According to ICRA, the domestic steel industry is facing new challenges and looking for opportunities as a result of US President Donald Trump’s recent announcement to raise tariffs on imports of steel and aluminum significantly and to cancel exemptions and duty-free quotas for major suppliers like Canada, Brazil, the European Union (EU), Mexico, South Korea,…
Manufacturer of steel tubes and pipes Hi-Tech Pipes received an order for ERW steel pipes worth Rs 105 crores from clients in the renewable energy industry. The company claims that within the next three months, its newly constructed, state-of-the-art facility in Sanand, Gujarat, with its enhanced technology, would help meet this demand. Solar power plants,…
On Wednesday, the Supreme Court denied a request to modify its June 25 decision, upholding state governments’ legislative authority to impose taxes on mineral rights and mineral-bearing lands in addition to royalties with future effect. This authority also permits these levies to be collected from “mining firms and the Center” as of April 1, 2005….
Due to the statistical impact of a high base, the growth of “core sectors” decreased to 5.2% in March from 7.1% in February, according to figures issued by the trade ministry on Tuesday. On the other hand, the output of eight key industries increased sequentially in March by 9.9%, the highest rate in a year….
According to the World Steel Association (World Steel), India’s crude steel production increased by 4.1 percent to 11.2 MT in May 2023, despite a 5.1% decline in global output to 161.6 MT. Chinese crude steel production in May totaled 90.1 MT, maintaining its position as the world’s top producer of steel despite a 7.3 percent…
Despite being a net exporter of steel, India saw a rise in imports of this important commodity for infrastructure in FY23 of over 45%. In the past three years, this rise ranks among the largest. The greatest imports during the past few years, since India became a net exporter of steel, were in FY20 at…
India’s domestic steel prices are still unstable due to weak purchasing, delayed international demand, a decline in export offers, and lower-than-expected demand in traders’ markets. This week, the benchmark hot-rolled coil (HRC) price was about 59,200 per tonne, a 2–3% decrease from the same time last month (mid-March). After mid-March, there had been some cooling…
Steel producers, led by JSW Steel and Tata Steel, have reported record production in the March quarter despite erratic domestic demand and unrest around the world. According to Tata Steel, the slowdown in its global operations was a major factor in the minor increase in its consolidated production, which increased to 7.59 million tonnes (7.55…
State-owned SAIL manufactured a record 18.28 million tonnes (MT) of crude steel during the fiscal year 2022–23, representing a growth of 5.3% from the previous year. During the fiscal year that concluded on March 31, hot metal output increased by 3.6% to 19.40 MT. The Steel Authority of India (SAIL) announced in a statement that…
Due to anticipated price growth for the metal, which had been stagnant for the first nine months of the year, steel manufacturers’ margins would improve in the fourth quarter. An added benefit would be the openness of China. In Q4, an increase of 7-8% in steel demand is predicted. “Steel prices increased from $600 per…
