IMPORTING STEEL
India's coal import rises 5 pc to 52 MT in April-May
India's coal imports increased by 5.3% to 52.29 million tonnes in April-May FY24, compared to the previous year. However, May imports dropped slightly to 26.19 MT from 26.57 MT last year. Despite potential import demand slowing due to monsoons and rising coking coal prices, domestic production remains robust.
Govt's infra push to steer steel demand to 221 - 275 million tonnes by FY 34: Report
"Government spending on infrastructure projects will drive the initial growth phase in the next decade. The development of 11 industrial corridors comprising 32 projects, to be developed in four phases under the PM Gatishakti National Master Plan, will be a key driver for steel consumption," the report explained.
Govt makes ISI mark mandatory for stainless steel, aluminium utensils
The government has mandated national quality standards for stainless steel and aluminium kitchen utensils, requiring the ISI mark to ensure product safety and quality. This order, issued by the DPIIT and effective from March 14, 2024, bans the manufacture, sale, or distribution of non-compliant utensils. Non-adherence will incur penalties.
Government makes ISI mark mandatory for stainless steel, aluminium utensils
According to BIS, the order prohibits the manufacture, import, sale, distribution, storage, or exhibition for sale of any stainless steel or aluminium utensils that do not bear the BIS standard mark. Non-compliance with the order will attract penalties, underscoring the government's commitment to consumer safety and product integrity, it said in a statement.
HDFC Bank drags Sensex 500 points lower, Nifty slips below 24,200
Indian equity indices decline due to HDFC Bank's disappointing Q1 update, with Sensex dropping over 500 points. Experts anticipate potential Fed rate cuts based on US jobs data. Global markets remain positive on U.S. rate cut expectations. Oil prices hold near recent highs. Rupee strengthens against the dollar.
M&M, Power Grid, 11 other stocks outperform Sensex in its fastest 10,000 points marathon
As a NEWS EDITOR, investors are urged by Nilesh Shah to maintain a long-term perspective and proper asset allocation as Sensex reaches the 80,000 milestone. He draws parallels with Nasdaq's history and notes Gold's outperformance compared to Nifty in the first half of 2024.
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Vraj Iron and Steel GMP: Will there be a listing pop at the bourses tomorrow?
Vraj Iron and Steel's shares trade at a 67 rupee premium in the unlisted market, suggesting a potential 32% listing gain. However, grey market premiums are volatile and may not be accurate. The strong IPO subscription of 126.36 times reflects investor confidence in the company's prospects.
India steel, trade ministries in talks over rising Chinese imports
India's steel and trade ministries are discussing the increasing imports of steel, especially the influx of cheap Chinese goods, according to a government source. The talks come amid ongoing requests from top producers for higher tariffs. India became a net steel importer in the fiscal year ending in March, with finished steel imports reaching a five-year high in April and May, based on provisional government data.
Govt in process of finalising policy to offer PCI coal to steel makers to reduce imports
The Indian government is finalizing a policy to offer washed PCI coal to steel makers, aiming to reduce imports. PCI coal is crucial for steel production, enhancing efficiency and cutting carbon emissions. Plans include setting up coking coal washeries to meet sector demands by 2030.
GST clarification to make Indian MRO industry competitive
The GST Council's recent decision to implement a uniform 5% tax rate on imports of aircraft parts and components is set to benefit India's aircraft maintenance and repair industry. This move aims to resolve customs classification ambiguities that previously hindered the industry's growth.
JSW Steel USA to invest USD 110 mn to modernise plate mill in Baytown, Texas
JSW Steel USA invests in modernising steel plate mill in Texas to support US offshore wind energy expansion, aiming to reduce import reliance and promote clean energy for 10 million homes.
Noida Airport faces six-month delay, likely to be completed by next year
The Noida International Airport (NIA) completion has been delayed until at least April 2025, primarily due to slow progress on the terminal building, which faces a shortage of special-grade steel. Initially set to open earlier, this delay impacts the project's timeline significantly. Over 20% of the project remains unfinished, with the terminal's façade and waterproofing still underway. Currently, 9,000 workers are on site, completing the ATC tower and finalizing the runway. The first phase costs Rs 10,056 crore.
DGTR for continuation of anti-subsidy duty on certain type of steel pipes, tubes from China, Vietnam
The Directorate General of Trade Remedies (DGTR) has recommended the extension of countervailing duties on welded stainless steel pipes and tubes from China and Vietnam to protect domestic players, citing the risk of harm to the local industry if the duty is lifted, proposing a duty of up to 29.88%.
Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis
ArcelorMittal's India joint venture warned New Delhi that planned curbs on low ash metallurgical coke imports, crucial for steelmaking, could harm the industry. The Red Sea crisis complicates supply chains, and the proposed 40% quota for European imports could disrupt operations. India's imports of this key steelmaking fuel have doubled in four years.
Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
India has shifted from being a net exporter to a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes. Surging domestic demand led to increased imports from China, South Korea, Japan, and Vietnam. Despite a rise in exports, India faces challenges from Chinese competition. Strong domestic demand and production growth indicate positive prospects for the Indian steel industry. Strategic adjustments are needed to manage imports and maintain export competitiveness.
India, EU fail to reach accord on steel at WTO
India and the European Union failed to reach an agreement at the WTO on concessions related to safeguard measures on steel imports, impacting India's imports.
Low domestic demand, Chinese dumping depress steel prices
Besides these, sustained Chinese steel output is also eating into India's share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
India's April-May steel imports hit five-year high on buoyant domestic demand
The surge in imports has raised concerns among Indian steel mills, prompting calls for government intervention and safeguard measures. However, the Ministry of Steel has refrained from such actions, emphasizing the strong local demand for steel. Notably, China and South Korea emerged as top exporters of steel to India in recent months, with Indian steel producers like Tata Steel expressing apprehensions about the growing influx of Chinese imports.
China's exports grow 7.6 per cent in May, beating expectations despite trade tensions
Exports rose due to a lower base from last year, with a trade surplus widening to USD 82.62 billion in May.
Icra revises domestic steel demand growth rate to 10 pc for FY25
ICRA revises FY2025 steel demand growth to 9-10% due to strong government spending and sector demand, leading to increased earnings and India remaining a net steel importer in the current fiscal.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
China’s $8.5 billion in steel spurs Latin America toward tariffs
Mexico, Chile, and Brazil have increased duties on steel products from China. In some cases, the duties have more than doubled over the past few weeks. Colombia may also be planning to do the same.
Keeping close watch on steel imports: SAIL Chairman Amarendu Prakash
India's largest steel player, SAIL, is closely monitoring steel imports amid concerns over China's heavy tariffs on electric vehicles, batteries, steel, solar cells, and aluminium. India reported a 38% surge in steel imports to 8.319 million tonnes in 2023-24, becoming a net importer. Steelmakers are seeking government intervention and domestic players are demanding a curb on imports and review of free trade agreements.
Met coal imports from Russia jump nearly three-fold in last 3 fiscals
India's metallurgical coal imports from Russia have increased by three-fold in the last three years, reaching 15.1 million tonnes in 2023-24, mainly due to lower prices. This increase is attributed to lower prices, which are cheaper for domestic steel players. Australia, a major supplier of met coal to India, has seen a decline in its exports to India. The rise in imports is attributed to "cost-benefit" reasons, as imports from Russia are costing less to domestic steel players.
From spices to steel to drugs, India's exports are being hammered
India's path to becoming a developed country hinges on boosting exports, as demonstrated by China's growth. Leveraging bilateral agreements and FTAs, India is expanding into new markets like Africa and Latin America. Yet, quality issues and trade restrictions pose challenges, such as recent bans on Indian spices in Hong Kong and Singapore. Additionally, green trade barriers like the EU's CBAM could impact key sectors like steel, potentially affecting Indian exports to the EU. Strengthening regulations and meeting global standards are crucial for India to realize its export potential.
We might divest steel business only if we get a very good offer:Anil Agarwal
Anil Agarwal of Vedanta Group plans to increase Nand Ghars to 25,000, emphasizing import substitution and minimal debt. Considers divesting steel business but sees potential for expansion as the lowest cost producer, open to offers. He also says that while the total debt is $12 billion, each company will cost $15-20 billion to set up and take 10 years. So, there is hardly any debt.
Need to be watchful about steel imports: Tata Steel's T V Narendran
Tata Steel CEO T V Narendran has urged caution amid a surge in steel imports in India, which has risen 38% to 8.319 million tonnes in the 2023-24 financial year. He said the situation would be a "pity if the situation continues in the long run" and called for the government to address unfair imports. Steel consumption is expected to grow 8-10% in the 2024-25 fiscal year. India's crude steel production increased 14% in FY24.
Coal mine auction likely in May, 30 new blocks to be put on offer
The coal ministry will auction coal mines by May 10 to boost domestic production, reduce imports, and encourage imported coal-based power plants to switch to domestic fuel, aiming for zero thermal coal imports.
Steel industry says surge in imports 'warning signal' for country's Atmanirbhar mission
The Indian steel industry is concerned about becoming a net importer of steel in 2023-24, a "warning signal" for the country's self-reliance. The country has registered a 38% surge in imported finished steel, compared to 6.022 MnT in the preceding fiscal. The Indian Steel Association (ISA) secretary general Alok Sahay called for urgent trade remedial action to arrest predatory imports and prevent China from using India's growth momentum for supporting its steel mills.
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