India joins US-led Minerals security fin setup
India joins US-led Mineral Security Network to secure critical minerals, fend off Chinese challenge

NMDC’s strong market position provides buffer against price volatility: CMD Amitava Mukherjee
New Delhi: State-owned NMDC, the country’s largest iron ore merchant miner, will invest ₹2,200 crore in FY25 on setting up a slurry pipeline and new processing plants. The investment comes in the backdrop of the company’s 100 million tonne (mt) production target by 2030. 

Amid rising imports, domestic steel firms cut prices to protect market share
Mumbai: Indian steel makers have dropped steel prices to protect their market share against rising imports. The hot-rolled coil prices dipped to their lowest in the last four years to ₹47,100 per tonne this month after falling 5 per cent compared to August. The landed cost of imports from China is hovering at ₹46,874 per tonne, while that of South Korea is ₹46,838. Thus, the price difference between domestic and imported steel prices has fallen to ₹226 per tonne from China and ₹262 per tonne from South Korea.

Global steel production down 6.5% in August
Chennai: Global crude steel output decreased by 6.5 per cent in August 2024 to 144.8 million tonnes (mt) compared with 154.9 mt in the corresponding period a year ago. According to the World Steel Association (worldsteel), the output in China, the top producer, plummeted to 77.9 mt in August — a decrease of 10.4 per cent from the year-ago period. India reported a 2.6 per cent rise in production at 12.3 mt.

Centre starts talks for retaliatory measures against EU steel tariff

Last week, India informed the World Trade Organization (WTO) that it has decided to put in retaliatory measures against the trade bloc’s steel tariff. The tariff has been in effect since 2018 and has been extended till June 2025.

Diamantaires to witness 25-27 pc decline in revenue in FY25: Report
Natural diamond polishing industry to post decadal low revenues at $12 billion this fiscal on demand slump
The Financial Express

Gold loans by organised lenders to touch Rs 15 lakh crore by 2027: Icra
Gold loan segment to hit Rs 10 lakh crore this fiscal

Zinc futures break out, go long
Zinc futures on the Multi Commodity Exchange (MCX) has been stuck in a range for nearly two weeks. The October contract has been moving between ₹264 and ₹272. On Wednesday, the contract broke out of ₹272 and closed at ₹275, turning the outlook positive. Going ahead, we expect the contract to rise further. The charts indicate that zinc futures are likely to touch ₹290 in the short-term. A breach of ₹290 can lift the contract to ₹300.

Metal stocks rally up to 7% as China announces measures to boost economy
New Delhi: Metal company shares rallied as much as 7% on Tuesday after China’s central bank announced a slew of measures to boost its ailing economy, especially the highly impacted property market which has caused immense pain to steel and metal companies worldwide. The world’s second-largest economy is expected to lower outstanding mortgage rate and reduce down payment required for buying a second home.

British major bp holds second board meet in India
The board of British multinational oil and gas major bp is holding a meeting in India, underscoring its commitment to develop its business in the country.

Oil India looking to start exploration in Nagaland
State-owned upstream company Oil India Ltd is looking to start exploration activities in Nagaland and is engaged in discussions with the state and central government for the same, a top official of the company told FE. Additionally, the state-run company is hopeful of starting oil production from its block in Gabon in central Africa in the next financial year.

Revenue over relief? Govt has room to cut customers some slack over oil prices, or choose to swell its own pocket
 

Petrol and diesel prices may reduce after October 5: Report
 

India’s oil demand to grow by 8 mb/d between 2023-2050, the highest globally: OPEC
New Delhi: Oil demand in India, world’s third largest crude oil importer, is likely to grow by 8 million barrels per day (mb/d) between 2023 and 2050, which is the highest rate of growth globally, OPEC’s World Oil Outlook (WOO) report reveals. According to the WOO 2050, oil demand in the world’s fastest growing emerging economy is expected to grow from 5.3 mb/d in 2023 to 13.3 mb/d in 2050.

Vedanta board to meet on Oct 8; consider, approve 4th interim dividend
 

Reliance Power's subsidiary Rosa prepays Rs 850 cr debt to Varde Partners
 

BluPine Energy commissions 120 MW solar project in Gujarat
The project achieved financial closure under the GUVNL 16 tender, with green financing secured through Standard Chartered Bank, BluePine Energy said.

Clean energy: Hit by China’s predatory pricing, India ‘exploring ties with West’
 

IPO-bound solar power firms lack edge to secure premium
 

L&T looking for big bucks in offshore wind contracts abroad
L&T recently won its first international order worth $100 million in a new business – offshore wind. The order has got the engineering major thirsting for more. The company is now smacking its lips for encores.