Page 5 - Steel Sector

India seeks greater market access for steel, rice, shrimp from S Korea

India has sought greater market access for certain products such as steel, rice, and shrimp from South Korea with a view to boost exports of these goods, an official said. These are part of the negotiations, which are underway, for the upgradation of the existing free trade agreement between the two countries, which is officially dubbed as comprehensive economic partnership agreement (CEPA). The agreement was operationalised in January 2010. The 10th round of upgradation talks are underway here. "We are asking for greater market access for products such as steel, rice and shrimp," the official said. In the meeting, India has flagged issues over Korean firms not buying Indian steel. "Korean firms in India also place orders from their local firms in Korea, so this is a double whammy for Indian companies. The Korean side has asked for an increase in price competitiveness here," the official added. On rice, there is a tariff rate quota of five lakh tonnes in Korea. Under this, they h

Chhattisgarh's SAIL-Bhilai Steel Plant creates a national record

BSP's Steel Melting Shop 2 produces cast blooms from its bloom casters. The blooms are then rolled into rails at Rail and Structural Mill

Mixed outlook for Tata Steel stock as global demand remains soft

In Q3FY24, Tata Steel's standalone revenue increased by 2 per cent year-on-year (Y-o-Y) to Rs 34,700 crore, in line with consensus

More funds for steel sector under hydrogen mission if required: R K Singh

Union Minister R K Singh on Wednesday assured stakeholders that additional funds will be allocated for decarbonisation of the steel sector under National Green Hydrogen Mission, if required. Singh chaired a meeting of government and industry stakeholders of the iron and steel sector in order to discuss pilot projects under the mission, an official statement said. Officials of Ministry of New & Renewable Energy, Ministry of Steel and industry representatives from the iron and steel sector participated in the deliberations. The Union Power and New & Renewable Energy Minister said that the funds available under the mission should be used to develop technology for integration of hydrogen in steel making. "Some manufacturers have already begun to experiment using green hydrogen in the steel sector. The idea of this meeting is to decide the avenues in which the funds can be channelled to accelerate this transition, through a transparent selection process which also addresses the ...

Bansal Wire Industries files draft papers to mobilise Rs 745 crore via IPO

The maiden public issue is an entirely fresh issue of equity shares with no Offer-For-Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday

Jindal Stainless Q3 results: Net profit rises 39% to Rs 692.33 crore

Revenue from operations at Rs 9,127.45 in Q3FY24 crore was higher from Rs 9,062.50 crore in the same period last year

Kalyani Steels zooms 20% on winning bid for Kamineni Steel & Power assets

Kalyani Steels was declared as successful bidder for acquisition of assets of Kamineni Steel & Power India Private Limited (In Liquidation) for a cash consideration of Rs 450 crore.

Vehicle scrappage policy key to cutting India steel sector emissions

CO2 emissions from Indian steel production range from 2.5 to 2.85 tonnes per tonne of crude steel, in contrast to global average carbon intensity of 1.4 tonnes per tonne of steel, as reported by IEA

Eight core industries growth up at 7.8% in November vs 5.7% year-ago

The output of eight key infrastructure sectors increased by 7.8 per cent in November 2023 against a 5.7 per cent expansion in the year-ago period, according to the official data released on Friday. All sectors except crude oil and cement recorded healthy production growth in the month under review. The core sector (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity) growth in October was 12 per cent. Coal and refinery products output recorded double-digit growth. The output growth of eight sectors was 8.6 per cent in April-November 2023-24 against 8.1 per cent in the year-ago period.

Steel sector boom to continue in FY24 but moderate in FY25 : CRISIL

The Indian steel sector has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, Director Research, Crisil Market Intelligence and Analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI. The moderation is likely in the long steel segment in FY'25 ahead of the general election. The only other instance of such a demand surge in the last two decades was between 2006 to 2008, he said. Lodha said the infrastructure sector, a key driver of the steel demand, is expected to maintain its momentum fuelled by ongoing government projects. The infrastructure segment has been driving a lot of momentum in the steel demand and is expected to continue in the coming years.

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

SAIL plans to expand capacity by 15 million tonnes in phase 1: Chairman

State-owned steel maker SAIL has started working on plans to expand its installed capacity by 15 million tonnes (MT) in the first phase, the company's Chairman Amarendu Prakash said. Its current installed steel-making capacity is about 20 million tonnes per annum (MTPA), Prakash said. "It has been kicked off. In the first phase, we are expanding it to 35 MT. So, phase 1 is of 15 MT," the chairman said in a reply to a question on SAIL's expansion plans. On the timeline and investment amount involved in the expansion plan, he said the company is actively working on detailed project reports (DPRs) and sharing any number will be a difficult task at present. When asked about the funding model, Prakash said SAIL will use its own funds and also seek market support to fund the expansion. "It (the funding) will be a mix of both internal accruals and market. The steel industry is a huge capex-intensive industry. So, we will be in the market for funds," he noted. The company will not only e

Govt looking into dumping issue of certain steel products: Steel Secy

The government is looking into issues surrounding dumping of certain categories of steel products into the Indian market, Steel Secretary Nagendra Nath Sinha said on Tuesday. The statement comes amid the industry raising concerns over the rise in steel imports. In October India remained the net importer of steel. The Ministry of Finance is looking at dumping issues of certain categories of steel products and will take a final call on the anti-dumping duty, Sinha told reporters at the '4rth ISA Steel Conclave' event here. According to SteelMint India, the country's steel imports were higher at 0.46 Million Tonnes (MT) in October, compared to 0.24 MT exports. On coking coal supplies, the official said the government is making efforts to secure coking coal through alternate sources and is in talks with Russia and Mongolia for supply of the steel-making raw material. India is the largest importer of metallurgical coal, which includes Pulverised Coal Injection (PCI) with annual inboun

Steel expansion plans threatened by scrap metal export restrictions

The country's consumption of ferrous scrap metal will jump 50% to 60 million tons by the end of the decade, and imports will double to about 20 million tons, it estimates

India to see 'healthy growth' in steel demand at 8.6% in 2023: Worldsteel

The demand for steel in India is expected to register a 'healthy growth' of 8.6 per cent against the overall global rise of 1.8 per cent in 2023, worldsteel said on Tuesday. It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach 1,814.5 MT after having contracted by 3.3 per cent in 2022. In 2024, the demand will see an increase of 1.9 per cent to 1,849.1 MT, the World Steel Association (worldsteel) said. For India, the global body said, "after a growth of 9.3 per cent in 2022, steel demand is expected to show healthy growth of 8.6 per cent in 2023 and 7.7 per cent in 2024." The Indian economy remains stable against the pressure of high interest rate environment, and the steel demand is expected to continue its high growth momentum. Growth in India's construction sector is driven by government spending on infrastructure and recovery in private investment. Infrastructure investment will also support the capital goods sector growth, worldsteel said in its Shor

Hotels to steel: India Inc unlocks subsidiaries' value with mergers, splits

Combined value of deals reaches $32.9 bn in Q3 CY2023, the highest quarterly total since Q2 CY2022

Crude steel output grows to 70 MT in Apr-Sep; trend to continue: SteelMint

India's crude steel production rose 14.7 per cent to 69.65 million tonne (MT) during April-September period of 2023-24 fiscal year, according to SteelMint India. The steel output in the year-ago period was 61.06 MT, the market research firm said. The increase in production was mainly on account of improved capacity utilisation rates coupled with the ramping up of capacities by key Indian steel players, it said. According to SteelMint, these factors will continue to support the growth in production in the second half of the ongoing fiscal as well. The domestic consumption of finished steel also rose 14.77 per cent to 63.99 MT from 55.75 MT in the six-month period a year ago. During the period, the country saw exports shrinking 10.25 per cent to 3.23 MT from 3.60 MT in April-September 2022-23. The inbound shipment rose to 2.90 MT from 2.56 MT in the year-ago period, registering a year-on-year rise of 13.33 per cent. The collective production of top six players namely Tata Steel, J

Steel output grows 5% in Jan-Jun; trend to continue in 2nd half: SteelMint

India has produced 66.14 MT crude steel in January-June 2023, registering a 5 per cent year-on-year growth and the uptrend is likely to continue in second half of the year as well, according to SteelMint. The domestic industry had produced 63 million tonnes (MT) crude steel in the January-June period of 2022, the research firm said. The increase in production was mainly on account of improved capacity utilisation rates coupled with the ramping up of capacities by key Indian steel players, it said. According to SteelMint these factors will continue to support the growth in production in the second half of the ongoing year, SteelMint added. The domestic steel consumption also registered an 11 per cent year-on-year (y-o-y) increase to 58.4 MT in the first half of 2023, from 52.7 MT in the same period of 2022. Steel exports took a hit of 30 per cent during the period under review, as China increased its outbound shipments of steel. "India's steel exports dropped to 4.74 MT in H1 from

MSMEs in steel sector get an India build-out lift: CRISIL SME Tracker

MSMEs in the steel sector mostly manufacture long steel products such as rebars and wire rods using induction-based furnaces and raw materials such as steel scrap and sponge iron

India seen as bright spot as China's gloom weighs on steel demand

"India is, I think, the shining light on the horizon," Thompson said. That marks a contrast with China, where the impact of recent stimulus measures are struggling to gain traction, he said