India set to phase out older vehicles, increase scrap supply

A scheme in India to retire and tax older vehicles will increase the supply of scrap to its domestic market, if its implementation goes ahead after years of false starts, market sources told Fastmarkets.

On January 25, the Union Minister for Road Transport and Highways, Nitin Gadkari, approved a proposal for a green tax on older vehicles and the scrapping of some vehicles, a government document shows.
The proposal for both schemes will now go to the state for consultation.
The policy of deregistration and scrapping vehicles, which government departments and state-owned enterprises own and are older than 15 years old, is yet to formally approved and will come into effect from April 1, 2022.
The government document estimates that commercial vehicles, which constitute about 5% of the total vehicle fleet, contribute around 65-70% of total vehicular pollution in India.

The document said that older vehicles, typically manufactured before the year 2000, constitute less than 1% of the total fleet but contribute...

China's gold holdings to central bank reserves still low

China has broad effect on gold market

Gold stocks mixed after previous week's huge gains

Large TSXV gold multiple driven up by high Artemis weighting

Monetary-driven precious metals outperform major base metals