According to unconfirmed media reports, the union cabinet may decide on whether to allow Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL) to charter hire vessels to import raw materials. Every year, the two firms together import around 14-15 million tonne of raw materials. As SAIL is expanding capacity to 23.46 million tonne per annum and RINL
Tag: Raw material
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Road work stranded due to lack of raw material
Road projects in Nashik came to a halt because of lack of availability of a key raw material, 'murum' soil, with the environment ministry yet to approve mining of stone quarrying in the district. It may be noted that the a Supreme Court (SC) order makes it mandatory to obtain environmental clearance for mining of minor minerals, even on land less than five hectare
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Subdued demand may hit margins of steel firms
Owing to subdued demand for steel, earnings of companies in the sector may remain under pressure despite decline in the cost of coking coal and iron ore, the two key raw materials. Some analysts feel that earnings of steel firms may not improve in the next quarter and may recover only from the second half of 2012-13 as demand revives once cons
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JSPL aims to be third largest steel maker in 2 yrs
Jindal Steel & Power (JSPL), which is currently the country's sixth-largest steel producer, plans to climb to the third slot by 2015. By 2015, the firm reportedly aims to raise its steel capacity to 14 million tonne per annum (mtpa) and pellet (direct reduced iron) capacity to 14.5 mn tpa. The firm plans to set up a 6 mn tpa steel plant in Angu
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Ore export in FY14 may have declined 69%
India's export of iron ore in 2012-13 is estimated to have declined 69 per cent to 18 million tonne (mn t) from 61.8 mn t in the previous year. Data from the Federation of Indian Mineral Industries (FIMI) shows the country exported 16.3 mn t of the steel-making raw material between April 2012 and J
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AOSF urges Odisha govt to ensure ore availability
The All Odisha Steel Federation (AOSF) again urged the state government to make available raw material (iron ore) for the local steel and sponge iron makers at fair prices. In a letter to the steel & mines department, AOSF said the policy resolutions taken by the state government to ensure raw material security for the local plant
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FIMI wants govt to withdraw export duty on bauxite
Reports indicate that the Federation of Indian Mineral Industries (FIMI) requested the central government to withdraw export duty of 10 percent levied on export of low grade bauxite. The industry body argues that the proposed levy may force mine closures in states like Gujarat and Maharashtra and affect the direct and indirect employment opportunities for
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Power industry demands gas price pooling
Industry players in the power sector demanded the union oil ministry to form a common natural gas price pool for core sectors such as power and fertilisers. They also asked the ministry to raise the domestic supply of natural gas for power plants by diverting 6 million standard cubic metre per day (mscmd) of gas being supplied to the non-core sector and reserving the new
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SEIL hopes to borrow funds for pellet plant project soon
B Satish Kumar, Managing Director of Steel Exchange India (Seil) expressed hope that the firm may achieve financial closure for its proposed Rs 300-crore pellet plant by three-four months. He said the company is awaiting environment clearance for the proposed 600,000 tonne capacity unit which would come up at its existing steel plant and would help it cut production cost
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Price of steel products rise
The prices of steel products like Hot Rolled Coil and TMT bar have increased by 34.38 percent and 35.64 percent respectively during the last 3 years. This is owing to increase in cost of crucial raw materials, labour, transportation and other inputs. Minister of Steel, Beni Prasad Verma informed this in Lok Sabha. The minister said, although the prices of Coking Coal have decreased (in rupee terms) by 15.20 perc