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62 percent of India’s steel imports come from Free Trade Agreement (FTA) partner countries. “This means that any increase in tariffs may not effectively curb imports from these countries," Steel Secretary Sandeep Poundrik added.
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CLSA’s argument is that while valuations of steel companies have risen sharply over the last year, the spreads—the difference between ore and the finished product—continues to be under pressure
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The scheme aims to replace fossil fuels and fossil fuel-based materials with eco-friendly Green Hydrogen and its derivatives.
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At NMDC, the proposed investments were raised 24 percent to Rs 2,200 crore while MSTC's investments were cut 90 percent to just Rs 10 crore.
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JSW Steel's unit JSW Steel Coated Products proposes to pay Rs 612.47 cr to the financial creditor of NSAIL, while infusing another Rs 8.52 crore via loans
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Industry experts view the imposition of export duty on steel as temporary, similar to one in FY08, when the export duty was withdrawn within a month on flats and in a few months on longs.
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The government, on May 21, increased the duty on exports of iron ore to 50 percent from 30 percent and imposed 45 percent duty on pellets. It also imposed a 15 percent export duty on hot-rolled and cold-rolled steel products from nil earlier
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Ind-Ra argues that the PLI scheme for speciality steel will help the domestic industry update technology, be cost competitive, and move up the value chain. However, certain challenges need to be overcome to make the scheme more inclusive
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According to a brokerage commentary, export orders at Indian mills have dried up and domestic demand is yet to see any meaningful recovery. Expect HRC prices to correct by 5-10% over the next two-three months in India, partially helped by longer lead times for import orders.
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China concerns are likely to impact steel sector and Indian players will have an opportunity for higher exports. Steel prices are likely to remain elevated based on higher coking coal prices
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Tata Steel MD: Despite a comfortable cash position & continued deleveraging, Tata Steel will not look at inorganic acquisitions overseas, the company eyes flat steel units in India and will expand the vertical organically.
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Managing logistics requirements is still challenging and costly for many steel makers in India, ISA Secretary-General Bhaskar Chatterjee said in the Indian Steel Markets Conference 2021 organised by mjunction.
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Apart from changes in the import duty structure, the industry hopes the Budget has enough to boost auto and infrastructure sectors, the two biggest consumers of the metal.
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After 2019 saw the domestic market grapple with surge in imports, increased dependence on imported coking coal from select countries, the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.
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Though the company came out of the CDR in 2006, a little more than a decade later it finds itself in trouble again.
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As per the National Steel Policy 2017, the Indian steel industry contributes approximately 2 percent to the country's Gross Domestic Product (GDP).
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One of the largest ARCs in the country, sponsored by Edelweiss Group, it has already bought bad loans worth Rs 630 crore from banks in the three month period from April to June this year.
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Prime Minister’s Office (PMO), Finance Ministry and Steel Ministry are joining hands to tackle the stress in steel sector, the focus is on the large non-performing assets (NPAs) in the sector.
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The steel ministry is working closely with the NITI Aayog on pricing the country’s natural resources like iron ore, coking coal, coal, gas, among others.
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China will cut steel capacity by 50 million tonnes and coal output by more than 150 million tonnes this year, according to a state planner work report at the opening of the annual meeting of parliament.
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Asserting that the steel sector has started "stabilising", Steel Minister Chaudhary Birendra Singh today said the industry must gear up to face global competition as protectionist measures like minimum import price (MIP) and anti-dumping can not continue indefinitely.
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The earlier deadline expired today and the present extension was necessitated as licensing process by BIS would take some more time, the Steel Ministry said in a statement.
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"A comprehensive package for steel sector should be unveiled encompassing special financing arm for providing capital for expansion of capacities, easy extension of working capital loans, long-term policy on freight tariffs and augmenting transportation infrastructure capacity to meet needs of steel production," it said in a statement.
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A report by Business Standard says that global coking coal prices have crossed USD 190 a tonne recently, and Coal India has decided not to increase its prices and recapture market share where the import of coal has increased.
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"India has initiated 15 trade remedy investigations against Chinese products in the first eight months of the year, with observers forecasting even more probes in the foreseeable future," the Global Times reported.
