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The Dollar Business Bureau The imports of coal into India has increased by 40% to 19.18 million tonnes in the month of November, as the demand for winter restocking has picked up and due to low position of coal stock in power plants.  “Coal import (all type of coals) in November 2017 stood at 19.18 million tonnes (provisional), against 13.70 million tonnes in November 2016 and 19.77 million tonnes in October 2017,” according to the recent data released by mjunction services.  mjunction services ltd, a pioneer in e-auction services, is an online sales and procurement platform promoted jointly by Tata Steel and SAIL.  The surge in imports is primarily due to the 4.18 million tonnes increase in the imports of non-coking coal during the ...

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 ...

PTI India's steel industry has come out of the stress, with the exports going up by 57% and imports declining by 34%, the government told the Rajya Sabha today. Steel Minister Chaudhary Birender Singh said the country's steel output is at around 120 million tonnes and the government is aiming to achieve 300 million tonnes by 2030. "There was recession in global steel sector and it had an impact on India as well. Our steel industry was in stress for more than three years. But the situation has changed in last six months," he said. In the last six months, steel output has gone up by 15 lakh tonnes and exports have shot up by 57 per cent while imports have down by ...

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 Coal imports have declined by 21.7% to 14.31 million tonnes in January as the power utility companies did not lift enough fuel due to the surplus stock available with them. Import of all types of coals in January this year was 14.31 million tonnes (provisional) compared to 18.28 million tonnes in the same month in 2016- an ecommerce platform, mjunction services limited jointly created by Tata Steel and SAIL told PTI. “In power sector, the state utilities are replete with stock and are aiming to curb imports altogether (except for coast-based plants) by March 2017. This explains the substantial drop....In steam coal imports in January 2017 vis-a-vis the same month last year,” said Vinaya Varma, Chief Executive Officer, mjunction. There was ...

The Dollar Business Bureau Chaudhary Birendra Singh, Steel Minister asked steel producers to find ways to ensure increased consumption of steel in the country. A statement released by SAIL at a customer meet in Jind (Haryana) on behalf of the minister said, “Domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario.” The meet at Jind was organised to boost steel consumption in Haryana, by state-run steelmakers SAIL and RINL. Suggesting that the two Indian steel giants should quickly stabilise their modernised facilities and ensure that their performance is maximised to strengthen the domestic sector, the minister said, “Domestic steel industry should exhibit a sense of ...

The Dollar Business Bureau The government of Jharkhand organized the inaugural of Jharkhand Investment Promotion Board, chaired by Chief Minister Raghubar Das, in Mumbai.  The JIPB will likely include ten representatives from the industry, who will be elected by the government with focus onto the areas of automobiles, information technology, energy, food processing, tourism, education, infrastructure development and healthcare. The state government has already received 27 investment proposals ranging from the sectors of agriculture, food processing, mining, power, healthcare, education and tourism. The 27 proposals are worth Rs.1 lakh crore. The investors inclusive of industry giants like Essar, Tata Steel, Adani, JSW, NTPC, SAIL and NDMC. Of late, the government beefed up the efforts to project Jharkhand as investment hub of eastern India. Jharkhand CM ...

The Dollar Business Bureau State-owned steel maker SAIL on Monday said that it posted a standalone net loss of Rs.1,230.93 crore in the fourth quarter of the last fiscal, due to tough market conditions and drop in sales realisation. The largest domestic steel maker had recorded a net profit of Rs.334.22 crore in the same period a year ago. The overall standalone revenue of the company dropped by 2 percent to Rs.11,371.66 crore in the quarter ended March 31 2016, compared to Rs.11,590.55 crore during the same period of 2014-15, the steel maker said in a regulatory filing. The loss after tax, during the January-March quarter, was due to “19 percent drop in net sales realisation,” the PSU said in a statement. P K Singh, ...