The government’s move towards mandatory registration of steel import contracts under the Steel Import Monitoring System has raised the hackles of the user industry. The decision is intended to check, if not eliminate, invoice manipulation, the government has argued. Until now, New Delhi has had no clue about the details of import contracts entered into…
Prices for austenitic grades of alloy steel scrap in the UK domestic market decreased this week, despite high nickel costs, because of low demand from stainless steel mills, sources told Fastmarkets on Friday September 13. Austenitic alloy steel scrap prices are usually closely tied to those of nickel. Indeed, since the beginning of July, austenitic…
India Today reported that India’s Supreme Court has set aside the Delhi High Court order granting bail to Bhushan Steel’s former CFO Mr Nittin Johari, who was arrested by the SFIO for alleged fraudulent activities. A bench headed by Justice N V Ramana delivered the verdict on an appeal by the Serious Fraud Investigation Office…
HONG KONG (REUTERS) – China has called on its biggest state firms to take a more active role in Hong Kong, including stepping up investment and asserting more control of companies in the financial hub, executives familiar with the matter said, as Beijing attempts to calm months of unrest in the city. At a meeting…
London Stock Exchange Group (LSEG) has rejected Hong Kong Exchanges & Clearing’s (HKEX) unsolicited bid for the company and remains committed to a proposed acquisition of data provider Refinitiv, it said in a release on Friday September 13. HKEX, which owns the London Metal Exchange and its associated clearing house LME Clear, made the bid…
Business Line reported that JSW Steel will move the National Company Law Appellate Tribunal on Friday to seek immunity from the ongoing criminal fraud cases against Bhushan Power and Steel Ltd. JSW Steel is the new owner of Bhushan Power after it emerged the top bidder through the insolvency process. JSW Steel will also appeal…
Japanese trading house Mitsui & Co plans to expand its liquefied natural gas (LNG) and iron ore assets to meet growing demand in Asia despite signs of a slowing global economy amid a prolonged U.S.-China trade row, its senior executive said. “Energy and natural re Source of information
The bulk scrap price fell below $270 per tonne after a lower Kanto auction result and increased European supply to the region. Key market participants in the region expect more price falls after the lower Kanto Tetsugen auction this week, with end users shying away from purchasing large quantities. Large quantities of European scrap meant…