Indias coal imports up 40% in Nov as restocking demand picks up
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 ...
Tata Steels strategic priorities will be to focus on India, Chandrasekharan
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, ...
Indian-origin tycoon Sanjeev Gupta to bail out another ailing UK plant
The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...
Will improve exports in South East Markets: Tata Steel
The Dollar Business Bureau Tata Steel today revealed that it is pursuing business-prospects in South East Asian markets since they offered better prices. TV Narendran, MD at Tata Steel India and South East Asia suggested around the side-lines of the India Steel Expo, that the market prices in steel have stabilized and South East Asian markets provided better prices. He further added that investments would fuel the steel sector’s growth in the country. The industry would have to either generate such funds or find specific investors willing to invest. As such he found the sector growing, and offering opportunities for capital equipment markets. The $25 bn, Mumbai headquartered Tata Steel is the tenth largest steel producer in the world with an annual capacity ...
India's steel exports rise three-fold in January 2017
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 ...
Coal imports fall by 22% to 14.31 MT in Jan 2017
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 ...
Steel cos seek removal of import duty, cess on coking coal
PTI Steel makers like Tata Steel and Visa Steel have sought removal of import duty and clean energy cess on coking coal and giving thrust to domestic infrastructure forecasting tepid global demand next year."Steel industry has suffered an increase in input costs due to high coking coal prices this year. Almost all the coking coal requirement is met through imports. Therefore, import duty on coking coal should be removed," Tata Steel India Managing Director T V Narendran told PTI."Exemption from clean environment cess is also required as there is no substitute reducing agent for steel making unlike power generation," he added.Visa Steel also echoed the same demanding that coking coal should be duty-free from the current 2.5 per cent."The import duty on raw ...
Tata Steel in talks with foreign firms for Odisha project
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 ...
