China's crude steel production in the first two months, dropped by 5.7% from a year earlier to 121.07 MT. Steel mills in China are battling losses and overcapacity as the nation transitions its economy to one fueled by consumption and services, from growth driven by manufacturing and have seen their output fall off record highs in 2014. (Source - Metal Junction)
Tata Steel will spend Rs. 2,000 crore to develop the Khondbond mine in Odisha, as it gears up for an integrated commissioning of its new plant at Kalingangar. The mine, located in Keonjhar, is expected to produce up to 5 MT of iron ore and is tipped to emerge as one of the three mines that will meet Tata Steel's iron ore needs. It is also the first major investment in developing a large iron ore mine in the Odisha in recent years. (Source - Press Reports)
The blast furnace at Tata Steel's new greenfield plant at Kalinganagar in Odisha is going to be the country's largest. The furnace with a production capacity of 4330 cubic metres will produce 3.2 MTpa of hot metal. Apart from the large blast furnace, Kalinganagar also has the first twin wagon tippler allowing unloading at the rate of 3,500 tonnes per hour. At the Steel Melting Shop with a 4.1 MTpa capacity, the country's largest LD converter of 310 tonne will be in operation. The plant's Hot Strip Mill presently having a 3.5 MTpa capacity can go up to 4 MTpa. (Source - Press Reports)
JSW Steel’s crude steel production in February 2016 grew by 7% and stood at 10.13 lakh tonnes (LT) as compared to 9.47 LT in February 2015. The production of rolled products (long) increased to 2.33 LT as compared to 1.48 LT in February last year. However, production of rolled products (flat) during the month dropped to 7.28 lakh tonnes as compared to last year’s level of 7.51 lakh tonnes. (Source - Press Reports)
Chinese billet list prices fell by US$ 28/T in Tangshan on Monday from the close of business the previous Friday. The drop in prices is a correction because prices had risen significantly over the past week, as per analysts. Tangshan billet list prices were prevailing on Monday at US$ 276/T as compared with US$ 304/T on Friday. Analysts attributed the jump in Chinese billet prices mainly to the bullish speculative sentiment by steel mills in Tangshan. They were not surprised by the price drop since prices had risen sharply in a very short time. (Source - SBB, London)
China's Wuhan Iron & Steel will raise April prices of most of its flat products by US$ 40-62/T, chiefly to reflect the strong price uptick in the country’s spot market recently. The rise takes Wugang's April ex-works price for 5.5mm HRC to US$ 387/T, up by US$ 40/T on the month. In parallel, prices for its 1.0mm CRC and 1.0mm HDG will reach US$ 523/T and US$ 745/T respectively, up by US$ 42/T and US$ 45/T from March. (Source - SBB, London)
Tata Steel will spend Rs. 2,000 crore to develop the Khondbond mine in Odisha, as it gears up for an integrated commissioning of its new plant at Kalingangar. The mine, located in Keonjhar, is expected to produce up to 5 MT of iron ore and is tipped to emerge as one of the three mines that will meet Tata Steel's iron ore needs. It is also the first major investment in developing a large iron ore mine in the Odisha in recent years. (Source - Press Reports)
The blast furnace at Tata Steel's new greenfield plant at Kalinganagar in Odisha is going to be the country's largest. The furnace with a production capacity of 4330 cubic metres will produce 3.2 MTpa of hot metal. Apart from the large blast furnace, Kalinganagar also has the first twin wagon tippler allowing unloading at the rate of 3,500 tonnes per hour. At the Steel Melting Shop with a 4.1 MTpa capacity, the country's largest LD converter of 310 tonne will be in operation. The plant's Hot Strip Mill presently having a 3.5 MTpa capacity can go up to 4 MTpa. (Source - Press Reports)
JSW Steel’s crude steel production in February 2016 grew by 7% and stood at 10.13 lakh tonnes (LT) as compared to 9.47 LT in February 2015. The production of rolled products (long) increased to 2.33 LT as compared to 1.48 LT in February last year. However, production of rolled products (flat) during the month dropped to 7.28 lakh tonnes as compared to last year’s level of 7.51 lakh tonnes. (Source - Press Reports)
Chinese billet list prices fell by US$ 28/T in Tangshan on Monday from the close of business the previous Friday. The drop in prices is a correction because prices had risen significantly over the past week, as per analysts. Tangshan billet list prices were prevailing on Monday at US$ 276/T as compared with US$ 304/T on Friday. Analysts attributed the jump in Chinese billet prices mainly to the bullish speculative sentiment by steel mills in Tangshan. They were not surprised by the price drop since prices had risen sharply in a very short time. (Source - SBB, London)
China's Wuhan Iron & Steel will raise April prices of most of its flat products by US$ 40-62/T, chiefly to reflect the strong price uptick in the country’s spot market recently. The rise takes Wugang's April ex-works price for 5.5mm HRC to US$ 387/T, up by US$ 40/T on the month. In parallel, prices for its 1.0mm CRC and 1.0mm HDG will reach US$ 523/T and US$ 745/T respectively, up by US$ 42/T and US$ 45/T from March. (Source - SBB, London)
Lenders to Visa Steel were planning to classify the company as non performing asset (NPA) because its plan for debt restructuring was held up. However, Odisha High Court stopped this plan when HUDCO objected. HUDCO is also one of the lenders.
ReplyDeleteLenders to Uttam Galva have advised a foreign lender for bringing in fresh equity into the company. Uttam Galva was making recovery plans.
ReplyDeleteBhushan Steel gets green nod (environmental clearance) for its iron ore pellet plant in Dhenkanal, Odisha.
ReplyDeleteNMDC has raised iron ore lump prices by 8% and iron ore fines by 10%.
ReplyDeleteArun Jaitley in his budget speech wanted to make PSUs transparent and accountable by listing the general insurance companies in stock exchanges. However, Amit Tandon writes in Business Standard that it won't be easy.
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