Indian steel firms likely to raise prices in March

A few large steel makers had hiked prices by ₹500-₹1,000 in February as well. Price hikes in March are likely to be higher in companies that had not hiked prices in February, according to sources.

Agreements with 26 companies signed under PLI scheme for specialty steel: Scindia

Agreements have been signed with 26 companies for 54 applications under the production linked incentive (PLI) for specialty steel, Union Steel Minister Jyotiraditya M Scindia said on Thursday.

ArcelorMittal sees global steel demand rising as cycle turns

Apparent consumption of steel — a key barometer of the world economy — is projected to increase 2% to 3% in 2023, after contracting in key regions last year, the company said Thursday in a statement.

Scrap use in steel output to touch 50% by 2047

Scindia was addressing the plenary session on the final day of the three-day International Indian Material Recycling Conference, organised by the Material Recycling Association of India (MRAI), in Kochi on Saturday.

Global Energy Transition Fuels Boom In Specialty Steel Demand

Via AG Metal Miner New-age steel technologies are exclusive to a select few nations around the world. For this reason, they can only be acquired with significant domestic R&D expenditures or from those countries that already possess them. Either way, these technologies are critical for producing specialized steel products. Among these are automobile-grade continuous annealed products (AGCAP), non-oriented electrical steel sheet, and grain oriented electrical steel. Electrical steel is essential to the ongoing renewable energy transition.…

India seeks to include steel in export incentive scheme: Source

The Remission of Duties and Taxes on Export Products (RoDTEP) scheme offers refunds against various embedded taxes to exporters across sectors such as automobiles and agricultural produce, with steel exports presently outside its remit.

Exports necessary for steel players expanding capacities: AMNS India CEO

The project will add another 6 MT capacity and suddenly one can not increase its market share proportionally, the CEO said.

India's steel industry now 2nd biggest, target is to double crude steel output in 10 years: PM Modi

Prime Minister Narendra Modi on Friday said India has set a target to double the crude steel production capacity from 154 million tonnes per annum now to 300 million tonnes per annum in the next 9 to 10 years in an order to boost indigenous capabilities.

World steel use to fall in another bleak sign for global economy

Demand for the metal -- which is widely viewed as an economic barometer -- will drop 2.3% in 2022, bucking an April outlook for a small increase, the group said in research published Wednesday.

Chinese Steel Manufacturers On The Brink Of Bankruptcy

Via AG Metal Miner Is it all doom and gloom for Chinese steel manufacturing? It’s hard to tell at the moment. Indeed, China finds itself in a precarious place financially. What’s more, a sizable section of global financial and stock analysts have predicted the crises will only get worse as the country prepares to face its toughest winter yet. But that is only half the story. A financial downward spiral hit the Chinese economy hard. Among the most widely hit …

ArcelorMittal Makes $5 Billion Bet On Indian Steel Manufacturing

ArcelorMittal appears quite bullish on India. In fact, the company recently announced its intention to double steel manufacturing at one of its primary plants. ArcelorMittal-Nippon Steel India Ltd. (AM/NS India) plans to spend US $5.1 billion at its Gujarat plant in western India. Betting on strong growth in domestic consumption, the company hopes to boost its crude steel capacity to 15 million tons by 2026. The plant, a deal between ArcelorMittal SA & Nippon Steel Corporation, currently has a capacity …

Another European Steel Plant Scales Back Amid Ongoing Energy Crisis

On September 8, ArcelorMittal Poland announced it would take Blast Furnace No. 3 at the D?browa Górnicza steel manufacturing plant off stream starting in late September. According to the company, the temporary measure is a response to current market conditions throughout Europe. At the moment, ArcelorMittal plans to have the furnace of stream for approximately six weeks. However, a company spokeswoman told MetalMiner that the two other furnaces at the site would continue to operate. “Reducing production is the result …

Steel prices may have finally found a bottom

After continuous week-on-week decline in steel prices for almost six months, domestic integrated steelmakers are hiking the price of the alloy for the first time this financial year, indicating a probable bottom to the declining trend. ArcelorMittal Nippon Steel India (AM/NS) has increased prices by around Rs 500-1000 per tonne, said people in the know. Other leading players like JSW Steel, Tata Steel and Jindal Steel & Power are expected to follow suit this week, they said. Traders and market …

Steel Prices Could Be Due For A Rally As Manufacturers Halt Production

Hot rolled coil prices in Northern Europe declined further the past week due to low demand in steel manufacturing. According to sources, this was due partly to higher costs and uncertain economic outlooks. “There is too much pressure from imports, and stock levels are too high,” one trader told MetalMiner when asked about the declining prices for the flat rolled products. Last week, offers from mills in Northern Europe were €800 ($795) per metric tonne exw for October rolling. This …

Centre to enhance mining output to 2.5% by 2030

To increase the contribution of the mines and minerals sector, the Central government has undertaken various measures with regard to Ease of Doing Business. The increase is towards India's GDP and aims to bring it to 2.5% by 2030, according to the Union Coal, Mines and Parliamentary Affairs Minister Pralhad Joshi on Friday. He had addressed a two-day National Conclave on Mines and Minerals to deliberate on how to achieve the ambitious target. "The intention of this conclave is that …

Are Steel Prices Nearing A Bottom?

U.S. steel prices continue to search for a bottom, although the pace of declines began to slow as August saw the smallest month-over-month percent decrease since May. Nonetheless, by early September, hot rolled coil prices fell beneath the $800/st mark for the first time since December 2020. Plate prices also trended downward last month, dipping below $1,800/st. They now sit nearly 11% beneath their all-time high. In total, the Raw Steels Monthly Metals Index (MMI) fell by 4.01% from August …

NMDC steel plant: Govt to invite bids for sale

The government is expected to invite preliminary bids for the strategic sale of NMDC's Nagarnar Steel Plant by March-end, reported PTI citing an official. NMDC's under-construction steel plant located in Chhattisgarh is likely to begin operations this month. Once the demerger process is completed, the privatisation process of Nagarnar Steel Plant will be undertaken by the Department of Investment and Public Asset Management (DIPAM). "The demerger of NMDC and Nagarnar Steel Plant (NSP) is in the final stages, and the …

World’s Second-Largest Steelmaker Closes European Plant

The world’s second-largest steelmaker, ArcelorMittal, is the latest industrial company to announce a plant closure in Europe due to soaring gas and energy prices. ArcelorMittal will shut one of its two blast furnaces at its steelworks site in Bremen, Germany, from the end of September until further notice, due to the “exorbitant rise in energy prices,” the company said in a statement on Friday. The high energy prices are undermining the competitiveness of steel production and the company is taking …

European Stainless Steel Mills Are Closing Due To Energy Crisis

Stainless steel prices continue to struggle as we approach the final quarter of the year. Meanwhile, nickel prices float just above their 2021 average, closing August at $21,320 / mt. Both indices seem to indicate an overly-cautious marketplace, with buyers and sellers seemingly waiting to see what the other will do. This sort of “commodity” standoff is less than ideal. MetalMiner has recommended that buyers of flat-rolled stainless expect lower transaction prices as we move into autumn. After all, alloy …

Nippon Steel plans to almost double Indian unit's output capacity

Nippon Steel and ArcelorMittal jointly bought India's bankrupt Essar Steel in 2019, now called AM/NS India, and have been considering expanding the venture

Shyam Steel to invest ₹2500 crore in greenfield, brownfield projects

Shyam Steel is currently undertaking brownfield investments of around ₹1,000 crore in its integrated plant in Mejia, Durgapur. The expansion work will be completed by April 2023

China’s Steel Industry Is In Crisis

Everyone thought a COVID-19-ravaged steel supply market in China took a turn towards recovery. However, many other hurdles now stand in the way, both long & short-term. Power cuts and muted demand driven by the construction crisis in China stand in the path of growth. Even worse, the cascading effect has affected the supply of critical commodities like coking coal and iron ore. Like India, infrastructure growth plays a major role in China’s consumption of steel. However, because of the …

India to be number one steel producer: Scindia