CCL to start new projects for coal mining in Jharkhand
State-run Central Coalfield Limited (CCL) will start new projects for coal mining in Jharkhand, a top official of the company said today.
“We will start mining of coal over a stretch of 34,000 acres of land in Jharkhand and land authentication process is on,” said CCL’s Chairman-cum-Managing Director Gopal Singh.
Singh, who will take charge as the Managing Director of National Mineral Development Corporation (NMDC) from January 1 next, was in Rajrappa to offer obeisance in Rajrappa Temple in Ramgarh district.
He told reporters that progress of land authentication work was monitored by Jharkhand Chief Minister Raghuvar Das and Chief Secretary of Jharkhand, Rajiv Gauba.
“We are also holding camps in villages to authenticate the land,” he said, adding that the new mining project will begin in CCL command area of the state, he said.
Besides, the public sector unit will recruit 17,000 people in next two years, Singh said, claiming that around 1.70 lakh people in and around the proposed projects will indirectly benefit following the implementation of the projects.
Singh said mineral-rich Jharkhand has plenty of scope to become a developed state, if the minerals are harnessed in a proper manner.
The CMD said two of its projects in Madadh Amrapali Project, touted to be Asia’s largest projects, have even featured in the Prime Minister’s Pragati portal.
CCL has been emerging as the best coal company of the country, he added.
Asked the reason behind CCL’s whopping growth, Singh said it was because of good co-ordination among all stakeholders,including government agencies, contractors, employees etc.
Charter hire rates may go up after steep fall in idle containership fleet
A steep fall in idle containership fleet during the first half of June could increase charter hire rates, sources said.
Idle box vessel capacity reached its lowest level in five years on June 15 when it declined to 228,400 TEUs from 334,000 TEUs on June 1, which accounted for 1.2 per cent of the global containership fleet, analyst IHS Maritime 360 said.
It is felt that the idle vessels were sent back to work because of strong demand for Panamaxes and post-Panamaxes for new Asia-US East Coast and Asia-Mideast services.
Both post-Panamaxes and maxi-Panamaxes were reported to have already showed a slightly firmer trend with fixtures of around 5,100 TEUs.
Charter hire rates saw strong increases from February until April, but container vessels trended lower in June with much higher operating expenses than most segments.
Govt may impose anti-dumping duty on imports of chemical from China & Switzerland
In order to protect the domestic manufacturers from cheap imports, the government plans to levy anti-dumping duty of up to $7.58 per kg on a chemical exported from China and Switzerland known as “Diketopyrrolo Pyrrole Pigment Red 254″. It is mainly used in the paint industry.
The Directorate-General of Anti-Dumping and Allied Duties (DGAD), in its final findings of the investigation, has concluded that the pigment has been exported to India from these two countries below the normal value, which has resulted in dumping of the product, the Commerce Ministry said in a notification.
Copper market weighed down by surplus
It has been a tough year so far for copper, falling by 9% in the year to $5,755 per tonne on the London Metal Exchange. This follows a dismal 2014, in which the red metal lost 14% of its value. It may get worse. Bank of America Merrill Lynch expects the commodity to fall to $5,000 a tonne in the next year, according to a Financial Times news report.
The International Copper Study Group (ICSG) released its estimates of copper demand and supply in the first quarter of 2015, throwing some light on what ails the copper market. Apparent usage during the quarter is estimated to have declined by 3% over a year ago, with China’s demand down by 4%. Excluding China, demand fell by 1.5% mainly due to declines in Russia, Japan and the European Union (EU).
But refined production rose by 5% during the year, mainly due to a 12% increase in production from scrap. Again, China led production growth. Since demand lagged production, it led to a surplus of 167,000 tonnes, compared with a deficit of 233,000 tonnes a year ago. A surplus refers to total availability (production plus change in stocks) exceeding demand.
June rains boost kharif sowing
Ample rain in June has helped farmers sow more crops compared with last year, farm ministry data showed on Friday.
Sowing of summer crops have been completed in over 30 million hectares till date, 57% more than the area sown by this time last year.
The spike in this year’s sowing is due to good rain in June and the fact that last year saw a mostly dry June.
Till 25 June this year, the southwest monsoon was 28% more than the long-period average.
Since then, it has weakened, and the week between 26 June and 1 July recorded a 14% deficit.
Till Friday, the monsoon was 7% more than normal for the entire country (1 June to 3 July).
The June-November kharif crop season is critically dependent on the progress and spread of the southwest monsoon as over half of the farm land in India lacks assured irrigation.
Although sowing has been completed in over 30 million hectares, it is less than one-third of the normal sowing area of 105 million hectares.
The progress of sowing will, therefore, depend on showers during July and August, which, the government forecaster said, will be deficient.
For the entire monsoon season between June and September, the India Meteorological Department, or IMD, has predicted a 12% deficit, stoking fears of crop-loss and inflation.
Data released by the agriculture ministry show that rice, the main kharif crop, has been planted in 5.4 million hectares, marginally higher than the 5.3 million hectares sown by this time last year.
But the sowing of pulses, oilseeds and cotton has surpassed last year’s numbers.
Pulses have been sown in 2.26 million hectares so far, more than double the 0.97 million hectares sown by this time last year.
The high acreage under pulses could be on account of farmers taking a signal from the soaring prices in the market.
Similarly, oilseeds have been sown in 7.4 million hectares, more than five times the area sown by this time last year.
The area under coarse cereals is at nearly 4.4 million hectares, compared with 2.9 million hectares last year.
Area under cotton has also shot up, from 3.5 million hectares last year to 6 million hectares this year.
This post was written by Atlantic Admin