India recorded a surge of almost 38% in total oil meal exports from April through October of FY23 thanks to a more than 100% increase in the export of rapeseed meals. The country exported 19.84 lakh tonnes (lt) of oil meals between April and October of 2022–23, compared to 14.33 lt during the same period…
Despite the fact that aluminium prices are currently close to three-month highs, economists predict that they will remain muted at least through the end of the first quarter of 2022 due to weak Chinese growth and global demand. The price of the metal is currently $2,425 per tonne for three-month contracts on the London Metal…
The government decreased the windfall tax on diesel exports on Wednesday while raising it on domestically produced crude oil. According to a government statement, the tax on crude oil produced by local companies, such as the state-owned Oil and Natural Gas Corporation (ONGC), was increased from Rs 9,500 per tonne to Rs 10,200 per tonne…
In the current oil year 2022–23, which begins in October, soybean crushing in the nation is anticipated to climb by roughly a fifth to 100 lakh tonnes (lt), compared to 84 lt in the previous season, due to greater availability of the oilseed due to higher output and carryover stockpiles. The Soyabean Oil Processors Association…
The Indian rupee lost 66 paise to 81.57 against the U.S. dollar in early trade, following the American dollar’s rise in the international market and a flat domestic equity market. On the strength of encouraging domestic macroeconomic data and falling crude oil prices, the rupee strengthened versus the U.S.dollar in the previous session. The local…
In October, for the second time this fiscal year, India became a net importer of steel due to lower-cost options in the downstream industry, such as cold-rolled and coated goods, while exports significantly decreased in volume. According to information accessible with the Steel Ministry, steel imports totaled 5,93,000 tonnes in October, compared to exports of…
The cost of importing edible oil into the nation increased by 118 percent from the 2019–20 oil season to the 2021–22 oil season (November–October). According to information provided by the Solvent Extractors’ Association of India (SEA), the value of imported edible oil increased by 34% from the season of 2020–21 to 2021–22, reaching $1.56 lakh…
The Cotton Association of India (CAI) has anticipated that the domestic cotton demand for India for the 2022–23 season up to September will be roughly 18 lakh bales (170 kg each) lower at 300 lakh bales or nearly 6% less than last year’s 318 lakh bales. The fall in domestic consumption was ascribed to mill…
According to a memo sent to the government and obtained by Reuters, India’s largest mining sector organisation is asking for increased import levies on metals like zinc, copper, and aluminium to help slow the flow of less expensive imports, particularly from China. The Federation of Indian Mineral Industries (FIMI) stated in a note written to…
Gold prices slightly declined on Monday from a three-month high reached in the previous session as the dollar and U.S. government yields increased in response to a top U.S. central banker’s warning that the Federal Reserve is not yet “softening” its fight against inflation. After reaching its highest level since August 18 on Friday, spot…
