India

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to the supply of this world-famous commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the...

The company stated that Abu Dhabi National Oil Co. (ADNOC), has reduced its monthly forecast for Murban oil from August until next May in order to increase the processing at its refinery. ADNOC's August export forecast for the light Murban grade is 1.705 millions barrels per day, according to a report published by the company on Saturday. This is 65,000 bpd less than the previous forecast of 1.77 million. ADNOC has also reduced the forecast from September 2025 through May 2026, by between 100,000 and 177,000 bpd. However, forecast volumes for July and June 2025 remain unchanged. In the report,...

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Draft papers dated on Monday show that Central Mine Planning and Design Institute Ltd. (CMPDIL), a subsidiary of state-run coal miner Coal India, filed for an IPO. Coal India announced last week that activities related to the listing of CMPDIL (Bharat Coking Coal Limited) and CMPDIL (CMPDIL) were "in progress". This was after a local newspaper, Hindu Businessline, reported citing a senior executive that Coal India would be filing IPO papers for its units "soon". Coal India still hasn't filed any public documents for BCCL. CMPDIL won't issue new shares for the offering. The draft prospectus revealed that Coal India...

India's infrastructure production grew by 0.5% in April, the slowest rate in eight months. The decline in crude oil prices and refinery products was to blame, according to government data released on Tuesday. The index which tracks eight sectors, and accounts for 40% of industrial production in the country, increased at a revised rate of 4.6% in march, compared with the initial estimate of just 3.8%. In April, crude oil production fell 2.8% compared to a drop of 1.9% in March. Natural gas production also declined by 0.4% compared to a drop of 12.7% in March. Cement production increased 6.7%...

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Gas distributor GAIL India posted a larger-than-expected drop in quarterly profits on Tuesday. This was mainly due to lower gas marketing margins, and higher costs. GAIL, India’s largest natural gas distributor based on market share, reported a net profit after taxes of 20.49 billion Rupees ($240.1 millions) for the three-month period ended March 31, a decline of 5.9%. According to data compiled and analyzed by LSEG, analysts had predicted that profit would fall on average 3.1%, to 21.13 billion Rupees. Gas marketing, which accounts for the majority of revenue generated by the company through wholesale trading and distribution of natural...

After a social media backlash, the film studio of Asia's richest person Mukesh Ambani retracted its trademark application for the codename used to describe India's military strike against Pakistan. Reliance, the conglomerate owned by billionaire Ambani, said in a statement that the trademark application had been filed accidentally and without authorization by a junior employee at Jio Studios. It added that "Operation Sindoor," as a symbol of Indian courage, was now "part of the national consciousness." India claimed it had struck "terrorists infrastructure" in Pakistani Kashmir and Pakistan earlier this week, after militants in Indian Kashmir killed 26 men -...

Coal India, the company that produces more than 75% of India's coal, announced a decline in revenue for the fourth quarter on Wednesday. The drop was attributed to a lower demand for electricity. The company, which produces mainly thermal coal for industries and power generation, reported a 1% decline in revenue from operations to 378.25 trillion rupees (4.47 billion dollars) during the quarter ending March 31. India's coal consumption remained low from January to March due to a slowdown of manufacturing, which led to a lower demand for electricity. The coal production of the company fell by 2% during the...

Analysts and trade sources said that India's diesel imports in April likely reached their lowest level for over a decade as Reliance, a major exporter, cut refinery output to maintain equipment at a time of robust domestic demand. India, Asia's third largest diesel exporter, exported approximately 1.15 million metric tonnes (9.69 millions barrels) of this industrial and transportation fuel during April, according to a combination of data from LSEG Kpler Vortexa, and two other trade sources. According to official data, this would be the lowest level since February 2012. It is also a substantial drop from the nearly 1-1/2-year high...

The U.S. Energy Information Administration reported on Monday that California drivers pay more at the pump due to issues with supply, environmental compliance, fuel requirements and high state taxes. The latest data shows that in March, environmental programs like Cap-and-Trade, Low Carbon Fuel Standard and Cap-and-Trade added $0.54 per gallon to the cost of gasoline. EIA reported that California consumers pay $0.90 per gallon, or the highest amount in the nation, in taxes and fees, as of March. Why it's important California is the biggest gasoline market in the United States, but many fuelmakers have closed less profitable stations citing...

Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The...

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices...

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...

The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases,"...

Indian automaker Bajaj Auto warned on Thursday that further delays in the supply of rare-earth magnets from China may "seriously" impact electric vehicle production before July. China controls over 90% of the global processing capacity in magnets for automotives, home appliances and clean energy. In April, the country implemented restrictions requiring import permits to be obtained from Beijing. On Wednesday, it was reported that Indian auto industry associations have asked Prime Minister NarendraModi's government for help in gaining access to magnets stored at Chinese ports since the beginning of April. Rakesh Sharma, Bajaj Auto’s executive director, told analysts on Thursday...

The Indian state-owned mining company NMDC reported a decline in its fourth-quarter profits on Tuesday, due to lower product prices. Iron ore mining company's quarterly profits before tax and exceptional items came to 23.51 billion rupees (275.56 millions dollars), a 3.5% drop from the previous year. The company's profit, including taxes, increased by 2% in the quarter January-March due to lower expenses for tax. NMDC's average iron ore price was 4,206 rupees. This is lower than the 4,299 rupees average a year ago, according to JM Financial Institutional Securities. According to commodities consultancy BigMint, the company announced a reduction in...

India's highest court on Monday halted liquidation proceedings against Bhushan Power and Steel Limited (BPSL), after rejecting JSW Steel's $2.3 Billion deal to purchase the firm. The Supreme Court ruled after JSW Steel and certain creditors of Bhushan Power and Steel informed the court that they would be filing a review against an order earlier in the month which had quashed the acquisition of Bhushan Power and Steel and which ordered the liquidation of Bhushan Power and Steel. JSW Steel shares reached a session high after the order, and last traded 2.2% higher. The National Company Law Tribunal, in New...

India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South...

The physical gold demand in India this week was subdued, as a rise in global prices, a weaker rupee and retail purchases were limited. Premiums in the top consumer China remained stable. This week, Indian dealers offered a discount Last week, the discount was up to $34, but this week it's up to $49 per ounce. Last week, prices were falling and buyers began to buy. Now that the prices have rebounded, buyers are stepping back from the market again", a jeweller in New Delhi said. On Friday, domestic gold prices traded at around 95,900 rupies per 10 grams after...

Ramco Cements reported on Thursday that it expects to see an improvement in cement prices in the key South India market. This comes after Ramco Cements reported a decline in profits for its fourth quarter, due in part to low prices and lower volume in a traditionally strong season. The adjusted net profit for the cement business fell by over 76%, to 384.3 millions rupees ($4.5million) in the third quarter ending March 31. The company recorded a gain of 108.3 millions rupees from the sale of excess lands and investments. The company said that "in southern region, average cement prices...

Tribhovandas Zaveri, an Indian jeweller, reported its first profit drop in ten months on Thursday. The surge in bullion prices has led to a higher demand for investment gold instead of jewellery. The fourth-quarter net profit of the company fell by 24.7%, to 94.9 millions rupees ($1.10million). The price of gold increased by almost 17% in the first quarter of the year, and 10 grams of 24-carat rose to more than 90,000 rupees (1,052.26 dollars) by the end March. According to a World Gold Council report, India, which is the second largest gold consumer in the world, saw 7% growth...