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India’s NMDC resumes iron ore supplies to RINL
This created a massive challenge for sustaining the plant operations as the inflow of iron ore was already constrained and the stocks of iron ore had reached a critical level because of heavy monsoon rains in the area of the mines, it added.“With the continuous and relentless efforts by Indian Railways, its KK line operations were restored on October 10, 2023, and supply of iron ore and railway rake movement to RINL from NMDC mines have resumed,” the statement said.RINL said that there was a major landslide along Indian Railways’ KK line in the early hours of September 24 this year and supplies from NMDC’s Bailadila sector, which is the main source of iron ore supplies for the company, had to be stopped.Meanwhile, RINL had made alternate arrangements from other sources like NMDC mines in Karnataka, Steel Authority of India Limited’s Bolani/Barsua iron ore mines, Orissa Minerals Development Company (OMDC) and Orissa Mining Corporation (OMC) to ensure smooth and uninterrupted operations of its two blast furnaces.

🇮🇳 India · 🗓️ October 18, 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 18, 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 18, 2023 · Steel

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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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