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Budget 2021: Bullion sector hopes glitter as Nirmala Sitharaman cuts duty on precious metals, raw materials
Sitharaman has proposed a five percentage point cut in import duty on gold and silver. But the precious metals will attract a 2.5 percent Agriculture Infrastructure and Development Cess (AIDC) taking the total value of duty to a little over 10 percent.
gold silver metals
Union Finance Minister Nirmala Sitharaman has come up with proposals to cut duty on gold and silver imports, and also dore bars, besides others which will give a boost to the domestic bullion sector.
The bullion industry’s reaction to the proposals bordered on being euphoric to upbeat as they had been seeking a duty cut to take on the unorganised trade encouraged by gold smuggled into the country due to higher Customs duty.
Castor oil exports rise to four-year high on Chinese buying
While castor oil exports increased last year, castor meal shipments dropped to 3.16 lakh tonnes during April-December last year compared with 4.79 lakh tonnes the previous year. Meal exports showed a rising trend in December, though. January 27, 2021 / 04:26 PM IST
India’s castor oil exports are estimated to have increased to a four-year high of 6.44 lakh tonnes last year with China buying 50 percent of it to build inventory.
According to the Solvent Extractors Association of India (SEA) Executive Director BV Mehta, exports last year were against shipments of 5.45 lakh tonnes in 2019, 5.97 lakh tonnes in 2018 and 6.28 lakh tonnes in 2017.
Kraft paper price rises despite lower demand for corrugated boxes
Kraft paper manufacturers are unwilling to cut prices, saying they are finding it difficult to source waste paper. January 22, 2021 / 06:03 PM IST
Tamil Nadu Newsprint & Papers | Thiru R Ramaseshan resigned as Executive Director (Finance) & Chief Financial Officer of the company.
The price of kraft paper, used in packaging, has increased by Rs 5-7 a kg in the last four weeks despite a low demand from corrugated box manufacturers who use it as their primary raw material.
Demand is low since it is a lean season for the manufacturers of corrugated boxes or cartons used in packaging. Kraft, which in German means strong paper, is quoting at Rs 28-30 kg against Rs 18-23 in early December. Before the coronavirus pandemic, the price was Rs 27 a kg.
Natural rubber prices stablise after slipping from 6-year high
Rubber Board of India data shows that production picked up in November due to the price uptrend, though it was down during the first seven months of the current fiscal. January 21, 2021 / 06:26 PM IST
Natural rubber prices in India have come down from the six-year peak seen in November and are ruling stable, though a little lower than global rates.
According to the Rubber Board of India, the price of ribbed smoked sheet (RSS) four grade rubber, used by tyre manufacturers, is Rs 153 a kg against the nearly Rs 170 a kg in November.