The consultations however don't fall under the World Trade Organisation's (WTO's) dispute settlement system.
For India, the opportunity knocks on two forms. One, Indian companies will be able to increase supply as a result of rising demand. Two, they will benefit from higher international aluminium prices.
Any dip in silver could be an opportunity to go long at lower levels near Rs 38,350-38,400 per kg for intraday and prices might go up until Rs 38,800-38,900 levels during intraday.
Chinese data revealed that the country's manufacturing grew at its slowest in four months.
In a written reply to Lok Sabha, Union Minister C R Chaudhary said the government has conducted a study on the impact of the duty hike by the US.
In a new salvo, US President Trump set in motion tariffs targeting up to USD 60 bn worth Chinese goods. In retaliation, China unveiled a plan to impose tariffs on US imports worth up to USD 3 bn
Watch Manisha Gupta decode the rise in gold prices and what the future holds for the precious metal.
Post announcement of the higher tariffs by the US government, aluminium premiums have risen sharply by 21 per cent in the US and by 10 per cent in Asia, reflecting the expectation of the commodity market that the above move is unlikely to have any significantly adverse impact on the global aluminium industry, the report said.
The proclamations signed by Trump in this regard a day earlier gives exemptions to only two countries - Canada and Mexico.
China and Japan reacted strongly to the tariff, while South Korea was looking for an exemption.
Engineering Export Promotion Council (EEPC) Chairman Ravi Sehgal said protectionist measures taken by countries like the US would provoke other regions such as Europe and China into taking retaliatory steps, which would further dent exports from India.
The tariffs of 25 percent on steel and 10 percent on aluminum, proclaimed by Trump on Thursday during an event at the White House, appear to soften what the U.S. president billed last week as a global, "no-exceptions" move to protect the two industries under a 1962 national security trade law.
Trump today signed two proclamations that impose 25 per cent tariff on imported steel and 10 per cent on aluminium.
Mexico and Canada are the only two countries that have been given temporary exemption because of the ongoing negotiations with them on North America Free Trade Agreement (NAFTA). The tariff would come into effect in 15 days.
During the last financial year, the company earned a net profit of Rs 1907 crore on a net worth of Rs 46000 crore and Rs 1.10 lakh crore of capital employed in the business.
New capacity of about 4500 MT would be operational in Q1FY19, taking the Aluflouride's overall capacity to 12,000 MT.
The exchange is also keen on options trading in more agri-commodities, enthused by the results of guarseed option that was launched last week, he said.
Three of the top five automakers - Maruti Suzuki, Tata Motors and Mahindra & Mahindra – have signaled that price revision could be on the cards if commodity costs do not ease out before end of this quarter.
The tariff was announced Friday by the US following concern that China was undercutting American manufacturers by flooding the country with underpriced aluminium products.
The first consignment of the product was flagged off at NALCO's Smelter Plant in Angul yesterday, the company said in a statement today.
That could fuel concerns the world's top steel producer will export more metal, stoking global oversupply and fanning tensions with the United States after it accused the nation of flooding international markets with cheap aluminium and steel.
"Iran's proposal is attractive as long as gas prices are attractive, but not much of an indication in that area has come," Chairman Tapan Kumar Chand told Reuters.
In an interview to CNBC-TV18, Tom Albanese, CEO of Vedanta spoke about the latest happenings in his company and the sector.
Demand for base metals in the domestic market is likely to remain positive on long-term basis due to investments in infrastructure projects, a report said.
India's iron ore production is likely to have increased by 28 per cent to 200 million tonnes during the 2016-17 fiscal, a top official said today.