Mining Industries Correspondent
Krishna's Feed
Nov 1, 2013

With gold scarce, India’s festival season loses its shine

MUMBAI/NEW DELHI, Nov 1 (Reuters) – A scarcity of gold and
high prices are pushing Indians to look to silver or diamond
jewellery as alternative gifts this festive season, adding to
the gloom in the gold trade after government measures to
restrict imports.

Indians are the biggest buyers of gold in the world and many
believe that buying and giving it on holy days brings good
fortune. Friday marks Dhanteras, a huge festival associated with
Lakshmi, the goddess of wealth, and another festival, Diwali,
falls on Sunday.

Oct 24, 2013

SAIL to stick to coal import target despite rupee fall

NEW DELHI (Reuters) – Steel Authority of India Ltd (SAIL.NS: Quote, Profile, Research), the country’s largest domestic steelmaker, is sticking to its target of importing 12 million tonnes of steel-making coal this fiscal year despite a weaker rupee inflating costs, its chairman told Reuters on Thursday.

The fall in the rupee, which hit record lows in late August and is down about 11 percent so far this year, has forced some small steel companies to rethink or delay coal purchases, importers and brokers say.

Oct 24, 2013

India’s SAIL to stick to coal import target despite rupee fall

NEW DELHI, Oct 24 (Reuters) – Steel Authority of India Ltd
, the country’s largest domestic steelmaker, is
sticking to its target of importing 12 million tonnes of
steel-making coal this fiscal year despite a weaker rupee
inflating costs, its chairman told Reuters on Thursday.

The fall in the rupee, which hit record lows in late
August and is down about 11 percent so far this year, has forced
some small steel companies to rethink or delay coal purchases,
importers and brokers say.

Oct 21, 2013

Vedanta Aluminium aims to triple capacity

NEW DELHI/BHUBANESWAR (Reuters) – Vedanta Aluminium will triple its capacity by 2015 to 2.3 million tonnes to cater for an expected surge in demand in India, its managing director said, even though its inability to source enough alumina at home has forced it to import the raw material.

The company, a unit of London-listed Vedanta Resources Plc (VED.L: Quote, Profile, Research), has been importing more than 1 million tonnes of alumina per year because plans to mine bauxite to feed its alumina refinery are on hold while the authorities look at opposition from people in the eastern state of Odisha.

Oct 21, 2013

Vedanta Aluminium aims to triple capacity despite Indian alumina shortage

NEW DELHI/BHUBANESWAR, India, Oct 21 (Reuters) – Vedanta
Aluminium will triple its capacity by 2015 to 2.3 million tonnes
to cater for an expected surge in demand in India, its managing
director said, even though its inability to source enough
alumina at home has forced it to import the raw material.

The company, a unit of London-listed Vedanta Resources Plc
, has been importing more than 1 million tonnes of
alumina per year because plans to mine bauxite to feed its
alumina refinery are on hold while the authorities look at
opposition from people in the eastern state of Odisha.

Sep 27, 2013

India to keep iron ore export duty at 30 pct – Chidambaram

MUMBAI/NEW DELHI (Reuters) – Finance minister said on Friday there was no case to roll back the 30 percent duty on iron ore exports, a reversal of the government’s earlier stance that could keep shipments lower but help availability for local steel mills.

Prime Minister Manmohan Singh and Finance Minister P. Chidambaram had earlier called for the need to find ways to revive iron ore exports, which have plunged over the past two years due to the high duty and a ban on mining in key states.

Sep 27, 2013

India to keep iron ore export duty at 30 pct -finance minister

MUMBAI/NEW DELHI, Sept 27 (Reuters) – India’s finance
minister said on Friday there was no case to roll back the 30
percent duty on iron ore exports, a reversal of the government’s
earlier stance that could keep shipments lower but help
availability for local steel mills.

Prime Minister Manmohan Singh and Finance Minister P.
Chidambaram had earlier called for the need to find ways to
revive iron ore exports, which have plunged over the past two
years due to the high duty and a ban on mining in key states.

Sep 25, 2013

Court order freezes steel trader Stemcor’s Indian assets sale

LONDON/NEW DELHI, Sept 25 (Reuters) – An Indian court on
Wednesday issued a restraining order which prevents indebted
steel trading house Stemcor from selling its Indian iron assets,
a sale that would help the trader to repay at least part of its
$1.2 billion debt to banks.

The High court of Calcutta imposed a temporary restraining
order on the sale of Stemcor’s Indian assets, which include an
iron ore mine and iron processing facilities in the state of
Odisha, valued by an industry source at about $700-750 million.

Sep 24, 2013

India fails to bite the bullet to cut fuel demand

NEW DELHI (Reuters) – India’s oil minister shied away from introducing comprehensive energy subsidy cuts on Tuesday, instead calling on his countrymen to embrace car pooling, buses and cycling as well as staggered working hours in a bid to curb fuel consumption.

The struggling Asian economy – the world’s fourth-largest user of energy – is battling a weak rupee that has increased the price of oil products as economic growth has halved to 4.4 percent from the 8-9 percent seen in the boom years.

Sep 24, 2013

India shies from diesel hike, seeks $5 bln fuel savings

NEW DELHI (Reuters) – Oil minister M. Veerappa Moily shied away from introducing comprehensive energy subsidy cuts on Tuesday, instead calling on his countrymen to embrace car pooling, buses and cycling as well as staggered working hours in a bid to curb fuel consumption.

The struggling Asian economy – the world’s fourth-largest user of energy – is battling a weak rupee that has increased the price of oil products as economic growth has halved to 4.4 percent from the 8-9 percent seen in the boom years.

    • About Krishna

      "I have been covering India's metals and mining industries from New Delhi since April Fool’s Day, 2013. Before that I led two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies. I have closely followed the solar and shipping industries and love to write on cricket whenever I can."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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