In its recent report, Bank of America Corp said it expects the global price of iron ore to decline to $110 a tonne by the end of 2013 from $140 a tonne in the first quarter because of supply glut in the market. Bank of America feels that the recent price rally is not sustainable and the price should come off in the second half of the year as more supply begins to come on li
Tag: market
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OMCs seek norms for bulk diesel users
Reports indicate that oil marketing companies (OMCs) want the government to introduce regulation that would prevent stop bulk diesel users from securing the fuel from retail outlets. Bulk quantities of diesel are sold directly from the depots of OMCs. OMCs want to prevent bulk users of diesel from buying the fuel from retail outlets because the gove
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Transport sector accounts for 65.3% of diesel consumption
Data from the union petroleum ministry shows that almost 65.3 percent of the total diesel consumed in India is for transportation with road transport itself accounting for 60.4 percent. Around 8.2 percent of the total diesel consumed goes to power generation, while agriculture uses up 12.2 percent
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SAIL chief calls for focus on rural market
CS Verma, Chairman of SAIL remarked that there is tremendous scope for sale of steel in rural India given that per capita consumption of the alloy is at a level of only 15 kg in rural areas. Verma said this while reviewing the performance of the eastern region sales force of the company's Central Marketing Organisation (CMO) recently
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Analysts expect crude oil prices to be volatile in 2013
Analysts expect crude oil prices to be volatile in 2013 because of mixed signals on the demand and supply front. Although the International Energy Agency (IEA) expects crude oil demand to rise in 2013, slowdown in the global economy indicates that growth in demand may be muted
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Moodys’ expects credit metrics of OMCs to improve
In a recent research note, Moody's Investors Service said that it views the partial de-regulation of diesel prices as a positive step for BPCL and IOC towards recovering the Rs 9.6 per litre loss they incur on the sale of diesel. Moody's Investors Service, which is a division of ratings agency Moody's, expects the credit metrics of BPCL and IOC to improve as diesel prices
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Reports suggest possible rise in steel prices
Agency reports quoted officials from some public sector steel firms as saying that domestic steel prices may recover going forward because of improving demand and rising global prices. While state-run Rashtriya Ispat Nigam (RINL) is among the few domestic firms that had effected price hikes, Steel Authority of India (SAIL) expects to raise price
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Analysts feel price cut by NMDC may not benefit steel firms
Analysts feel that the recent cut in iron ore price by NMDC may not benefit steelmakers in a big way because the former reduced the price of only iron ore lump. The prices for the majority of product mix (iron ore fines contributing to 75 per cent of total output) remains unchanged at Rs 2,610 a tonne. Therefore, the reduction in iron ore lump prices by NMDC may not bene
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Adani Gas depends on imported natural gas
Reports suggest that compressed natural gas (CNG) is costlier in Ahmedabad than in Delhi, Mumbai, Pune because Adani Gas, which distributes gas in Ahmedabad, is entirely dependent on imported gas. The company has to depend on imported gas because it does not have access to domestically produced gas, while companies in Delhi, Mumbai and the othe
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OMCs raise diesel price by 45 paise
In an official statement, Indian Oil said state-run oil marketing companies (OMCs) raised the price of diesel by 45 paise excluding taxes with immediate effect. It may be noted that the government allowed these firms to revise diesel prices in small quantities periodically to reflect market realities