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India: Steel ministry may go to FM for duty cover
Fri, 09 Jun 2023 00:00:00 GMT
The steel ministry is likely to take up the issue of duty protection on certain steel products with the finance ministry to safeguard the domestic industry from dumping by China. Steel minister Jyotiraditya Scindia said on Wednesday that a few steel companies have proposed imposing a higher import duty on certain steel products.This is now being examined and will be discussed with the finance ministry for appropriate action. There is a concern on rising imports of steel in certain

Around 40 MT new steel capacity to be commissioned by FY26: Assocham
Sat, 27 May 2023 00:00:00 GMT
Around 40 million tonne (MT) of new steel-making capacity will be commissioned by 2025-26, an industry executive said on Thursday. Vinod Nowal the Chairman of Assochams National Council on Iron and Steel made the remarks at India Steel Summit in the national capital. Domestic steel production capacity is expected to touch 300 MT and crude steel production is likely to reach 255 MT by FY31, he said. Nowal, who is also the chairman of JSW Bhushan Power and Steel Ltd, said, Fresh steel

Indias JSW Steel posts contraction in fourth-quarter margin
Sat, 20 May 2023 00:00:00 GMT
JSW Steel Ltd on Friday said core profit margins contracted in the fourth quarter as expenses and weak steel prices weighed amid global headwinds. Margins on the earnings before interest, taxes, depreciation and amortisation (EBITDA) shrank to 16.9% in the quarter ended March 31, from 19.6% a year earlier. Consolidated net profit climbed more than 13% to 36.64 billion rupees ($448 million) from 32.34 billion rupees a year earlier. The year-ago quarter had an exceptional charge of 7.41

Steel trade dips on expectations of price cuts
Fri, 05 May 2023 00:00:00 GMT
Activity in the steel trade market in India has slowed significantly as buyers hold back from stocking up on materials on expectations of prices dropping. The trade market, consisting of dealers and sub-dealers of primary steel mills, accounts for a quarter of the overall steel consumption in the country. Major players like JSW Steel and ArcelorMittal Nippon Steel India have cut prices by Rs 2,000 per tonne and Rs 2,500 per tonne respectively, while other steel mills are expected to follow.

NMDC iron ore output rises 11.42% to 3.5 MT in April Mint
Thu, 04 May 2023 00:00:00 GMT
State-owned NMDC Ltd on Tuesday reported a record production of 3.51 million tonnes and sales of 3.43 million tonnes in April, marking an 11.42% and 9.93% increase respectively compared to the same period last year. The boost in production was attributed to the companys investments in advanced technologies and equipment, as well as a focus on innovation and sustainability. The Ministry of Steel noted that the mining giant continues its exceptional performance, having surpassed 40 million

Indias JSW Steel to invest $145 mln to upgrade U.S. manufacturing
Thu, 04 May 2023 00:00:00 GMT
Indias JSW Steel Ltd JSTL.NSsaid on Wednesday that its unit, JSW Steel USA, plans to invest $145 million in new projects to upgrade its manufacturing operations in Ohio. These investments & projects will help us in producing high quality melted and manufactured in USA steel products required by our customers in the infrastructure and renewable energy sectors, said Parth Jindal, director of JSW Steel USA. Source: Reuters - (Reporting by Ashna Teresa Britto in Bengaluru; Editing by

NMDC steel to commission Chhattisgarh plant by June, targets ...
Thu, 20 Apr 2023 00:00:00 GMT
The company has already commissioned the coke oven, sinker plant and the blast furnace at the plant and will be sourcing iron ore from NMDC, while coking coal will be procured from Australian mining major

Met coal prices may fall; rate correction to help Indian steel ...
Tue, 18 Apr 2023 00:00:00 GMT
S&P Global Ratings on Wednesday said it is expecting a significan't fall in rates of metallurgical coal and Indian steel makers are to benefit from the price correction. We expect lower seaborne met coal prices will help Indian steel mills, as they import 70 per cent of their total requirement, S&P Global Ratings credit analyst Anshuman Bharati said. The agency estimates that a sharp fall in seaborne metallurgical coal prices will improve cash flow and ease pressure on Indian steel

JSW Steel quarter four crude steel output rises to 6.58 MT
Mon, 10 Apr 2023 00:00:00 GMT
While the company achieved 100 per cent of its guidance for consolidated Indian operations, production volumes at JISPL (JSW Ispat Special Products Ltd) and JSW Steel USA - Ohio were impacted due to shutdowns and subdued market conditions for part of the year, it

India: After a tough FY23, steel companies may see a gradual ...
Wed, 05 Apr 2023 00:00:00 GMT
Financial year 2022-23 was a difficult one for steel companies with a slew of headwinds such as dull demand, government imposing export duty on the metal and elevated input costs. While the export duty levy was rolled back in November, weak global demand environment did not help. Analysts at Nomura Financial Advisory and Securities (India) hosted a conference call with JSW Steel Ltds management. JSW expects an uptick in the contribution of total exports in the March quarter (Q4FY23) from

China demand uncertainty caps Indian steel firms prospects
Thu, 30 Mar 2023 00:00:00 GMT
Chinas stagnant steel demand and rising exports despite the lifting of pandemic curbs could depress prices worldwide, posing trouble for Indian steel exporters. Expectations were high that the Chinese economy would rebound after the easing of covid restrictions, boosting global steel demand and prices. Being the largest consumer of commodities, improved China demand can help support global steel demand and prices at a time concerns of a recession in developed economies remain high. In

Two PSU stocks to trade ex-dividend on Friday
Thu, 23 Mar 2023 00:00:00 GMT
SAIL is one of the largest steel-making companies in India. The company produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw

Number of South Asian industry news reports: 12
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