Mining and steel firms in a limbo on tax uncertainty and weak prices
Mining and steel companies are caught between a rock and a hard place. A lingering concern is that the Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill 2024—which proposes to impose tax on a retrospective basis from 2005 and rates up to 3x the existing royalty rate—could significantly erode their profitability.

India’s steel trade deficit soars to ₹26,468 crore as imports from China surge, export challenges persist
New Delhi: India’s finished steel imports, valued at ₹52,862 crore, is almost double that of the exports, valued at ₹26,394 crore; with the trade deficit widening to ₹26,468 crore - the highest in the last five years -for the April - November period of this fiscal (FY25), as per a report of India’s Steel Ministry accessed by businessline.  China dominated the import shipments with nearly one out of three offerings coming from the East Asian nation, while export markets, especially Europe, remained under stress. 

Nippon Steel and JFE Steel seek CCI nod for stake buys in Australian coal mine
Global steelmaking giants Nippon Steel Corporation and JFE Steel Corporation have sought the Competition Commission of India (CCI)‘s approval to acquire stakes in Queensland’s Blackwater Coal Mine. The proposed transactions, valued as strategic investments, aim to bolster the companies’ access to coking coal, a key raw material for steel production. According to the filing under Regulation 13(2) of the CCI’s Combination Regulations, the transaction entails Nippon Steel acquiring a 20 per cent interest in BW Coal Mine along with coal offtake rights, while JFE Steel plans to acquire a 10 per cent stake with similar rights.  The acquisitions, referred to as the ‘Proposed Nippon Transaction’ and ‘Proposed JFE Transaction,’ respectively, are separate and independent, but strategically aligned to enhance supply chain reliability for the acquirers.

JSW secures Hindustan Copper mines in Jharkhand in strategic move into non-ferrous metals
The Sajjan Jindal-led JSW Group has added copper to its metals business, marking its entry into the non-ferrous metals industry and opening up doors to a vast range of consumer applications, including electronics, telecommunications and healthcare.

Aluminium: Gaining strength. Go long on a breakout
Aluminium price is gaining momentum over the last few days. The Aluminium Futures contract (January) touched a low of ₹237.50 per kg last week and then has risen very well from there. It is currently trading at ₹242 per kg.

NALCO shares gain 2% after securing mining lease for coal blocks
Shares of National Aluminium Company Ltd. (NALCO) rose 1.76 per cent to ₹217.35 on the BSE at 9:51AM on Thursday. On December 24, the company announced the signing of a Mining Lease Deed for the amalgamated Utkal-D and Utkal-E Coal Blocks in Angul, Odisha. According to its exchange filing, this lease will allow NALCO to enhance its coal production capacity to 4.0 MTPA.

Vedanta stock set for growth amid aluminium price surge, de-merger plans
Aluminium has a favourable price trend going into CY2025. Aluminium prices, which averaged $2,381 per tonne in 2QFY25, have now recovered to $2,600 per tonne, driven by high alumina prices on global bauxite supply concerns, improving demand from China and revocation of export rebates on aluminium products from China. Aluminium prices have been driven by record high alumina prices which squeezed smelter margins. This was due to a series of global supply chain disruptions amid better demand as aluminium production in China ramped up.

GJEPC seeks grant to promote Indian diamond jewellery in export market
 

Gold rises `250 to `78,850 per 10 grams, silver climbs `300
 

As India’s oil demand growth surpasses China’s, crude diversification efforts may gather steam
New Delhi: India, which is the world’s third-largest consumer of crude oil, is expected to end 2024 with an oil demand growth rate surpassing that of China — a trend that is expected to continue in the coming year as well — making the South Asian country one of the fastest-growing major oil consumption centres globally, according to S&P Global Commodity Insights (SPGCI).
 

India initiates anti-dumping probe into LNG fuel tanks imports from China after complaint by domestic player

New Delhi: India has initiated a probe into alleged dumping of LNG fuel tanks from China following a complaint by a domestic player, according to a commerce ministry notification.
 

BPCL to invest Rs 6,100 crore for refinery in Andhra

Bengaluru: State-owned Bharat Petroleum Corporation Ltd (BPCL) has approved plans to build a new refinery in Andhra Pradesh. In an exchange filing, the company said it will invest about Rs 6,100 crore in pre-project activities for the
refinery.

Reliance Power arm gets interim relief from HC against SECI order
The Delhi High Court has granted interim relief to Reliance Power’s subsidiary, Reliance NU BESS, in a petition pertaining to disqualification from participating in three bids solely on the ground of the debarment order dated November 6, issued by Solar Energy Corporation of India (SECI), against the petitioner.

ACME Solar Holdings secures ₹1,988 crore financing from PFC
New Delhi: ACME Renewtech, a subsidiary of ACME Solar Holdings, has successfully secured Rs 1,988 crore in term loan financing from state-run Power Finance Corporation (PFC).

Suzlon Energy shares slip, trading window closed ahead of Q3 Results
Suzlon Energy’s shares declined of 1.16 percent on Thursday at 11.28 AM to ₹64.07 on the BSE.  According to its exchange filling, in preparation for the upcoming release of its financial results for the quarter and nine months ending December 31, 2024, the company has announced the closure of its trading window for insiders.