Page 2 - Steel Production

China top exporter of finished steel to India in April-Sept: Govt data

The Indian steel industry has sought government intervention through safeguards against Chinese imports

JSW Steel reports Rs 2,760 crore net profit on the back of higher sales

The Bloomberg consensus estimate for revenue was Rs 42,539.9 crore and net income adjusted Rs 2,418.6 crore. Sequentially, revenue was up 4.93 per cent and net profit 18.04 per cent

Coking coal rates pushing up steel prices in India: JSP MD Bimlendra Jha

Steel prices in India are registering an upward trend due to "rapidly" increasing rates of key input material coking coal, industry executive Bimlendra Jha said. Coking coal and iron ore are the two main raw materials used to manufacture steel. While iron ore is available in substantial quantity in India, steel players are bound to meet 90 per cent of their coking coal requirement through imports from countries like Australia and South Africa. "Coking coal prices have increased rapidly (which are) currently trading at USD 341 per tonne CFR (cost and freight) India, from USD 230 a tonne in June-July 2023," Jha, Managing Director of Jindal Steel and Power (JSP), told PTI. The steel industry is facing an upward movement in prices because there has been a dramatic shift in coking coal prices, so the industry has no option but to pass on the cost to consumers, he said in reply to a question on increasing rates of steel in India. As per markets research firm SteelMint India, the cost of

India's April-August finished steel imports from China at five-year high

China, the world's top steel producer, exported mostly cold- rolled coil or sheets to India

JSW Steel, JFE Steel to form JV for CRGO electrical steel manufacturing

JSW Steel and JFE Steel's strategic alliance goes back to 2009

No freeze on disinvestment process of state-owned RINL: Steel Ministry

There is no freeze on the disinvestment process of RINL, the Steel Ministry clarified on Friday. Clarifying some media reports regarding the hold on the disinvestment process of the state-owned steel maker, the ministry, in a statement, said that the disinvestment process of RINL is in progress. "There is no freeze on the disinvestment process of RINL," the statement said. However, efforts are being made by the company to improve the performance of RINL, it added. Under the Ministry of Steel, Rashtriya Ispat Nigam owns and operates a steel plant with an annual capacity of about 7 million tonnes (MT) located at Visakhapatnam in Andhra Pradesh. RINL's Vizag steel plant is the country's first shore-based plant where the company manufactures various special products. The Cabinet Committee on Economic Affairs (CCEA) on January 27, 2021, gave its 'in-principle' approval for 100 per cent disinvestment of the government stake in RINL, also called Visakhapatnam Steel Plant or Vizag Steel

RINL aims to make 55,000 wheels in FY24 to meet Railways' demand: CMD Bhatt

State-owned steel maker RINL is aiming to produce 55,000 wheels in the current financial year to meet the demand from Indian Railways, its CMD Atul Bhatt said. Visakhapatnam-based Rashtriya Ispat Nigam Ltd (RINL) has set up a forged wheel plant at Lalganj, in Uttar Pradesh at an estimated cost of Rs 2,350-crore with a capacity to manufacture one lakh forged wheels per annum. "RINL supplied 2,465 Loco wheels and 2,639 LHB wheels to Railways in FY23. Preliminary Acceptance Certificate (PAC) has been issued for the plant and very soon production will be ramped up to 55,000 wheels in the current fiscal to meet the demand of Railways," he told PTI. The steel maker started supplying wheels in December 2021 when the first consignment of 51 loco wheels was flagged off from its Rae Bareli unit in Uttar Pradesh to the Railways. The targeted 50 per cent utilisation of the plant will significantly reduce the dependence on imports and help the national transporter to source the Made in India ..

Crude steel output grows to 124 MT in 2022; consumption rises: Report

India's crude steel production rose by 5.80 per cent to 124.45 million tonne (MT) in 2022, according to SteelMint. The country had produced 117.63 MT crude steel in 2021, the market research firm said. The production of finished steel was at 110.03 MT, up from over 104.54 MT a year ago, SteelMint said in its latest report. The consumption of finished steel rose to 106.48 MT, as against 98.39 MT in 2021, a year-on-year rise of 8 per cent. SteelMint attributed the increase in output and consumption to "continuous focus of the government on the infrastructure sector." According to the report, the exports in 2022 have registered a fall over the previous year, while the imports have grown in the year ended December 31. At 4.77 MT, the imports were 21 per cent higher against 3.94 MT in 2021. The exports registered a sharp fall of 44 per cent to 10.37 MT in 2022 compared to 18.5 MT a year ago. The import of raw material coking coal was almost flat at 55.94 MT in 2022, the report said.

Gupta's Liberty to cut UK steel output, vacate sites on high energy costs

As many as 440 jobs could be impacted by the plans, though Liberty will attempt to retain them through its furlough and redeployment program

2023 could be another strong yr for coal as demand may reach record levels

Coal India, companies with captive coal mines in steel, power and other sectors will be at an advantage

Increase use of low-grade iron ore in steel production: Govt to industry

The domestic steel industry must adopt new age technologies and carry out research and development (R&D) activities to utilise the low-grade iron ore in their production, the government said on Thursday. The production of low-grade iron ore is increasing in the country compared to high-grade ores, Steel Secretary Sanjay Singh said. "Industry must collaborate in....the country's preparedness for producing all kinds of speciality steel, utilising about 100 million tonne (MT) low quality ore around the mines by converting them into high quality, adoption of high level technology, and develop a common strategy for R&D collaboration," the official said at the 'CII Steel Summit 2022' here. On Tuesday, Union Steel Minister Jyotiraditya Scindia had urged the domestic steel industry to adopt low-carbon emitting steel-making processes, while cautioning that key raw materials coking coal and iron ore may not be a viable option in the future based on environmental, social, and governance .

MOIL registers growth of 60% during month over Oct: Steel ministry

State-owned miner MOIL produced 1.2 lakh tonne of manganese ore last month, registering a growth of 60 per cent over October. The state-owned firm is braced for much better performance in the remaining period of the ongoing fiscal year, the steel ministry said in a statement. "On the sales front, MOIL has recorded a growth of 82 per cent during the period over the previous month, in spite of challenging market conditions," it said. MOIL, under the steel ministry, is the largest producer of manganese ore in the country and operates 11 mines in Maharashtra and Madhya Pradesh. The PSU holds about 34 per cent of the manganese ore reserves of the country. The company has an ambitious vision of almost doubling its production to 3 million tonne by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.

Greenfield construction cost for developers up 5-7% in Q3 2022: Report

Labour cost increased 8-10% and reinforcement steel prices went up about 20%, says study scanning cities

Exports necessary for steel players expanding capacities: AMNS India CEO

To maintain higher capacity utilisation, exports are necessary for local steel players expanding their capacities, as demand is not directly proportional to production, according to a top industry executive. "Since expansion happens... there will be a certain stage where you necessarily will have to export, if we have to be on high capacity utilisation," Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India told PTI. His comments assume significance as steel players are looking up to the government for relief in the form of roll back of the duties levied on steel exports. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. In line with the government's 300 MT steel making capacity target, other steel players like Tata Steel, JSW Steel, SAIL and JSPL are also expanding their capacities to meet the goal. AMNS India on Friday commenced a Rs 60,000-crore expansion project to scale up its Hazira

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

JSW Steel logs Rs 848 crore loss in Sept quarter as steel prices fall

Led by an increase in volumes, the firm saw net sales increase by 28.9 per cent at Rs 41,122 crore

Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out

Essar to invest $4 bn in steel plant in Saudi Arabia in 3 years: Official

The Essar Group is looking to invest USD 4 billion in setting up an integrated flat steelworks plant in Saudi Arabia in the next three years, a senior company official said. The plant, which will cost Saudi Riyal 15 billion (USD 4 billion), is scheduled to break ground by this year-end and be completed by the end of 2025, said Amar Kapadia, general manager for corporate planning at Essar. The new 4-million tonnes per annum integrated flat steelworks plant will have continuous casting and hot strip capacity, 1-million tonnes of cold rolled coil capacity, and a tin plate line in Ras Al-Khair Industrial City on Saudi Arabia's east coast. The new facility will also have two direct reduced iron plants, each with a 2.5-million tonnes a year capacity. Essar signed a memorandum of understanding with the Saudi Arabia's National Industrial Development Centre (NIDC) in October 2021, and an agreement with the Royal Commission for Jubail and Yanbu (RCJY) for land allocation in December. "We ha

Coking coal price rise likely to delay margin recovery of steelmakers

The domestic market has also seen a sharp correction in steel prices from peak levels

Self-reliance key: Scindia calls for promoting 'Made in India' steel

Steel Minister Jyotiraditya Scindia emphasised on the need to promote domestically produced steel or 'Made In India' steel, as self-reliance in its production was a top priority.