Search Result for : India Steel Production

The Dollar Business Bureau  The US Ministry of Commerce has said it is likely to launch anti-dumping and countervailing duty probe of steel flanges being dumped by India and China into its markets.  The Commerce ministry has been petitioned by the Coalition of American Flange Producers and members in its group like Core Pipe Products Inc of Illinois and Maas Flange Corporation of Texas, to consider their petitions filed on August 16 and begin the investigation.  The domestic producers allege that the estimated dumping margins ranged between 99.23% to 257.11% for China and 78.49% to 145.25% for Indian steel products and also estimated that products from both the sides were subsidized at undetermined rates. Reiterating his government’s support to defend American businesses and ...

The Dollar Business Bureau The crude steel production in India increased by 3.5% to 8.36 million tonnes in July this year, compared to the 8.08 million tonnes output in the same month last year, according to the latest data by international trade body World Steel Association. Domestic output during the period January-July 2017 grew 5.4% to 58.01 million tonnes compared to 55.07 million tonnes in the corresponding period last year, the data showed. Global steel output for the 67 nations reporting to World Steel Association was 143.24 million tonnes in the month of July this year, witnessing a growth of 6.3% over the same month last year. In July 2016, global steel production stood at 134.798 million tonnes. During the first seven months of ...

The Dollar Business Bureau  N Chandrasekharan, the Chairman of Tata Steel in his address to the shareholders in the company’s Annual Report for 2016-17 said, Tata Steel’s strategic priorities going forward will be to focus on India while pursuing  pension restructuring programme in the UK, which is likely to conclude soon.  Speaking about the steel demand in India which is likely to witness growth soon in the near future, Chandrasekharan said, "While the steel sector in India is financially stressed currently, the government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy 2017.”  Chandrasekharan who had taken over as Chairman of the company in February after the departure of Cyrus Mistry said, ...

The Dollar Business Bureau  The Government has approved a Policy for providing preference to domestically manufactured iron & steel products (DMI&SP Policy) in government departments, agencies, ministries which comes into effect from May 8, 2017.  The policy mandates that all government bodies, offices, ministries, agencies etc should procure domestically manufactured steel products, in which a minimum value addition of 15% has taken place locally.  The policy is applicable to the procurement of iron & steel products having an estimated aggregate value of Rs 50 crores or more. The policy also details that procurements that do not meet the steel specifications as desired by the government body or if the specific grades of steel are not manufactured in the country, or the quantities cannot ...

The Dollar Business Bureau  State-owned steel firms are not holy cows and these public sector undertakings (PSUs) should have to come out from their comfort zone in order to perform and to compete with the private players, said Steel Minister Chaudhary Birender Singh. “I have told my PSUs, especially those that produce steel, that there is a new environment where PSU is not a holy cow. You should perform and compete with your private players,” he said in an interview to PTI on Friday. The steel minister has warned that these PSUs can’t afford to just sit on their glories in this changing world scenario. “So, either perform or perish,” he said, in a blunt message. Singh suggested that the state-run organisations should expand their ...

Abin Daya Sugar is becoming not so sweet for retail consumers, with prices rising fast in the domestic market. CPI inflation on sugar has remained in double digits for 10 months in a row now. The expectation for Feb 2016 is also not any different. In the global scene, while the prices may have dropped marginally during the recent months, they still remain high compared to the previous year levels. However, the recently published Trade Policy Agenda of the US Administration for 2017 hints at changes that might lead to concerns for India. The US is India’s largest export market at $40 bn worth of exports per year. Any event which changes Indo-US trade dynamics and affects this number will have a significant ...

The Dollar Business Bureau India's steel exports in January 2017 stood at 0.889 million tonnes (mt), which is three times higher than January 2016 exports of 0.274 mt. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 mt, registering a growth of 71%. The 224% increase in January exports of steel is commendable. This huge improvement comes amid earnest efforts by the government to protect local steel manufacturers from dumping by neighbouring country China. Imposition of anti-dumping duty on steel has been a decisive move in this direction. The Ministry of Steel is also intent on fostering local steel production, as demonstrated by its ambitious goal of taking annual indigenous steel capacity to 300 mt by fiscal 2030-31, from 122 mt in 2015-16. During the first ten months of 2016-17, the import of finished steel has also ...

The Dollar Business Bureau Tata Steel is trying to attract foreign investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha. The company is in talks with international firms to take the proposal forward. The plan was confirmed by Tata Steel India and South East Asia Managing Director TV Narendran, “We are in discussion with foreign companies for investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha." Narendran also informed about the company having signed a definitive agreement to acquire 100 percent equity in Brahmani River Pellets Ltd (BRPL), which would give a vertical start up to enabling facilities. According to him, the year 2016 holds ...