The move will give the company an early lead among peers as scrap generation increases in the Indian economy, which is also the fastest growing steel market in the world.
The new FSA tenure would be applicable from the fourth tranche of auction of coking coal linkages for the steel sector to be held shortly, Coal India said in a notice to its subsidiaries.
International Trade Minister Liam Fox said in parliament, "We are looking to see what impact there may be from any diversion and whether we need to introduce safeguards to protect UK steel producers."
The global steel industry's progress in reducing emissions and energy use continues to be limited. The challenge for the industry will be to lower carbon intensity at a time when demand for steel is forecast to grow 31 per cent by 2030, from 2016 levels.
Steel sector is on a revival mode and the consumption is increasing in tandem with production, said Steel Secretary Aruna Sharma.
According to the report, India's steel output during January-October 2017 was 6.4 percent higher at 84.123 MT, as against 79.073 MT during the corresponding period of 2016
Incidentally, in 2015, the validity of existing non-captive mines was extended till March 31, 2020, and those of captive leases till 2030 as per the amended Mines and Minerals (Development & Regulation) Act.
Steel Minister Chaudhary Birender Singh said the country's steel output is at around 120 million tonnes and the government is aiming to achieve 300 million tonnes by 2030.
Speaking to CNBC-TV18, Kalyani Steels Managing Director RK Goyal said that profitability in Q3 was impacted by forex losses triggered by a falling rupee.
Britain's steel industry needs a comprehensive new strategy from government to boost the sector, which has struggled with red ink, plant closures and job losses in recent years, according to a report released by a parliamentary committee on Monday.
"Due to the slowdown in steel industry, domestic demand of iron ore is very subdued. At present, the iron ore from Odisha and Jharkhand can be exported only from Haldia, Paradip, Vizag and Dhamra ports," FIMI Secretary General R K Sharma told PTI.
"I am going to take this as a good move by the ministry to put the anti-dumping duty (on steel products) in place," says Manish Sarda of Sarda Energy.
The health of over USD 100 billion domestic steel industry will depend on the continuation of minimum import price (MIP) beyond this month, among other factors, Icra said Tuesday.
Steel Minister Birender Singh said in Lok Sabha that efforts are on by banks and Reserve Bank of India to restructure the loans given to the steel industry so that the loans could be recovered.
Steel Minister Chaudhary Birender Singh has asked the steel industry to bring a roadmap if minimum import price (MIP) is extended, reports CNBC-TV18.
Tata Steel may still hold on to its UK steelworks and their proposed sale may be put off after a personal intervention by Prime Minister David Cameron who is keen on averting the collapse of Britain's steel industry ahead of the EU referendum, a media report said today.
The company is also looking to sell non-core assets worth nearly Rs 3,000 crore to deleverage its balance sheet, says Ravi Uppal, MD & CEO of Jindal Steel and Power (JSPL).
Under the new decision, public sector bodies are to be encouraged to buy British steel for construction projects in an effort to help save the industry. The government said councils and NHS trusts will be asked to consider the economic impact of buying from abroad.
Referring to steel prices, Narendran said he did not wish to predict their range for the next few months, but said domestic steel price was still lower than minimum import price (MIP) imposed by the government in February.
Indian steel manufacturers who are hammered by cheaper imports and overcapacity in the Chinese markets may find some relief. The government is mulling over providing some financial support to the troubled sector.
Amidst subdued demand and the specter of China flooding global markets with cheaper products, analysts predict a tough 2016 for the industry worldwide but expect India to remain more profitable than its Asian peers helped by higher domestic economic growth and rising demand.
The Union Minister for Shipping, Road Transport and Highways was speaking at the foundation stone laying ceremony of the dry port proposed to be constructed at Javas village, around five kms from here.
After years of poor production crippling power supply, state-run Coal India is boosting output at a record pace to meet Prime Minister Narendra Modi's goal of connecting to the grid millions of Indians who still make do with kerosene lamps.
The company proposes to make a fresh issue of 36 lakh equity shares at a fixed price of Rs 32 per share including a premium of Rs 22 per share (face value of Rs 10 per share).