Domestic steel mills to benefit from low ore prices, ICRA
The Dollar Business Bureau Domestic steel mills may benefit from lower iron ore and coking coal costs in the current year but sustained weakness in demand still remains a concern, ICRA said. The ratings agency in a report said, "Sustained demand weakness remains a concern for the domestic steel industry with a growth of mere 4.6% and 2.6% in FY2016 and FY2017 respectively due to sluggishness in key end-user industries. "Weak demand conditions have led to a correction in domestic hot rolled coil (HRC) prices by 7% in May 2017." The report also specified that the seaborne iron ore prices have corrected by 36% between February and May of 2017 dragged down by a correction in Chinese steel prices, steadily rising iron ore ...
Sri Lanka suspends controversial Chinese port city project
The Dollar Business Bureau The current Sri Lankan government has decided to temporarily suspend the construction of the controversial US $ 1.5 billion Chinese port city project citing that the real estate deal with China was signed without cabinet approval, without following procedures and is a corrupt project by the erstwhile Rajapaksha regime. However, the growing co-operation between the Narendra Modi government and the newly elected Maithripala Sirisena’s Lankan government is also looked upon as one of the major reasons why the island nation is not going ahead with the project. Mid-February, India and Sri Lanka on Monday discussed economic cooperation, maritime security and bilateral investments, besides other aspects of bilateral relations and international issues for a more balanced ...
