Page 3 - Steel

Govt extends date of quality control order for 2 steel grades till Jan 23

The government has extended the enforcement date of its Steel and Steel Products Quality Control Order for two grades of ferrosilicon and ferronickel by three months till January 2023. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated April 26, 2022, the date of enforcement of Indian Standards (IS) 1110:1990 ferrosilicon specification and IS 4409:1973 specification for ferronickel is extended further," according to a Steel Ministry notification. The extension is for three months till January 23, 2023, the notification dated November 1, 2022, said. According to an expert, ferrosilicon is imported from countries like Bhutan, South Africa etc to make CRGO (cold rolled grain oriented steel) and alloy steel, which are used to manufacture transformers, motors, rotors and other electrical items. The order paves way for the import of these two grades without any duty for another three months, as per the notification. Speaking to PTI ov

Global steel demand downgraded, to drop 2.3% in 2022: WorldSteel

A global recovery in steel demand next year is still expected, mainly due to a rise in infrastructure spending, but the growth will be 1% instead of 2.2% as forecast earlier this year, the WSA said

French mineral firm Imerys plans to ramp up Vizag plant production

Will increase calcium aluminates capacity by 2030 to about 50,000 tonnes from 30,000 tonnes currently in line with India's target of achieving a 300 million tonne crude steel capacity

35 firms submit applications under PLI scheme for specialty Steel: Scindia

As many as 35 companies have submitted 79 applications under the PLI scheme for specialty steel, Union Minister of Steel Jyotiraditya Scindia said on Tuesday. The minister shared the information while speaking at the 'National Management Convention' organised by the All India Management Association (AIMA) in the national capital. "We closed all the applications two days ago and we received close to 79 applications from 35 companies. Looking at putting in place a capacity close to 28 million tonne per annum (MTPA) of new specialty steel capacity which will result in the creation of 70,000 jobs," he said. The applicants include major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official told PTI. However, there was no proposal from any foreign entity. After shortlisting the proposals, the government will come out with a final list which would take around 35-40 days, the official said. September 15 was the last date for manufacturers to

Govt extends deadline for PLI applications for specialty steel for 5th time

The government has for the fifth time extended the deadline to submit applications under the production-linked incentive scheme for specialty steel till September 15

India's core sector output expands at six-month high of 8.4% in April

The output of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity had expanded by 4.9 per cent in March 2022.

Ship to take metal from Mariupol to Russia; Ukraine decries looting

A ship has entered the Ukrainian port of Mariupol for the first time since Russia completed its capture of the city to load metal and ship it east to Russia,

Export duty hike: Ficci seeks 3 months to clear 'pending steel orders'

Three-month exemption will provide some relief to the players whose orders are in the pipeline, an industry executive said.

India exports 13.5 MT finished steel worth Rs 1 trillion in FY22: Minister

According to official data, India's finished steel exports were at 10.78 million tonne in 2020-21

Rising raw material cost pushes steel prices to fresh record highs

Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices surged.

Amid record high prices, are industrial metals the new oil in India?

Data providers such as Reliance Jio, Airtel and large tech startups such as Flipkart, Paytm have yet to earn big profits, while metal giants are becoming important in an emerging low-carbon world

Urgent need to move towards green steel: Ram Chandra Prasad Singh

Steel minister Ram Chandra Prasad Singh on Sunday highlighted the need to move towards green steel, saying the use of hydrogen in the iron ore and steel sector would help reduce coal imports.

US agrees to lift Donald Trump era taxes on British steel, aluminum

The United States has agreed to lift tariffs on British steel and aluminum, mending a rift between allies that dates back to the Trump administration.

Steel major JSPL Mauritius' arm makes $ 357-mn prepayment to lenders

Homegrown steel major JSPL on Sunday said its subsidiary in Mauritius has made a prepayment of USD 357 million to lenders. The prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML), Jindal Steel and Power Limited (JSPL) said in a statement. "Jindal Steel & Power (Mauritius) has prepaid a USD 357 million loan to its lenders. (Entire) overseas debt will get entirely paid in the coming quarters," it said. Over the past three years, JSPL said, it has been able to reduce its overseas debt from USD 1.8 billion to USD 130 million. The bulk of its overseas debt now sits in its Australian subsidiary at USD 113 million, it added. In September 2021, JSPL had announced making a pre-payment of USD 106 million to the lenders of its arm Jindal Steel & Power (Australia) Ltd. As per the company statement, JSPL Group's net debt has come down from a peak of Rs 46,500 crore to Rs 10,981 crore in December 2021. "We are pre-paying our lenders to further ...

Russian-Ukraine war impact: Steel producers feel a new pinch in India

The Russia-Ukraine crisis has seen product prices soar, but raw material costs are rising even further

Bright outlook for steel makers over fears of Ukraine war-led supply crunch

High input costs amidst supply disruptions, and adverse change in output/demand in key markets like China are downside risks

Iron ore spikes, but China intervention fears weigh

Dalian and Singapore iron ore futures advanced on Wednesday, reflecting optimism about demand prospects for steel products and raw materials in China, but concerns about China intervention weighed.

JSW Steel reports 15% rise in crude steel production for the month of Jan

JSW Steel on Friday reported 15 per cent rise in crude steel production at 16.46 lakh tonne for the month of January. The company's crude steel production was at 14.32 lakh tonne (LT) in January 2021, JSW Steel said in a filing to BSE. "JSW Steel reported the crude steel production for the month of January 2022 at 16.46 lakh tonne, that grew by 15 per cent Y-o-Y on standalone basis," the filing said. The production of its flat-rolled products increased by 23 per cent to 12.47 LT over 10.14 LT in January 2021. Its output of long-rolled products registered a growth of 4 per cent to 3.74 LT, as against 3.59 LT in January 2021. The expansion project at Dolvi works, which commenced commercial operations in November last year is gradually ramping up capacity utilisation. JSW Steel is the flagship business of the diversified USD 13 billion JSW Group. As one of country's leading business houses, JSW Group also has other business interests in sectors such as energy, infrastructure, ceme

Pressure easing at auto, consumer appliance firms as input costs cool down

Manufacturers, however, remain watchful of inflationary trend, even as their prices hikes begin to outpace incremental costs

India's crude steel output grows 18% to 118 MT in 2021, says worldsteel

India's crude steel production rose by nearly 18 per cent to 118 million tonne (MT) in 2021, while world leader China recorded a 3 per cent decline to 1 032.8 MT, according to worldsteel.