STEEL EXPORTS
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.
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.
Indian steel producers worry as weak domestic demand and Chinese dumping depress prices further
Indian steel makers are grappling with weak local demand and Chinese steel imports impacting exports to UAE and Vietnam. Steel prices in India under pressure due to low import prices.
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.
Global demand revival: How is India poised?
As the global demand sees some revival, India must get its act together to make the most out of it.
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.
China’s exports surge more than expected in boost for economy
Beijing is relying on sales abroad to offset weak consumer spending at home, where a real estate slump has led households to tighten their belts.
China risks trade war on two fronts as low-tech exports soar, too
Rising trade tensions as the EU, US, and potentially Canada impose tariffs on Chinese electric vehicles, are impacting global trade dynamics.
2,500 job cuts! Layoffs in Tata Steel's UK operations inevitable, says CEO Narendran
Tata Steel's transition to low-emission electric arc furnace process at its UK operations will lead to the loss of around 2,500 jobs. The move, part of a decarbonization plan, aims to reduce production costs and cut CO2 emissions. Worker unions are protesting against the job cuts, which are seen as inevitable.
JSW Steel comes out with a new product for green energy space
JSW Steel is producing 'JSW Magsure', a zinc-magnesium-aluminium alloy coated steel product, to replace imports in India. The product, which had a demand of around 100,000 tonnes in 2023-24, is expected to reach 250,000 tonnes this year due to renewable energy. The company plans to supply 120,000 tonnes of JSW Magsure domestically and export the remaining 25,000 tonnes.
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.
JSW Steel eyes 50 per cent market share in coated steel segment
JSW Steel introduced zinc-magnesium-aluminium alloy coated steel and aimed for a 50 per cent market share within one year. With an investment of Rs 500 crore, JSW set up 0.9 million tonnes capacity in Karnataka and Maharashtra. This move reduces India's reliance on coated steel imports. JSW Steel is the first Indian company to offer this product domestically. Export opportunities to Europe and the Middle East are being explored.
Lower shipments of iron & steel dragged down engineering exports in April by 3.2%
Engineering exports are expected to rise on the back of global trade pick-up in coming months, says EEPC India Chairman.
India only nation among top 5 to see growth in steel production
India is the only top five steel producing nation to see growth in production in April, while China, Japan, and the United States experienced a decline. India's steel production rose by 3.6% in April, with a total of 49.5 million tonnes produced from January-April this year.
JSW Steel sees highest-ever sales volume in FY24, guides for further growth
The country’s largest steel-maker has guided for consolidated steel production of 28.40 million tonne, and saleable steel sales of 27 million tonne this year.
JSW Steel Q4 Results: Profit falls 64% YoY to Rs 1,299 crore
JSW Steel reported a 64% YoY drop in consolidated net profit to Rs 1,299 crore for March 2024, with revenue from operations at Rs 46,269 crore. The Board recommended a final dividend of Rs 7.30 per share, and the EBITDA margin was 13.2%. Details on operating profit, sales realisations, total sales volumes, exports, and production achievements were highlighted.
Jindal Stainless eyes 20% volume growth in FY25, to spend over Rs 5,000 crore on capex
The country’s largest producer of stainless steel sold 2.17 million tonne of stainless steel in 2023-24 (Apr-Mar), a growth of 23%, surpassing the company’s guidance of 20% for the year.
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.
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