Uncertainty in steel prices have prompted a few engineering procurement and construction (EPC) players in the highways sector to negotiate with the domestic steel majors for fixed-price annual contracts. Concerned about the rising cost of the raw material, some of them have requested the ministry of road transport and highways (MoRTH) to consider the inclusion […]
The government approved a Rs 6,322-crore production linked incentive (PLI) scheme to boost production of specialty steel in India. A decision in this regard was taken during the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, Information and Broadcasting Minister Anurag Thakur informed. He said that incentives worth Rs 6,322 crore will be […]
ArcelorMittal SA has signed a memorandum of understanding with the Spanish government for a 1 billion euro ($1.2 billion) investment to build the world’s first large-scale zero-carbon steel plant. The company would build a unit that processes iron ore using green hydrogen at its plant in Gijon, a spokesperson for the firm said in a statement. […]
Private steelmaker JSW Steel on Friday reported 39 per cent growth in its crude steel output to 4.10 million tonne (MT) during the quarter ended June 2021. The company had produced 2.96 MT in the April-June quarter of 2020-21, JSW Steel said in a statement. In June alone, it produced 1.37 MT, up 18 per cent from […]
Unprecedentedly high prices of iron-ore and pellet are compelling small secondary steel units in various states including West Bengal to down shutters or curtail production. In West Bengal, at least five such MSME units have closed down while 100-115 others curtailed production between 15 and 50 per cent, Steel Re-rolling Mills Association chairman Vivek Adukia […]
The Odisha government has issued Notice Inviting Tender (NIT) for online auction of 11 more mining blocks, including seven virgin blocks. The Directorate of Mines has issued the notice for grant of mining lease for seven iron ore blocks, two iron ore & manganese blocks, one iron ore & dolomite and one bauxite block. The seven iron […]
Jindal Steel and Power Limited (JSPL) will invest over Rs 1 lakh crore in Odisha to create employment opportunities in the state, its Chairman Naveen Jindal has said. The industrialist said this responding to a meeting chaired by Odisha Chief Minister Naveen Patnaik last week in which five major industrial projects worth Rs 1,46,172 crore […]
With global steel supplies improving, the uptrend in steel prices over the past one year is likely to tone down, said a CARE Ratings report. Led by China and India, global steel production grew 15 per cent year-on-year during the first five months of 2021, said CARE Ratings. However, the rating agency does not see […]
Steel prices are likely to see a downward revision in July 2021, according to metal analysts. Likelihood of global price cuts may impact the Indian prices as well. Russia is likely to impose an export tax from August and so there is a possibility of higher exports from Russian producers. Moreover, Chinese prices have seen […]
Britain is set to introduce new regulations to help defend its steel industry after accepting a recommendation from its newly established Trade Remedies Authority (TRA) to scrap some quotas on imports. Trade minister Liz Truss said the government only had the option of accepting or rejecting the recommendations in full, which said quotas and tariffs […]
