MAY 20248TOP STORIESCHENNAI EDITION OF INDIA FASTENER SHOW CONCLUDES ON A REMARKABLE NOTE, OPENS NEW BUSINESS AVENUESRELIANCE INDUSTRIES STARTS TRADING CRUDE OIL ON BRENT BENCHMARKThe India Fastener Show South concluded its debut edition in Chennai, Tamil Nadu on a high note, marking another milestone in the fastener and manu- facturing industry. The exhibition organised by Future Market Events with strategic support from Fasteners Association of India (FAI) among many other leading trade bodies was held from 10 April to 12 April at Chennai Trade Centre, Nandambakkam, Chennai serving as a pivotal platform for industry leaders, innovators, and stakeholders to converge, exchange ideas, and build valuable partnerships.Hosted at the state-of-the-art Chennai Trade Centre, the India Fastener Show South showcased the latest advancements, trends, and solutions in the fastener, fixing, and fastener manufacturing technologies. With 152 exhi- bitors and 4381 visitors from all over India, the exhibition showcased 10,000 fastener products namely, nuts, screws, bolts, rivets, and many other fastening solutions. South Edition Receives an Overwhelming Response Ms. Chaitali Davangeri, Director at Future Market Events expressed her gratitude to all participants, exhibitors, and partners for their unwavering support in making the India Fastener Show a resounding success. She shared, "We are thrilled with the success of India Fastener Show South, as the show exceeded our expectations in terms of participation, quality of exhibitors, and industry engagement. Happening for the first time in Chennai, manufacturing and engineering hub of South India, the exhibition served as a catalyst for collaboration, innovation, and business growth. It provided a platform for stakeholders to connect, learn, and explore opportunities in this dynamic sector." Reliance Industries, India's leading conglomerate and operator of the world's largest refining complex, has entered into trading a type of U.S. crude oil that influences the global Brent benchmark. This move marks Reliance's first venture into trading WTI Midland, a type of crude oil, through the Platts Market on Close process, managed by S&P Global Commodity Insights.In this process, Reliance offered a cargo of WTI Midland in the Platts window for the first time on Wednesday. This decision underscores India's efforts to diversify its oil supplies, especially in light of potential disruptions caused by recent U.S. sanctions on Moscow, which could impact Russian oil sales to India.India, as the world's third-largest oil importer and consumer, is seeking alternative sources of crude oil. Reliance's entry into trading WTI Midland follows its recent purchase from Canada's Trans Mountain pipeline, indicating a strategic shift in its oil sourcing strategy.Reliance's move aligns with a broader trend of increased participation in trading crude oil that influences the Brent benchmark. Platts added WTI to the benchmark last year, attracting more players to the market. Saudi Aramco, for instance, another major player in the oil industry, began purchasing WTI in the Platts window in February, and has been participating regularly since then.WTI Midland is one of the six crude oil grades assessed by Platts that can impact the value of dated Brent, a crucial component of the Brent complex used to price a significant portion of the world's traded oil. The price of dated Brent is determined by the cheapest of these six crude streams, with WTI Midland often playing a significant role in influencing its value.
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