As a result, India exported over 10 tonnes of gold to Dubai, which is the traditional source of India’s imports. India’s the world’s largest importer and consumer of gold.

With February and March seeing India’s gold imports coming down to zero level, April may witness a rise in imports following the yellow metal’s downfall in the global markets.

Gold prices have come down in the past one week in international markets and the demand for the metal is expected to go up in India with the onset of festivals.

India’s gold imports was 20 tonnes in the first quarter of 2009 as compared to 141.2 tonnes in the corresponding quarter last year.

Another factor which will boost the Indian imports of gold is that the banks in the country have hardly any stock of gold to sell now. According to experts, Indian banks have just 6 tonnes of gold with them which is not even enough for two days’ consumption in the country.

India has been witnessing a surge in scrap gold sales following the rise in gold prices in the recent past and old gold was fetching good money for people. Moreover, job losses and other recession related reasons were forcing people to sell old gold.

But, the scrap gold sales have also come down in India now following the slump in prices.

The average old gold arrival in shops during the past few weeks was at 500 kg but tat has climbed down to around 200 kg level now.

Another factor which will boost gold sales in India in the coming months is World Gold Council’s (WGC) increased efforts to lift the sales.

Gold prices were quoted at $877 an ounce in London (Rs 14,170 per 10 gram) on Monday.

Last year, India imported 740 tonnes of gold. The demand of gold will revive in the days to come if the price retains this level at least for one week, said experts.

Standard gold price in Mumbai spot market fell 2.3 per cent on Monday to close at Rs 14,250 per 10 gm despite the metal moved range-bound at $877 in London. The precious metal fell 6 per cent in the domestic and 4 per cent in the international market.

One reason for the slump in gold prices is the revival of equity markets across the globe, following the G20 announcement of stimulus package worth $1.1trillion.

Gold prices in Mumbai market had hit an all-time high on February 20 at Rs 16,040 per 10 gm, up 34 per cent on the year.

Source: www.commodityonline.com

Currently, India procurement price of container scrap is about US$240~250/ton(CFR) while last week’s price at US$250~260/ton, down by US$10/ton.

On the other hand, Turkish scrap import prices have soared slightly. The current settle price of American H1 & H2 (80:20) mixed scarp, shredded scarp and P &S scarp price are separately CFR US$230/ton, CFR US$235/ton and CFR US$240/ton.

Source:  www.yieh.com

It now looks that recession has cast a long shadow over shipping business too which includes cruises. This can be seen from the arrivals at Alang, which has about 125 vessels from the international shores lined up for ship breaking this year had only 40 vessels in the whole of last year for ship breaking.

The increase in the ship breaking activity is believed be fallout of the shrinking export-import business and falling freight rates.

According to estimates, more than 600 ships are available for breaking in the international market due to the present recessionary scenario. Each of these ships weighs about 10,000 tonnes to 30,000 tonnes depending upon the capacity. In the wake of this fact, the ship breaking yard is estimated to recover nearly 12 lakh tonnes of scrap steel this year, which is almost double than the previous year.

With the increased availability of scrap steel, which is cost-effective input for rolling mills, the small mills would be able to reduce rebar price. However, as per the latest data released by Joint Plant Committee, Ministry of Steel, Indian consumption of finished steel during April 2008 to January 2009 was 42.321 million tonnes down by 2% YoY as compared to 43.175 million tonnes in April 2007 to January 2008, which may create a negative sentiment for the steel prices in coming days.

In addition to it, with government’s proposal to allow HRC imports without licensing requirements may lead to a further fall in the domestic steel prices. However, experts believe that there would be a positive run in the steel sector during next few weeks as there is a positive feeling among the investors on the basis of Central Government’s directions to the state governments to speed up development related infrastructure projects to combat unemployment and job loss.

Steel ingots February contract surged by 0.4% to Rs.22710/MT as short covering was observed in the market, while LME 3M forward steel billets remained unchanged at USD 310 a tonne. The steel stocks stayed firm on the Indian bourses.

Source: www.commodityonline.com

Gold markets in many cities opened on Sunday, as Monday January 26 is a holiday in India. India celebrates its Republic Day on January 26. Several jewellers said gold price rose to a record high of Rs 14,150 per 10 grams. Gold prices rose by Rs 450 per 10 grams compared to the market price on Saturday.

“Gold prices have touch a historic high in India today. We have sold gold for Rs 14,150 per ten grams today. This is celebration day for Indian gold market and gold investors,” Kanwar Singh, a gold jeweller in Chandni Chawk, a bustling market in India’s national capital New Delhi, told Commodity Online.

However, Singh said high gold prices could bring down the sale of the yellow metal in coming days. “Surging prices may prevent buyers of gold to wait to see if the yellow metal price would come down for investment,” he said adding: “But those who purchased gold at price levels of Rs 10,000 around this time last year, it has been a terrific year of profit in gold.”

India is the largest consumer of gold in the world. Analysts said gold prices have gone up to such dizzy heights in India because of the continuing rise in the prices of the yellow metal in the international market thanks to the global economic meltdown.

Gold prices in New York and London has crossed US $ 900 an ounce on Friday, after touching a session high of 902.50 dollar, the highest since October 8. A steep fall in stock markets globally forced jittery investors to park their funds in the the precious metal.

Traders said a steep rise in the commodity markets globally led by the crude oil and copper also supported the trading sentiment in the world bullion markets.

Dollar-denominated gold, whose price generally moves inversely with the greenback, was in step with the prices of base and precious metals, following rising concerns of recession and economic slowdown in domestic markets.

The run-up in gold came despite the dollar’s spike to a 23-year high against sterling and a six-week peak against the euro.

Source: www.commodityonline.com

Old Mixed Aluminium 26.15 34.87 Kg. INR
Old Yellow Brass 65.39 108.98 Kg. INR
No.2 Scrap Copper 158.02 174.36 Kg. INR
Mixed Lead 29.42 49.04 Kg. INR
Nickel Scrap 342.19 456.62 Kg. INR
No.2 Steel 13.34 16.67 Kg. INR
Stainless Scrap 68.66 91.54 Kg. INR
Old Mixed Zinc Scrap 18.53 35.96 Kg. INR
Scrap Computers 3541.75 7083.49 MT INR
Circuit Boards 31.60 63.21 Kg. INR
Finger Trimmings 3067.20 6118.51 Kg. INR
Capacitor Scrap 1124.65 2250.39 Kg. INR
E-Battery Scrap 1089.77 3269.30 MT INR
Poly E-Scrap 4359.07 15256.75 MT INR

Old Mixed Aluminium 29.48 39.64 Kg. INR
Old Yellow Brass 96.56 160.59 Kg. INR
No.2 Scrap Copper 241.91 257.16 Kg. INR
Mixed Lead 39.64 66.07 Kg. INR
Nickel Scrap 505.16 673.89 Kg. INR
No.2 Steel 15.73 19.67 Kg. INR
Stainless Scrap 72.17 96.56 Kg. INR
Old Mixed Zinc Scrap 26.43 51.84 Kg. INR
Scrap Computers 3557.45 7114.89 MT INR
Circuit Boards 46.76 93.51 Kg. INR
Finger Trimmings 3305.42 6610.84 Kg. INR
Capacitor Scrap 1052.00 2104.00 Kg. INR
E-Battery Scrap 1016.41 3049.24 MT INR

Speaking at 34th annual conference of the International Manganese Institute here he said, “As per present indications, further correction in the prices of steel is expected”.

Paswan said the government has taken certain measures to stabilize prices of steel and is committed to take further steps if the need arises.

Domestic steel manufacturers have been holding the price line of their products since 7th May, helping the government in its efforts to contain inflation, which stood at 12.40 per cent for the week ended 16th August.

The government shared industry’s concern of rising input cost pressure and said that prices of essential raw materials should be maintained at reasonable levels.

“The prices of critical inputs, such as coking coal, have increased more sharply than the prices of steel. This is a cause of concern,” Paswan said.

“It is necessary that the prices of steel as well as its raw materials are maintained at reasonable levels to maintain growth momentum in the sector,” he said.

Last month, the government had arranged for a meeting between domestic miners and steel producers aimed at having long-term contracts between the two to ensure price stability and supply security of essential raw materials.
Courtesy: http://www.commodityonline.com/news/Steel-prices-likely-to-soften-Paswan-11427-3-24.html

Old Mixed Aluminium 30.83 41.43 Kg. INR
Old Yellow Brass 101.17 168.62 Kg. INR
No.2 Scrap Copper 256.31 270.76 Kg. INR
Mixed Lead 36.62 60.70 Kg. INR
Nickel Scrap 608.01 810.35 Kg. INR
No.2 Steel 17.00 21.25 Kg. INR
Stainless Scrap 64.56 85.76 Kg. INR
Old Mixed Zinc Scrap 26.02 51.07 Kg. INR

Following are the official prices in Mumbai for base metals:In Indian rupees Monday Saturday

Copper Wire in kg 403 404
Aluminium Ingots in kg 139 139
Nickel Cathode in kg 1,100 1,110
Zinc Slab in kg 103 103
Lead Ingots in kg 106 108

1 US dollar = 43.77 Indian rupees

Source: www.worldscrap.com

Old Mixed Aluminium 30.65 40.86 Kg. INR
Old Yellow Brass 93.79 156.94 Kg. INR
No.2 Scrap Copper 236.81 250.74 Kg. INR
Mixed Lead 37.15 62.22 Kg. INR
Nickel Scrap 499.62 665.84 Kg. INR
No.2 Steel 16.38 20.48 Kg. INR
Stainless Scrap 65.93 88.22 Kg. INR
Old Mixed Zinc Scrap 22.29 45.50 Kg. INR