| Daily Pour |
 
Date : 08/08/2018 Issue No. :1564/18-19
Compiled By : Shyamal Aroskar, Dir.-WR
B.Ramchandran, Chennai
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| IIF News |
Please Attend
Pune Chapter
NATIONAL FOUNDRY DAY CELEBRATION
Date : Saturday, 18th August, 2018
Events :
7:00 pm to 7:30 pm : Inauguration including, Chairman’s address, felicitation of students for academic, sports and other achievements and presentation of IIF Kushal Worker Award.
7.30 pm to 8.45 pm : Entertainment Programme – Audio visual presentation on "Across Latin America – Road Trip" by Mr. Anil Damle.
Mr. Anil Damle will speak on his experiences during his road trip in Latin America.
8.45 pm onwards : Gala Dinner
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| Thought of the Day |
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| News Letter Supported By |
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| Today's Top Raw Materials Headlines |
*** Indian scrap imports surge on US, Belgium intake
*** Indian Brass, Copper Scrap prices gain tracking the uptrend in Copper Futures
*** Indian Nickel Scrap prices gain; Nickel Futures edge up
*** Indian Aluminium Scrap prices fall; Aluminium Futures drop 1.12 percent
*** Russian silicomanganese market quiet
*** Export prices for Chinese ADC12 aluminum alloy ingot decline
*** Chinese HC ferromanganese transactions down
*** Chinese lead ingot consumers hold wait-and-see attitude
*** Chinese Export price continues declining Al.ADC 12; domestic market under pressure
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| Raw Material News |
Chinese imports shut MSMEs down
A Parliamentary panel on Thursday asked the government to swiftly impose quality standards and check Chinese imports across several sectors - from toys and textiles to bulk drug s and bicycles - while noting that shipments from across the border have taken a toll on the domestic manufacturing sector and pushed several micro, small and medium enterprises (M SMEs) to shut shop.
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Indian Brass, Copper Scrap prices gain tracking the uptrend in Copper Futures
India’s major brass and copper scrap commodities prices gained on the Scrap Register Price Index as on Wednesday, tracking the uptrend in copper futures prices at India's Multi Commodity Exchange as threats of a strike at the Escondida mine in Chile.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, brass sheet cuttings, brass utensil scrap, copper heavy scrap, copper mixed scrap,copper pat, copper super d.rod, copper utensil scrap and copper wire scrap showed an up trend on the Scrap Register Price Index as on Wednesday.
The most active August copper contract on India's Multi Commodity Exchange has gained by 0.27% to Rs. 430.10 per kilogram on Wednesday from previous close of Rs. 428.95 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 432.40 per kilogram and an intra-day low of Rs. 426.75 per kilogram during Wednesday.
BHP’s Escondida mine in Chile said on Tuesday it had made a final offer to the union representing its rank-and-file workers that includes a beefed up contract signing bonus and a 1.5 percent increase in wages. There was no immediate response from the union, which had asked for a 5 percent pay rise.
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China’s stainless steel prices up amid AD probe
Domestic stainless steel prices in China widened upward over the past week following news of an anti-dumping investigation into imports of such products.
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| Industry News |
Truckers' strike hits auto industry, affects production
The ongoing nationwide strike by truckers has hit the automobile industry by affecting supplies of parts and distribution of vehicles, forcing companies like Tata Motors, Ford India and Skoda to adjust production. According to industry sources, Tata Motors has undertaken block closures of its Pune and Sanand plants by advancing weekend holidays and compensating for it later on.
"Even retail has started getting impacted as dispatches of finished vehicles to dealers are affected," a source said.
When contacted Tata Motors spokesperson declined to comment citing silent period ahead of the company's upcoming first quarter result.
When contacted, Ford India President and MD Anurag Mehrotra said: "The transport strike is impacting both domestic movement of parts and vehicles. We expect it to soon impact exports too, with the container association joining the strike."
He further said, "Given its impact on not just business but livelihoods, we urge the government and the associations to resolve this issue at the earliest."
Skoda Auto India's Aurangabad plant was also closed today due to supply constraints of parts.
"Normal production will be resumed from tomorrow at the plant," a company spokesperson said.
Comments from major players such as Maruti Suzuki, Hyundai Motor India and Mahindra & Mahindra could not be immediately obtained.
The nationwide strike by transporters continued for the seventh day today with no breakthrough between truckers' union, AIMTC and the government.
The All India Motor Transport Congress (AIMTC), which claims support of 93 lakh truckers, started a nationwide indefinite strike on July 20.
The transporters' demands include a reduction in central and state taxes by getting diesel under the GST so that price of the deregulated commodity can be reduced.
Truckers associated with transporters' union AIMTC remained off road for the seventh consecutive day across the country to press for their demands even as auto makers said they have adjusted their production due to disruption in supply of components.
All India Motor Transport Congress (AIMTC), which claims support of 93 lakh truckers, said its core team in an emergency meeting today resolved to suspend all operations voluntarily and any attempt to quell it will only foment anger.
"With every passing day it is getting strong and all this has been possible because of the resolve that this time it is 'do or die' situation," AIMTC Core Committee Chairman Bal Malkit Singh said.
He claimed that the transporters' loss stood at Rs 28,000 crore in the seven days and urged government's intervention for tangible resolution of the issues.
Apart from demanding reduction in diesel prices, truckers are also against the "flawed and non-transparent" toll collection system that favours road concessioners and alleged that the time and fuel loss amounts to up to Rs 1.5 trillion annually on account of it.
Truckers are also miffed at high insurance premia and want a reduction in third-party premium, exemption on third-party premia from GST.
Apart from this, they are also pressing for exemptions and abolition of indirect taxes, national permits for all buses and trucks and also doing away with the direct port delivery tendering system.
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Trump Trade War - US and EU agree to back off
US President Donald Trump and European leaders pulled back from the brink of a trade war over autos Wednesday and agreed to open talks to resolve a dispute over steel and to tear down trade barriers between the United States and the European Union. In a hastily called Rose Garden appearance with Trump, European Commission President Jean-Claude Juncker said the US and the EU agreed to hold off on new tariffs, suggesting that the United States will suspend plans to start taxing European auto imports
Trump said “So we had a big day. Very big. We met right here at the White House to launch a new phase in the relationship between the United States and the European Union — a phase of close friendship; of strong trade relations in which both of us will win; of working better together for global security and prosperity; and of fighting jointly against terrorism. We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.”
Juncker said “Mr President, ladies and gentlemen, when I was invited by the President to the White House, I had one intention: I had the intention to make a deal today. And we made a deal today. We have identified a number of areas on which to work together. Work towards zero tariffs on industrial goods. And that was my main intention, to propose to come down to zero tariffs on industrial goods. We’ve decided to strengthen our cooperation on energy. The EU will build more terminals to import liquefied natural gas from the US.
Source : Strategic Research Institute,
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| Life Style......... |
Regular sauna baths cut risk of stroke
Staying healthy need not make you always follow a tough regime of restrictions as a new study shows that frequent sauna bathing may significantly reduce the risk of stroke.
In the 15-year follow-up study, published in the journal Neurology, the researchers found that people taking a sauna four to seven times a week were 61 per cent less likely to suffer a stroke than those taking a sauna once a week.
Stroke is one of the leading causes of disability worldwide, placing a heavy human and economic burden on societies.
According to the researchers from the University of Eastern Finland, mechanisms driving the association of sauna bathing with reduced stroke may include a reduction in blood pressure, stimulation of immune system, a positive impact on the autonomic nervous system, and an improved cardiovascular function.
The study involved 1,628 men and women aged 53 to 74 years living in the eastern part of Finland.
Based on their frequency of taking traditional Finnish sauna baths (relative humidity 10-20 per cent), the study participants were divided into three groups - those taking a sauna once a week, those taking a sauna two or tree times a week, and those taking a sauna four to seven times a week.
The more frequently saunas were taken, the lower was the risk of stroke, the results showed.
Compared to people taking one sauna session per week, the risk was decreased by 14 per cent among those with two to three sessions and 61 per cent among those with four to seven sessions.
Previous studies had shown that frequent sauna bathing also significantly reduces the risk of cardiovascular and all-cause mortality.
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| Jokes All the Way...... |
Manager
Personal Manager to New job applicant: "Why did your manager fire you?"
"Well a manager is the man who stands arround and watches others work, right? " the young appicant replied.
"Yes, but why did he fire you?"
"He was jelous of me. A lot of workers thought i was the manager!"
***
Wish
Boy prayed: Oh God give me 1bag full of money,job,1big vehicle & many girls!
GOD: Ur wish is fulfilled.(Prayer accepted)
He became a CONDUCTOR in LADIES BUS.
***
The Institute of Indian Foundrymen
Western Region
706, Madhava, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051
Phone : +91-22-2659 1308, 2659 1303, email : wr@indianfoundry.org
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