STEEL PRICE
SAIL to invest Rs 6,500 Cr towards capex in FY25: CMD Amarendu Prakash
Steel Authority of India Ltd (SAIL) plans to invest ₹6,500 crore this fiscal year as part of its ₹1 lakh crore capex over the next few years, said CMD Amarendu Prakash. Speaking at an Indian Steel Association event, Prakash addressed concerns over Chinese steel dumping and urged government action to mitigate this issue.
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.
Steel body wants merger of three Companies with SAIL for synergy
The Steel Executives Federation of India (SEFI) has proposed merging state-run Rashtriya Ispat Nigam Limited (RINL), Ferro Scrap Nigam Limited (FSNL), and Nagarnar steel plant with Steel Authority of India Limited (SAIL) to create a stronger public sector entity. It emphasised the potential benefits in achieving capacity expansion targets and addressing resource challenges faced by the individual firms, while questioning the wisdom of FSNL disinvestment.
Former SAIL CMD Chandra Shekhar Verma joins Shyam Metalics as independent director
Shyam Metalics and Energy Ltd has appointed former SAIL CMD Chandra Shekhar Verma as its independent director. Verma will join the strategic advisory board and participate in key decision-making processes for the company's growth and development. Prior to joining, Verma served as Chairman and Managing Director of SAIL.
Vraj Iron and Steel shares list at 16% premium over IPO price
Vraj Iron and Steel's strong listing surge correlates with its exceptional 126.36 times subscription rate, reflecting robust investor confidence. Analysts highlight risks including regional facility concentration and absence of long-term customer contracts, advising cautious consideration amidst the company's promising outlook.
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.
Vedanta sees sale of steel operations by October, to spend $1.9 billion on capex
The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated.
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.
Steel demand to grow by 9-12 pc in FY25: Ind-Ra report
India Ratings and Research (Ind-Ra) forecasts a 9-12% growth in steel demand for the ongoing 2024-25 fiscal year, driven by end-user industries like automobiles and infrastructure. Global steel demand is expected to remain steady, with China transitioning to low carbon initiatives. Domestic players are predicted to have stable credit metrics.
Tata Steel credit metrics to improve in FY25: CreditSights
CreditSights predicts Tata Steel's credit metrics to improve this fiscal year due to increased domestic steel demand, lower coking coal prices, and a strong EBITDA growth in FY25. It expected net leverage to enhance. Despite a significant drop in consolidated net profit for the March quarter, CreditSights believes Tata Steel's annual results were better than expected, with revenues and EBITDA declining due to losses in Europe and higher expenses.
Welspun Corp associate company signs Rs 3,670 crore contracts with Aramco for steel pipe supply
Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year.
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.
Tata Steel's UK business likely to make operating profit in H2, says CEO T V Narendran
"We don't expect demand in UK to shrink beyond what it is. We will be at least $150 per tonne cheaper in the cost of production. This changes our cost position, and we will not start losing money in the UK every time steel prices drop," Narendran said in an interview with ET.
Tata Steel net falls 65% to ₹555 cr on lower India prices
The firm's consolidated revenue during the quarter fell around 7% on year to ₹58,678 crore, while its earnings before interest, tax, depreciation and amortisation (Ebitda) declined more than 8% at ₹6,631 crore. Operations in India, which are the company's mainstay and account for almost 70% of the volumes, saw a marginal decline in sales and operating profit for the quarter.
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.
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.
Load More
