Steel
Firms seek expansion of speciality steel products covered under PLI 1.1
Speciality steel manufacturers are advocating for the inclusion of value-added products like wires, bright bars, and stainless-steel components for defence in the upcoming version of the production-linked incentive (PLI) scheme. The government has initiated discussions on broadening the PLI scope, with industry submissions expected soon. Major steel companies participated in a recent meeting to provide inputs.
India set to hold more talks over import curbs on steelmaking raw material
India has decided to consult steel companies before imposing restrictions on imports of low ash metallurgical coke, essential for steelmaking. The move has faced opposition from major steel producers, who claim this could hinder capacity expansion. Authorities are also considering alternative measures such as setting a minimum import price.
No irregularity in govt clearing sale of 3,666 acres to JSW Steel: Karnataka minister
Karnataka Minister M B Patil assured there was no irregularity in transferring 3,666 acres to Jindal Steel, following a High Court directive. The Cabinet's decision implemented a 2021 order from the previous BJP government. JSW Steel will acquire the land at rates between Rs 1.22 lakh and Rs 1.50 lakh per acre.
Karnataka minister defends govt's decision to sell land to Jindal Steel Company
Karnataka's Industries Minister MB Patil justified the lease-cum-sale of 3,677 acres to Jindal Steel, arguing it complied with legal standards and market values. He noted the company's significant investments and job creation in the state, emphasizing the need to retain investor confidence amidst tough competition from other Indian states in the industrial sector.
India steel market hit by unfair imports, dumping amid slump in China: former steel secy
Former steel secretary Nagendra Nath Sinha has raised concerns about the Indian steel market being impacted by unfair imports and dumping, exacerbated by a demand slump in China. He emphasised the need for the government to take immediate action to address these issues to protect the profitability of domestic steel makers. An anti-dumping probe has been initiated into the import of hot-rolled steel products from Vietnam following complaints from the Indian Steel Association.
India's steel sector's tech investment likely to hit $2.7 bn by 2030: Report
Investments in process and digital technologies in India's steel value chain are expected to rise to USD 2.7 billion by 2030, enhancing technological capabilities and driving sustainability in the industry. The FICCI-Deloitte report also highlights the role of digital tools in improving energy efficiency, environmental compliance, and worker safety in the mining and steel sectors.
India remains net steel importer in April-July as Chinese shipments rise
India has been a net importer of steel during April to July of the current fiscal year, importing 2.69 million tons, primarily from China. Meanwhile, exports totaled 1.57 million tons. The increasing imports have driven down steel prices to their lowest in more than three years. Major steel companies have expressed concerns over rising imports.
UK allocates funds to support Tata Steel's decarbonisation
The British government provided GBP 13.5 million to support Tata Steel UK's decarbonisation, assisting affected workers and local businesses. Trade unions and industry are collaborating to ensure a green steel transition. Tata Steel UK is also planning a new Electric Arc Furnace by 2027, aiming to mitigate environmental issues.
Review of National Steel Policy begins
The NSP had set a target of 300 million tonnes (mt) of crude steel production by 2030. India's crude steel production stood at 143 mt in FY24, a rise of 12.6% from 127 mt in FY23. It has increased by around 42% since the launch of the NSP in 2017 when the country produced 101 mt of crude steel.
AM/NS India launches patented colour coated product in India
India currently consumes around 3.2 million tonne of coated steel each year, he told ET, adding that the demand for this product from the value-added segment is growing at a faster pace than that of steel.
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AM/NS India will look at acquisitions if opportunities come its way: CEO
AM/NS India is actively seeking acquisition opportunities. CEO Dilip Oommen confirmed ongoing interest in viable deals, including talks with Vedanta's Electro Steel. However, valuation differences pose challenges. The company plans to increase production capacity in Hazira and Paradip, targeting a larger market share for flat products.
India initiates anti-dumping probe into import of hot-rolled steel products from Vietnam
India has launched an anti-dumping investigation into hot rolled steel imports from Vietnam after a complaint from domestic manufacturers. The Directorate General of Trade Remedies will examine import data from April 2020 to March 2023 to determine if dumping has harmed local producers. The probe could lead to anti-dumping duties if injury is confirmed.
India’s steel demand to grow by 8% annually in 2024 and 2025: Steel Ministry
According to official estimates, crude steel production reached 36.61 million tonnes (MT), finished steel production clocked 35.77 MT, and finished steel consumption hit 35.42 MT during the first quarter of financial year 2024-25. Total steel production during the first quarter of the current fiscal stood at 72.4 MT, up from 68.5 MT in the comparable months of the previous year.
SAIL sees steel prices slipping further in current quarter
Steel Authority of India anticipates a further Rs 1,000 per tonne drop in its blended realizations this quarter due to the pressure from cheap Chinese imports on local steel prices. In the June quarter, net sales realization for blended steel prices was Rs 53,700 per tonne, marking a decline of Rs 800 from the March quarter.
Rising Chinese steel imports may hit local investments, warns AMNS CEO Dilip Oommen
Increasing the basic customs duty to 12.5% from 7.5% at present, implementing the 'melt-and-pour' norm in free trade agreements (FTAs), and making BIS norms more stringent could be some of the measures that the government can look at implementing in the short-term, Dilip Oommen said.
Jindal Stainless to supply high-end stainless steel to BrahMos Aerospace
Jindal Stainless announced on Monday that it will produce customized stainless steel and specialty low-alloy steel sheets for BrahMos Aerospace's defence projects. The company has been accredited as a qualified vendor for manufacturing and supplying steel plates from its Hisar plant in Haryana. Jindal Stainless MD Abhyuday Jindal emphasized the company’s commitment to making India self-reliant in its defence sector. The firm has previously supported DRDO and ISRO projects, including Chandrayaan and missile systems, and recently developed special alloy steel sheets for the SMART system.
