Steel Growth

The ISA said that with strong momentum in infra spending and sustained growth in urban consumption, steel demand in India would expand by 8-9 mt every year in the next two financial years

ArcelorMittal SA on Friday said its Indian steelmaking joint venture with Asian peer Nippon Steel Corp has entered into a $5 billion loan deal

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

The domestic steel demand needs to grow at a compound annual growth rate (CAGR) of 9 per cent over the next decade to meet 160 kg per capita steel consumption target envisaged in the National Steel Policy (NSP). Launched in 2017, NSP also aims to ramp up the country's crude steel production to 300 million tonne (MT) by 2030-31. Jayanta Roy, Senior Vice-President & Group Head, Corporate Sector Ratings, Icra said, India's current per capita steel demand of 76 kg is not only significantly below the world average of 233 kg per capita, but also remains the lowest among Brazil, Russia, India, China and South Africa (BRICS) nations. To take the country's steel consumption close to NSP target of 160 kg per capita in FY2031, the domestic steel demand would need to grow at a CAGR of 9 per cent in the next decade, the expert said in an Icra report on Wednesday. He further noted, "This is almost double the growth rate achieved in the decade gone by. While achieving this milestone will be ...

The Reserve Bank of India (RBI) on Friday pared its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Steel Minister Jyotiraditya Scindia emphasised on the need to promote domestically produced steel or 'Made In India' steel, as self-reliance in its production was a top priority.

India's crude steel production rose over 6 per cent year-on-year to 10 million tonnes in June 2022, according to World Steel Association.

Stating that steel plays a major role in the country's economy, newly-appointed Union Steel Minister Jyotiraditya Scindia on Friday said India's production will double to 240 MTs in coming years.

Now, beginning June, steel mills are expected to announce a cut for monthly contracts

Union Steel Minister Ram Chandra Prasad Singh lauded the government and the people of Odisha for making big strides in development

A new GBP 4 million investment at a major facility in north-west England will allow for more efficient and sustainable supply of critical steelmaking material to the Port Talbot steelworks in Wales

China has removed export tax rebates for 23 steel products. Export tax on key steel-making inputs pig iron and ferrochrome is set to rise

Rural off-take has taken a hit due to increased spend on health and lower incomes

Shares of SAIL on Friday rose by 5 per cent after the company posted a 31 per cent jump in its consolidated net profit for the quarter ended March 31, 2021.

If Tata Steel's stock does not recover the gap-down range, the downside bias may drag it towards Rs 1040 levels.

The rebound in the global economy as the Covid-19 pandemic recedes has sent rust on a wild ride. Prices for futures in Singapore have nearly doubled in the past six months to a record high of $226.55,

The rebound in the global economy as the Covid-19 pandemic recedes has sent rust on a wild ride. Prices for futures in Singapore have nearly doubled in the past six months to a record high of $226.55,

With profitability at record levels, even if steel prices correct by 15-20% going ahead, players would still be in a comfortable position to deleverage, says an analyst

The current price differential is the highest in over 13 years, surpassing the previous high of Rs 13,000 a tonne seen in June-August 2008

As of April 12, HRC steel prices were $300/tonne higher. India has already exceeded its EU quota by 40,000 tonnes this year but hopes steel will be allowed given coil shortage in Europe