EPC contractors seek fixed-price contracts with steel firms on rising input costs

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 […]

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India approves Rs 6,322 crore PLI scheme to boost domestic specialty steel production

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 […]

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High prices of iron-ore and pellets forcing small secondary steel units to close shops

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 […]

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JSPL announces Rs 1 lakh crore plus investment in Odisha during the next 10 years

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 […]

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Is steel price likely to be cut in July?

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 […]

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UK to extend quotas and tariffs on most steel imports

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 […]

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