Steel Sector

Indian steel mills have been grappling with a higher influx of Chinese steel imports, hitting domestic prices and denting companies' earnings

JSW Steel on Tuesday said it has been declared as the preferred bidder for Codli Mineral Block XII at Dharbandora in Goa. The company has received a communication from the Office of the Director, Directorate of Mines & Geology, Government of Goa, JSW Steel said in an exchange filing. "The company is declared as 'Preferred Bidder' with highest final offer price at 92.60 per cent of the value of mineral dispatched, it said. The projected iron ore resources are 48.5 million tonnes in addition to 2.7 million tonnes of ore in dumps, JSW Steel said. The company will take all requisite steps to obtain Letter of Intent and statutory clearances to execute the lease deed with Mine Development and Production Agreement (MDPA) and start the mining operations. In a separate filing, JSW Steel said its Italian arm JSW Steel Italy SrL has signed a commercial agreement with Metinvest Adria S.p.A "As per the agreement, Metinvest is obliged to pay a release fee of Euro 30 million to JSW Steel Italy

NMDC Steel on Tuesday said its loss had widened to Rs 595.37 crore in September quarter, on account of a surge in expenses. It had posted a loss of Rs 131.10 crore in the year-ago period, the company said in an exchange filing. The company's total income increased to Rs 1,535.46 crore from Rs 290.27 crore a year earlier. However, NMDC Steel's expenses rose to Rs 2,364.39 crore in the second quarter of the ongoing fiscal year from Rs 464.93 crore a year ago. NMDC Steel Ltd, an entity demerged and formed from mining firm NMDC, owns and operates the 3 million-tonne Nagar Steel Plant at Nagarnar in Chhattisgarh. Nagarnar plant is referred to as India's youngest steel unit set up with an investment of about Rs 23,000 crore. NMDC Steel started commercial operations at the unit from August 31, 2023.

JSW Group and South Korea's Posco Group will also be exploring joint ventures in production and manufacturing within the electric vehicle sector

Shortage of Cold-Rolled Grain-Oriented (CRGO) steel used for making transformers and electric motors could impact India's ambitious power sector expansion plans, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said that India's power sector is facing a 30 per cent shortage of CRGO steel, essential for electric motors and transformers. With domestic production meeting only about 10-12 per cent of demand, India relies heavily on imports, it added. It said the immediate cause of the CRGO steel shortage is import uncertainty caused by the delayed license renewals by the Bureau of Indian Standards (BIS) for many foreign suppliers from Japan, South Korea and China. Many of the licenses are set to expire soon, causing shortages and uncertainty in the power sector, it said, adding that foreign suppliers require BIS certification under a Quality Control Order, which ensures quality but restricts options to a few approved grades and vendors. The entire BIS proces

The surge in steel imports has impacted the margins of domestic players and such pressures are likely to intensify in the second half of the ongoing fiscal year, a report said on Tuesday. The report covers global causes of increased steel imports to India, the likely trajectory of imports, key exporting nations, and domestic demand supply balance, India Ratings and Research (Ind-Ra) said in a statement. The increasing steel imports to India -- particularly from the third quarter of FY24 -- have affected the gross margin spreads in the domestic steel industry, it said. "Ind-Ra believes the Indian steel industry is witnessing margin pressure because of higher volumes of lower-priced steel imports from China, Vietnam, Japan, and Korea, and such pressure is likely to intensify over 2HFY25," it said. As per the report, the Chinese steel export volumes were at its peak in FY25 over at least past 21 quarters, as its domestic steel prices have been consistently declining, keeping ...

The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik. The top ministry official made the remarks at CII Steel Summit 2024 in the national capital on Friday. In his address, Poundrik said speciality steel is still one area where more is needed to be done. The government brought a PLI to incentivise specialities steel but the offtake was not as expected. "So we are bringing another round of PLI so that we can get more interest in the speciality steel business," he said. Later speaking to PTI, the secretary said the government had launched Rs 6,400 crore PLI Scheme for speciality steel, out of that only Rs 2,600 crore could be allocated. Speciality steel is high grades used in sectors like defence, automobile, and electrical among others.

The government on Thursday said 2.40 million tonnes (MT) of coking coal have been booked of the 3.36 MT offered by Coal India arm Bharat Coking Coal Ltd (BCCL) under auction mode for the steel sector for long-term linkages. Coking coal is a key raw material that is used to manufacture steel through the blast furnace route. "BCCL achieved record-breaking success in the recently concluded long-term linkage e-auction (tranche VII) for the steel sub-sector. Of the 3.36 MT of coking coal offered, 2.40 MT was successfully booked, setting a new benchmark in coal bookings," coal ministry said in a statement. BCCL CMD Samiran Dutta said efforts to make the auction process more inclusive and transparent have paid off significantly. The import of coking coal puts a burden on country's valuable foreign reserve, and to change this, BCCL has undertaken reforms to make its coking coal auction processes more flexible, transparent, and attractive for the country's steel producers, he said. The CIL

The move comes after bilateral engagements with the trade bloc had failed earlier this year

Steel producers have petitioned the government that their capacity expansion will be under threat unless prices, and therefore margins, are supported through tariffs

The Centre is working on developing a policy framework for formulating strategy, roadmap and action plan for decarbonisation of the steel sector, a top official said on Tuesday. Speaking at an event here steel secretary Sandeep Poundrik said, "The ministry of steel is working on developing a policy framework...while covering solutions ranging from minimisation to carbon avoidance to carbon utilisation." Towards this, the ministry has constituted 14 high-powered task forces to carry out discussions, deliberations and brainstorming on various enablers for decarbonisation, with the involvement of experts and the industry stakeholders. These task forces consisted of members from industry, academia, think tanks innovators, various ministries and government departments. The inputs of the task forces have been compiled into a comprehensive document. "I am proud to present the report 'Greening the steel sector in India-Roadmap and Action Plan' as a critical milestone in our efforts to ..

On December 18, the companies announced that Nippon Steel had agreed to acquire US Steel for $14.9 billion, a 40 per cent premium to US Steel's share price at the time

The power sector, which is heavily dependent on coal, may see a rise in the cost of supply by 0.6 per cent to 1.5 per cent, potentially leading to higher retail tariffs, ICRA added

JSW's economic interest in the coking coal asset would be about 20 per cent, said Jayant Acharya, joint managing director, JSW Steel

The investments in process and digital technologies across the steel value chain in the country are expected to grow up to USD 2.7 billion by 2030, according to a report. These investments will advance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry, the FICCI-Deloitte Report said on Thursday. "The investment in process and digital technologies across the steel value chain in India is projected to increase from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030, excluding ERP upgrades," said the report on 'Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector'. The year 2030 is significant for the domestic steel industry as the government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030. As per the report, the per capita steel consumption is anticipated to reach 160 kg by 2030 and around 220 kg by 2047. Digit

Union Steel and Heavy Industries Minister H D Kumaraswamy on Thursday visited the Rashtriya Ispat Nigam Ltd (RINL) here and assured all possible assistance to it. Addressing employees and trade unions' representatives, the Minister sought to assuage their concerns about potential closure of the plant and promised that its production would continue at 100 per cent capacity. He was accompanied by the Minister of State (MoS) for Steel and Heavy Industries, B Srinivasa Varma. the RINL family should not panic about the closure of the plant with the blessings and support of Prime Minister (Narendra Modi), RINL's production will reach 100 percent capacity of the plant permanently, said an official press release from the steel plant. The Union Minister noted that RINL or Vizag Steel Plant (VSP) will help improve India's GDP. Later, in a post on X, Kumaraswamy said, I personally visited and inspected the Vizag Steel factory in VisakhapatnamDuring my visit, I toured various sections of the

Unite pointed out that Labour has pledged 3 billion pound for UK steel if elected next month, a commitment secured by the trade union

Imports of low ash metallurgical coke by India, the world's second-biggest crude steel producer, have surged more than 61% over the past four years

The company also announced the appointment of Swayam Saurabh as the chief financial officer (CFO Designate), who will take over from Rajeev Pai next month

With most large steel-consuming hubs globally facing subpar economic activities in the near term, global steel trade flows have been increasingly redirected to high-growth markets like India