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Indian steel imports surge, exceed exports by 0.34 million tonnes in Q2FY24
52 mt and 0.59 mt and 0.6 mt and imports at 0.16 mt).38 mt.

🔗Abhishek Law

🇮🇳 India · 🗓️ October 17, 2023 · Steel

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Jindal Steel and Power plans to make Angul facility India's largest single-location steel plant: MD Bimlendra Jha
The Angul steel plant, a 1."This is the right time to invest in the domestic steel sector.On the expansion of the Angul plant, Jha said the company aims to complete the trial production by the end of 2023 and commercial production by next year.6 MTPA, the company said in a statement.Currently, the capacity of the Odisha plant is being ramped up to 11.

🇮🇳 India · 🗓️ October 17, 2023 · Steel

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India and Sweden to collaborate on development and production of green steel
The collaboration is being spearheaded by the ministry of steel from India’s side, but the final letter of intent to be signed between the two countries will be led by the ministry of forests, environment and climate change (MoEFCC) of the Indian government.The Swedish Research Institute for Mining, Metallurgy and Materials has provided inputs to the government-to-government talks on the collaboration and has submitted that initiatives need to be launched to develop processes of steelmaking from lower grade ores, replacing the blast furnace route with the direct reduction iron (DRI) process, and develop the use of hydrogen and bio-carbons as reductants.The two countries will jointly attempt to seek funding from multilateral institutions like the United National Industrial Development Organization, OECD, World Bank and also private fund managers, the official said.The official said that the scope of the collaboration outlined included carrying out joint studies on technologies for green steel production, setting up pilot projects, and experimental technologies like switching to hydrogen-based steelmaking from fossil fuel-fired blast furnaces.

🇮🇳 India · 🗓️ October 17, 2023 · Steel

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Global steel prices may rise a tad on hopes of sops for Chinese property sector
AOCE said an uncertainty surrounding the rate of China’s steel output growth in 2023 is whether, and to what extent, the Chinese Government chooses to cap steel production levels over the rest of the year.But the outlook for US steel demand in the second half of 2023 contains downside risks.AOCE said India’s steel production is forecast to grow 6.Research agency BMI said it expects production to increase in the fourth quarter, improving supply and extending to the first quarter of 2024, driven by Chinese steel mills.“Global steel producers are expected to face subdued demand and moderating prices over the rest of 2023,” it said.

🔗Subramani Ra Mancombu

🇮🇳 India · 🗓️ October 17, 2023 · Steel

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Steel companies' margins may improve on lower input costs
If the recent strength in prices of steel sustain, steel spreads are likely to improve in the December quarter, Axis Securities said in a note.The cost of coking coal, which is used in the production of steel, is down by $45-$60 per tonne from the previous quarter.This is in contrast to the production volumes of other leading steel makers.The profitability of most domestic steel makers is set to improve by ₹500-₹2,000/tonne quarter-on-quarter in the three months to September, largely aided by lower cost of a key raw material, according to analysts, even as steel prices fell in the seasonally weak period.The improvement in profitability that steel producers see, though, will be capped because of steel prices moving 3-5% lower during the quarter, with prices of long steel products seeing an even sharper decline of up to 8%, according to analysts.

🇮🇳 India · 🗓️ October 17, 2023 · Steel

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