Page 2 - Metals

Govt imposes import curbs on platinum alloy with less than 99% purity

The government on Wednesday imposed import curbs on platinum alloy with less than 99 per cent purity to curb illicit imports of this precious metal blended with significant amounts of gold. Importers of such platinum alloys are now required to obtain import authorisation from the Directorate General of Foreign Trade (DGFT) for the inbound shipments. The decision follows cases where this alloy blended with significant amounts of gold was imported to exploit the tariff differential between gold and platinum. "Import policy of platinum...is revised from free to restricted except for platinum alloy of 99 per cent or more purity by weight of platinum," the DGFT said in a notification. To ensure a smooth supply of platinum for jewellery manufacturing and industrial use, the government allows the unrestricted import of platinum alloy with 99 per cent or higher purity of platinum. Economic think tank GTRI last year sought urgent review of India-UAE trade, the pact stating that the agreeme

White House, Ukraine nearing rare earth metals deal that would boost ties

The White House and Ukraine have made significant progress toward reaching an agreement that would provide the US with access to Ukraine's rare earth minerals and tighten the long-term relationship between Kyiv and Washington, according to a person familiar with the matter. The progress in talks comes after President Donald Trump and Ukraine President Volodymyr Zelenskyy traded sharp rhetoric this week about their differences over the matter. Zelenskyy said he balked at signing off on a deal that U.S. Treasury Secretary Scott Bessent pushed during a visit to Kyiv last week, and the Ukrainian leader objected again days later during a meeting in Munich with Vice President JD Vance because the American proposal did not include security guarantees. Trump earlier Friday renewed his criticism of Zelenskyy's handling of the three-year war and accused the Ukrainians of wasting Bessent's time. But the two sides made significant progress during a three-day visit to Ukraine this week by retir

Gold's 27% annual gain stands out in mixed year for metals markets

While bullion has ticked lower since Donald Trump's sweeping victory in November's US presidential election, its gains over 2024 still outstrip most other commodities

Hindustan Zinc Q1 results: Net profit rises 19.4% to Rs 2,345 crore

The company clocked in the highest-ever first-quarter mined and refined metal production

Exports of Chinese rare earth metals to jump ahead of new regulations

China will also establish a information system to track circulation of rare earth products

India to discuss silver import spike with UAE amid growing concerns

West Asian nation now India's largest source of silver imports

Nifty Metal index hits record high on May 21; what's fuelling the rally?

The surge in the metal index, analysts believe, is largely credited to Vedanta's robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25

Vedanta Resources makes upfront payment of $779 mn to bondholders

Metals and mining giant Vedanta Resources Ltd on Friday said it has made an upfront payment of USD 779 million to its bondholders and completed repayments as part of the debt restructuring exercise. The upfront payment to the bondholders was made on Wednesday, Vedanta Resources Ltd (VRL) said in a statement. VRL has completed repayments to its bondholders on February 7, 2024, in line with the consents it received earlier in the year in which maturities of USD 3.2 billion in bonds were successfully extended to 2029, the statement said. "Vedanta Resources has successfully made an upfront payment of USD 779 million in cash on February 7 to bondholders to redeem a portion of the bonds, and extend their maturities," the company, promoted by billionaire Anil Agarwal, said. It has also paid a consent fee of USD 68 million to the bondholders who had agreed to the restructuring, the company said. Vedanta in January received consent from bondholders to restructure four series of bonds to ea

Debt-laden Vedanta cut to selective default by S&P after debt extension

The junk-rated miner said last week its bondholders approved the changes after months of talks to tackle more than $3 bn of bonds maturing in 2024 and 2025

JSW Steel reports 11% rise in consolidated crude steel production in Nov

JSW's consolidated crude steel production was at 1.94 MT in the same month last year

US Federal Reserve's potential 2024 rate cuts may extend rally in silver

Investors must, however, be prepared for greater volatility in white metal

New Samvat 2080: A year of hope for industrial and precious metals

So far, the rally in gold prices, driven by conflict in West Asia, is not sustaining because the US appears to have deterred Iran from escalating the conflict through its proxies

Metal stocks rally defies global peers, not backed by fundamentals

Metal stocks continued to rally last week, despite weakness in the overall market

Priced at Rs 4,950 per 10 gm, Kashmir saffron outshining silver varq

Saffron and silver varq are used by sweetmakers to provide Indian sweets with a luxurious feel

After a weak first half of 2023, second half brings hope for metals

What is good for copper, because of the EV segment, is bad for crude oil

Businessman Prateek Gupta targeted by Trafigura bids to lift freeze

Gupta formally filed his court challenge Friday seeking to lift a $625 million asset freeze against him, his spokesman said without providing further details of his defense

JPMorgan has made deep cuts to metals' business after nickel crisis

While the review is ongoing, JPMorgan has already scaled back its base metals business substantially, according to people familiar with the matter

One year of Ukraine war: A roller-coaster ride for steel companies

In 2021, steel exports from the two countries stood at about 48 million tonnes, accounting for around 10% of global steel trade

Metals company Manaksia posts Rs 62 cr net profit in December-qtr

Metals company Manaksia Limited has returned to black posting a Rs 62 crore net profit in the December quarter, mainly on account of higher income. The company had posted a net loss of Rs 65 lakh in the October-December period of the preceding 2021-22 fiscal, Manaksia said in a regulatory filing on Tuesday. Its total income jumped to Rs 34.38 crore in the quarter ended December 31, 2022 from Rs 7.41 crore in the year-ago quarter. Total expenses were at Rs 31.42 crore, as against Rs 7.44 crore a year ago. Kolkata-based Manaksia is the flagship company of the Manaksia Group. It is also involved in the manufacturing of galvanized steel, metal colour-coated sheets & coils and aluminum alloy ingots for the automotive sector.

Markets climb for 2nd day as HDFC twins maintain momentum

Equity benchmarks extended their rally for the second straight session on Wednesday amid buying in index heavyweights HDFC twins and fresh foreign funds inflows.