In a letter to steel ministry, coal ministry has reportedly denied grant of special status to the proposed Ultra Mega Steel Plants (UMSPs) for priority allocation of coal linkages. Indian steel firms meet upto 70 percent of their demand for coking coal, used as a raw material in steel-making, through imports. The steel industry consumed 43 mn t coking coal last fiscal. By 2017, reports suggest that demand from steel plants may
Author: admin (Infratructure Today)
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Ambiguity in duty hits galvanised steel export
Reports suggest that export of huge amount of galvanised steel is affected because of confusion over export duty on the product and consequently exporters are seeking clarity on the issue. The recent move by Kolkata port to impose 20 percent export duty on galvanised steel created confusion among primary steel manufacturers. Following this, EEPC India, (formerly known as Engin
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INSDAG warns of ore shortage
Sushim Banerjee, Director General of Institute for Steel Development and Growth (INSDAG) cautioned that the Indian steel industry may face severe iron ore shortage in the coming years. Expressing his views in a leading media, he said the bigger issue facing the industry is iron ore shortage. This is going to hit the industry hard. He argued that Indian steel firms did not pay adequate atte
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Coking coal import set to rise
Somdeb Banerjee, a top official of Tata Steel for South Africa expects India's steel production capacity to rise threefold between 2010 and 2020 to 179 million ton a year. The increase in capacity may raise India's import of coal coal to at least 37 million ton in 2012-13 from 31.8 million ton in 2011-12, reports suggest. Reports also indicate that domestic coking coal ou
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Lloyds steel to get more funding from Uttam Galva
The loss making Lloyds Steel, in which Uttam Galva group acquired 58.35 percent stake recently, is set to get a further capital infusion of Rs 380 crore from the group. Agency reports suggest that the Rs 380 crore additional investment would be used to turnaround Lloyds Steel, which posted net losses of Rs 290 crore in last three financial years. Lloyds Steel has a total loan portfolio (both, secured and u
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SunCoke, Visa Steel JV seen in 2013
By the first quarter of 2013, Visa Steel expects to set up a joint venture coke manufacturing firm in collaboration with American firm SunCoke Energy Inc. SunCoke Energy Inc, which is one of the largest independent producers of metallurgical coal across North and South America, is said to have entered into an agreement with Visa in this regard. According to the agreement, which requires approval of shareholders of Visa Steel, SunCoke Energy will have a 49 p
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SunCoke, Visa Steel JV seen in 2013
By the first quarter of 2013, Visa Steel expects to set up a joint venture coke manufacturing firm in collaboration with American firm SunCoke Energy Inc. SunCoke Energy Inc, which is one of the largest independent producers of metallurgical coal across North and South America, is said to have entered into an agreement with Visa in this regard. According to the agreement, which requires approval of shareholders of Visa Steel, SunCoke Energy will have a 49 p
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Steel price may move upward
Steel companies in India expect steel prices to rise in local market in line with global market because of spike in raw material cost. It may be mentioned that Indian steel prices are aligned to international prices. According to CS Verma, Chairman of Steel Authority of India (SAIL), benchmark global prices of hot rolled coils (HRC) have risen $10 per tonne in the last one month.
Raw material prices are also climbing. From recent lows, iron
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Steel price may move upward
Steel companies in India expect steel prices to rise in local market in line with global market because of spike in raw material cost. It may be mentioned that Indian steel prices are aligned to international prices. According to CS Verma, Chairman of Steel Authority of India (SAIL), benchmark global prices of hot rolled coils (HRC) have risen $10 per tonne in the last one month.
Raw material prices are also climbing. From recent lows, iron
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Steel demand may grow 5.5% in 2012
According to a recent study by World Steel Association (WSA), IndiaÂ’s steel demand growth may decline to 5.5 per cent in 2012 and five per cent in 2013 owing to unfavourable domestic and economic conditions. Earlier, the association projected 7.9 per cent growth in demand for 2012. The study also shows that growth in crude steel prod