Indian steel makers cut capital expenditure on slow growth and to conserve cash

After a lacklustre performance in the second quarter, several top domestic steelmakers are cutting down on capital expenditure and conserving cash, for what can be described as a long winter before demand revives. Tata Steel, JSW Steel and Jindal Steel and Power (JSPL) have decided to slash their capital expenditure for the year, says a […]

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India’s new steel scrap policy raises concerns on higher unprocessed imports

India’s new steel scrap policy has raised several market concerns ranging from a surge of mixed metal (unprocessed) scrap flowing into the country to challenges of setting up recycling centers, market participants said. On 6 November, 2019, India’s Ministry of Steel unveiled its steel scrap recycling policy after seeking industry feedback on a draft of […]

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Sixteen global steel industry groups to find ways to reduce overcapacity in global steel

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Sixteen steel industry associations on five continents including Indian Steel Association today praised the agreement by a “large majority of members of the Global Forum on Steel Excess Capacity (GFSEC)” to “continue the Forum’s work on the issue of steel excess capacity,” and called upon the few dissenting members to reconsider their current position as […]

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Steel demand to increase as India embarks to become $5 trillion economy: Petroleum Minister, Pradhan

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The Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has said that the demand of steel in the country has seen substantial increase and is expected to increase further in the future as India embarks to become a US $ 5 trillion economy. Addressing the Ministerial Meeting of Global Forum on Steel Excess […]

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Mining entities in Karnataka expect iron ore prices to drop further

Mining companies in Karnataka are expecting iron ore prices to fall as supply from NMDC’s Donimalai mines is likely to restart. Lesser offtake of steel due to a decline in demand is another reason being cited for the fall in iron ore prices, reports Business Standard. To ensure seamless renewal of mining leases allocated to the government companies, the Union […]

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