Mining Industries Correspondent
Krishna's Feed
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.

Sep 6, 2013

India eyes diesel price rise, fuel consumption curbs

NEW DELHI, Sept 6 (Reuters) – India may announce more
measures to curb fuel consumption later this month and raise
diesel prices by close to 10 percent soon in a bid to cut the
biggest item in its import bill and support the rupee,
government officials said.

The world’s fourth-biggest energy user is considering a 3-5
rupee increase in the price of diesel, which accounts for over
40 percent of fuel use, as it looks to cut oil costs by nearly
$20 billion.

Aug 29, 2013

Lok Sabha passes land acquisition bill

NEW DELHI (Reuters) – The Lok Sabha approved land reforms on Thursday that boost farmers’ rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy.

The government says the bill, which will replace a muddled law dating back to the 19th century, will help speed up industrial investment by making the rules clearer.

Aug 29, 2013

India’s parliament passes land acquisition bill

NEW DELHI (Reuters) – India’s lower house of parliament approved land reforms on Thursday that boost farmers’ rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy.

The government says the bill, which will replace a muddled law dating back to the 19th century, will help speed up industrial investment by making the rules clearer.

Aug 28, 2013

Tax-cut plan set to revive India’s iron ore exports

SINGAPORE/NEW DELHI, Aug 28 (Reuters) – India’s potential
tax cut on iron ore exports could double its shipments of the
steelmaking ingredient in the current year compared with
industry estimates, though volumes will be far off peaks hit
four years ago as mining bans in key states remain.

An export tax cut would mark a shift in India’s policy
towards iron ore, a raw material it has so much of but has opted
to conserve for its domestic steel industry.

Aug 23, 2013

Iran boosts iron exports to China, India as oil sales slump

NEW DELHI/LONDON, Aug 23 (Reuters) – Iran is raising its
exports of iron ore and iron products to China and India in an
attempt to replace at least a small part of the massive revenue
that has been lost due to sanctions on its oil sales.

While Iran’s oil exports have halved in the last few years
due to western sanctions over the country’s disputed nuclear
program, iron ore exports have grown by more than 60 percent
over the same period to an annual rate of about 25 million
tonnes, worth about $3 billion a year at current prices.

Aug 22, 2013

India readies to trim iron ore export duty as rupee stings

NEW DELHI, Aug 22 (Reuters) – India is likely to cut the
iron ore export duty to 20 percent from 30 percent to boost
shipments and help narrow its current account deficit,
government officials said, even though the steel ministry wants
to conserve it for local mills.

Asia’s third-largest economy is desperately looking for ways
to raise foreign currency inflows and arrest a steep fall in the
rupee, which has been hitting new lows nearly every
day.

Aug 14, 2013

Rupee’s fall gives a boost to steel exports

NEW DELHI (Reuters) – Steel Authority of India Ltd (SAIL.NS: Quote, Profile, Research), the country’s largest domestic steel producer, expects its exports to double this fiscal year as a weak rupee makes its products more competitive.

Steelmakers such as SAIL and Jindal Steel and Power Ltd (JNSP.NS: Quote, Profile, Research) have been looking to raise foreign sales to offset soft local demand, and SAIL’s chairman C.S. Verma said the fall in the rupee over the past few months has helped.

    • 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
    • More from Krishna

    • Contact Krishna

    • Follow Krishna