Stainless Steel Industry

The government has imposed mandatory quality orders for stainless steel seamless pipes, and tubes to curb the import of sub-standard goods, boost domestic manufacturing and ensure consumer safety. A notification 'Stainless Steel Pipes and Tubes (Quality Control) Order, 2025' was issued in this regard by the Department for Promotion of Industry and Internal Trade (DPIIT) on February 10. It will come into effect from August 1 this year. Under the order, the item cannot be produced, sold, traded, imported and stocked unless it bears the Bureau of Indian Standards (BIS) mark. According to the notification, this order would not apply for 500 kilograms of these goods imported for the purpose of research and development by manufacturers of stainless steel pipes and tubes per year with the condition that such imported goods and articles shall not be sold commercially and can be disposed of as scrap. Violation of the provision of the BIS Act can attract imprisonment of up to two years or a

Stainless steel wires maker Bansal Wire Industries has reported over twofold rise in consolidated profit after tax (PAT) at Rs 41.6 crore, backed by higher revenues. It had posted a Rs 17.2 crore PAT in the year-ago quarter, the company said in a statement on Friday. Revenues rose 52.6 per cent to Rs 924.6 crore from Rs 606 crore in October-December 2023-24. The EBIDTA (earnings before interest, taxes, depreciation, and amortization) rose 99 per cent to Rs 73.1 crore from Rs 35.8 crore a year ago. "During the quarter, we delivered resilient financial performance and strong operational execution, ramping up new lines for value-added products and driving value-driven volume expansion while sustaining momentum through growth initiatives," company's MD & CEO Pranav Bansal said. On the outlook for wire industry, he said challenges like fluctuating raw material prices and geopolitical risks persist and international expansion in the US and Europe offer significant opportunities.

The rally in Jindal Stainless shares followed an upgrade by Nuvama Institutional Equities (Nuvama), which raised its rating on the stock to 'Buy' from 'Hold' and set a revised target price of Rs 836

The domestic steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government's focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday. The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital. With the government's focus on infrastructure, the domestic steel demand will grow in double-digits, he said. "The demand has grown by 13-14 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future," Sinha said. As per official data, crude steel production was around 145 million tonnes (MnT) in 2023-24 financial year, up from 127 MnT in the last fiscal. Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.

Steel products maker Goodluck India Ltd on Thursday said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis. Its board on Wednesday approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share at a premium of Rs 938 per share, aggregating to nearly Rs 200 crore, the company said in a statement. Goodluck India successfully raised nearly Rs 200 crore in the QIP round, it said. MC Garg, Chairman of Goodluck India, said, "The recently concluded round of fundraising is well in line with the company's growth strategy." The company also floated a wholly-owned subsidiary, Goodluck Defense and Aerospace Private Limited, which will cater to the extensive needs of the defence and aerospace industries. Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) product

Steel pipes maker JTL Industries Ltd on Friday reported a 47 per cent rise in its net profit at Rs 30.18 crore in the third quarter ended December 31. It had posted a profit of Rs 20.49 crore in the October-December period of preceding 2022-23 fiscal, the company said in an exchange filing. Its total income rose to Rs 568.33 crore from Rs 344.42 crore in the year-ago quarter. Expenses were at Rs 527.99 crore as against Rs 316.70 crore a year-ago. The company's net profit in the April-December period increased to Rs 83.46 crore from Rs 53.47 crore in the year-ago period, the filing said. JTL Industries is a leading producer of electric resistance welded steel pipes with a production capacity of more than 6 lakh metric tonnes per year.

Companies want support for capacity addition and anti-dumping measures against substandard imports

Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum. "Jindal Stainless... will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants, according to its newly released Sustainability Report," the company said in a statement. The company has already entered into partnership with ReNew Power to deliver 100 megawatt round-the-clock renewable energy. "The remarkable achievements in renewable energy initiatives are pivotal to our vision of a greener future. "Our strides in R&D foster innovation that elevates industry standards and ensures our operations contribute positively to the planet and its people," Jindal Stainless Managing Director Abhyuday Jindal said.

JSL says it is the first strategic partnership by an Indian company for securing a stake in a nickel reserve abroad

Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha. "We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months," Jha told PTI. Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode, he said. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. Last year, JSPL won the two coal blocks with approximately 347 million tonnes of reserves near Angul in an e-auction process. Part of OP

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

When compared with its issue price of Rs 326 per cent, the stock has gained a massive 80 per cent in less than four months post listing.

The company had a net profit of Rs 305.84 crore in the same period of 2021-22, JSL said in regulatory filing.

The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.

Given the dumping that is happening, the company is working towards increasing its share of exports to 30%-35%

Chinese stainless steel futures surged more than 4% on Tuesday, boosted by tight supply hopes as producers cut production

Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.

Steel, iron ore firms gain pricing power, hope for demand revival in base metals

High raw material costs prove a major hindrance in producers' efforts to increase per capita use