCO could scrap plans for a $12
billion project it agreed to set up in India a decade ago, after
a new law made it costlier to source iron ore for the plant, a
company spokesman told Reuters.

The U.S.-listed shares of POSCO fell as much as 3.3
percent to their lowest in more than six and a half years after
the report.

Jul 16, 2015

POSCO may scrap planned $12 billion India steel project

NEW DELHI/BHUBANESWAR, India (Reuters) – South Korean steelmaker POSCO could scrap plans for a $12 billion project it had agreed to set up in India a decade ago, after a new law makes it costlier to source iron ore for the plant, a company spokesman said.

The 2005 project to set up a steel plant in Odisha was billed as India’s biggest foreign direct investment at the time, but it has encountered a series of delays.

Jun 26, 2015

Indian steelmakers upset as Japan, S.Korea eat local market share

MUMBAI/NEW DELHI, June 26 (Reuters) – India could raise
steel tariffs further to check a surge of imports, a minister
said on Friday, but local steel firms are concerned that free
trade agreements with Japan and South Korea would still let
those countries boost shipments.

Amid a global glut, steel imports jumped 72 percent in the
last fiscal year to March to 9.3 million tonnes. South Korea and
Japan together sent 3.5 million.

Jun 5, 2015

Skymet rejects official forecast of likely drought

NEW DELHI (Reuters) – Rejecting projections for a drought by India’s meteorological office, the country’s only private weather forecaster Skymet said there will be a good monsoon season this year as the Indian Ocean Dipole (IOD) phenomenon counters an El Nino weather event.

The outlook by Skymet should help allay concerns of farmers who have already been hit hard by unseasonal rains earlier this year and have been on edge ever since the government forecast what could be India’s first drought in six years.

Jun 5, 2015

India’s Skymet rejects official forecast of likely drought

NEW DELHI, June 5 (Reuters) – Rejecting projections for a
drought by India’s meteorological office, the country’s only
private weather forecaster Skymet said there will be a good
monsoon season this year as the Indian Ocean Dipole (IOD)
phenomenon counters an El Nino weather event.

The outlook by Skymet should help allay concerns of farmers
who have already been hit hard by unseasonal rains earlier this
year and have been on edge ever since the government forecast
what could be India’s first drought in six years.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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