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DLF to launch New Project - "EXPRESS Greens" Sector M-1, Manesar, Gurgaon NH 8
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Daily Steel Prices as on 15th May 2008
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TATA STEEL, CORUS TO MERGE: REPORT
By ceoaisra, Section AISRA NEWS
Posted on Fri Dec 19, 2008 at 02:48:06 AM EST
Tata Steel is set to merge its British unit Corus with itself by next year to save cost of up to £350 million and is likely to put thousands of jobs at risk, a media report has said. "Corus, the former British Steel, is to be merged with its parent company, Tata Steel, in a move that puts thousands more UK jobs at risk," The Mail said in its online edition. Corus merger puts jobs in jeopardy as Indian steel giant aims to cut costs in the UK by £350 million, the report said. Tata Steel, through this merger, aims to create a group that could become the second biggest steel maker in the world after Luxembourg-based ArcelorMittal, the report further said. "News of the plan could undermine delicate negotiations in which unions are discussing accepting pay cuts of up to 10 per cent for the workforce of 25,000, including the 1,000 workers at the threatened Llanwern steel works in South Wales," the report added. Quoting Mr Alan Todd, Construction and Development General Manager at Corus, the report said: "Tata Steel's construction related assets would benefit from Corus in the UK and the Continent and there would also be huge cost benefits from Tata's supply of raw materials." Earlier, on December 11, Corus was offered by its worker unions to carry out 10 per cent cut in pay for six months in a last ditch to save a factory in Wales from closure. Tata Group had acquired the Anglo-Dutch giant Corus Group Pic for $12 billion last year, pursuant to which Corus became a subsidiary of the Indian steel giant.
CORUS DENIES
Corus Group Ltd said separate newspaper reports that it may merge with its parent and move operations to China unless carbon emissions rules are overhauled are false, reports Bloomberg. These stories are completely false, Corus spokesman Mr Bob Jones, based in London, said in an e-mailed response to questions.
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GVK IN RS 3000 CR COAL TRANSPORTATION PACT WITH RAILWAYS
By ceoaisra, Section AISRA NEWS
Posted on Fri Dec 19, 2008 at 02:46:44 AM EST
The ministry of railways on Thursday inked a Rs 3,000 crore long-term coal transportation agreement with GVK Power for transportation of coal to the company's 540-mw power plant at Tarantaran in Punjab. As per the agreement, the railways will supply coal to the power plant for a period of 25 years and provides for premium charges and penalty charges for both the parties. Ministry of Railways had already entered into similar agreements with Rosa Power Supply Co and Nagarjuna Power supply in 2007. "In the current economic scenario, we need to invest in the infrastructure sector. Transport is very important forthe sector. Once the transportation facilities improve, it will boost the infrastructure growth. We are planning to hike our power generation capacity to 10,000 mw from 2000 mw now," said G V Krishna Reddy, chairman and MD.GVK Power & Infrastructure. The deal envisages committed coal traffic of 2.528 million tonne per annum, for a period of 25 years, to be transported from south Karanpura coalfields in Jharkhand, covering a distance of 1,600km. On its part, railways guarantees supply of coal to the powerhouse as per the monthly and annual scheduled quantity. "The railways will charge premium of 5% for every tonne of coal delivered and bonus charges of 5% for coal delivered above 95% of the committed quantity. It will also pay penalties if the supply is below 95%," said KG Jena, chairman, Rail Board. "Similarly, the company will also have to ensure that the transportation capacity, including the terminal capacity at the loading and unloading ends is not wasted and there is a system of deemed delivery and consequent capacity charges that are payable in case of failure or delays in loading and unloading, "he added.
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IMPORT DUTY ON STEEL MAY IMPACT CAR PRICES
By ceoaisra, Section AISRA NEWS
Posted on Fri Dec 19, 2008 at 02:45:46 AM EST
IT SEEMS that every passing week it's going from bad to worse for the automobile industry. Just when the inflation and commodity prices had begun to come down, the re-imposition of 5% duty on steel import is likely to impact car prices again. This will be the second time in this year that car prices would see an upward revision. Says Dilip Chenoy, director general, SIAM: "Car manufacturers must be thinking about raising prices. Honda Siel has already announced that it will. The problem is that most carmakers import their steel from companies like POSCO and Nippon. With the rupee weakening by almost 15% with reference to the dollar, things have become more difficult now." Though steel prices at large have come down by 35 to 40% in the last four months, prices of specialised steel like the ones used in automobiles have stayed firm. With over 80% of auto industry's steel requirements met through imports, the 5% duty will have a direct impact. In fact the 15% depreciation of the rupee vis a vis dollar is another add on. Even domestic suppliers like Tata Steel and Bhushan Steel are asking for a price increase. Price of imported steels increased by almost 30-35%. In fact many manufacturer like Hyundai Motors are also looking at contemplating price hike. Says Mayank Parekh, executive officer in charge, Maruti Suzuki India: "The situation is really confusing .now. We have to look at a lot of things before we come to a decision." Market leader Maruti Suzuki India has already affected a Rs 2,000-6,000 increase in prices as its primary steel supplier Japan's Nippon Steel sought a 22 % increase in prices. Honda Siel Cars India has announced a Rs 10,000-1,50,000 hike in prices from January as it is impacted by currency fluctuation. According to an official, the government is working out a formula to make sure that the domestic production increases which will help to reduce the demands-supply gap, which would effectively reduce the steel prices.
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TATA STEEL OUTPUT RISES UP TO 27% IN NOV
By ceoaisra, Section AISRA NEWS
Posted on Tue Dec 16, 2008 at 01:43:15 AM EST
EVEN as major steel producers have resorted to production oils due to slump in demand, Tata Steel on Thursday said its output grew by up to 27% in November. The company's hot metal production surged to 5.78 lakh tonnes, a 26.8% growth over corresponding month of the last fiscal, Tata Steel said in a statement. The crude steel output stood at 5,14 lakh tonnes, up 23% from 4.18 lakh tonnes in November last fecal, "Our blast females and steel melting shops recorded their best ever production during November, even surpassing the previous best, which was in October," the company said. However, due to planned shutdown of the hot strip mill for up grad and on, the production of company's salable steel declined by 3.6% to 4.07 lakh tonnes, it said. Owing to slackening demand for steel in the midst of the global economic slowdown, leading steel producers like Ispat, Essar and JS Whave cut their productions by up to 30%. Country's largest steel producer SAIL too has re-oriented its products mix on the basis of the market demand. As waning demand continues to hit their bottomline, most of the major steel producers have also decided to temporarily apply brakes on their mega green-field projects. A couple of days back, Tata Steel managing director B Muthuraman said the company will accord higher priority to "high return" projects like Jamshedpur and Orissa while defer the ones proposed in Jharkhand and Chhatisgarh. State-run SAIL has already said that its long-term expansions would be in sync with the demand scenario.
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CIL BETS ON CHINESE TECHNOLOGY FOR COAL PRODUCTION
By ceoaisra, Section AISRA NEWS
Posted on Tue Dec 16, 2008 at 01:42:58 AM EST
Coal India Ltd (GIL) has bet on Chinese technology to start underground coal production using long wall technology, which has been its endeavour since 2005. GIL has entered a Rs 306-crore equipment and service agreement with Zhangzhou Coal Mining Machinery Group Ltd of China, which has guranteed 3.5 million tonne coking coal production in five years from Moonidih underground mines under the Bharat Coking Coal Ltd, a GIL subsidiary. CIL chairman Partha S Bhattacharyya, after signing the agreement with Zhangzhou Tuesday said, mining from Moonidih has been a loss making affair so long but adopting long wall technology will make underground mining profitable for GIL. The cost of mining using the technology will be Rs l015per tonne, against Rs 3,200 per tonne at present, using 'gate road' technology. BCCL sells coal to Steel Authority of India Ltd (SAIL) at Rs 1,770 per tonne. So longwall technology would fetch a profit of Rs 755 per tonne, against a loss of Rs 1,430 per tonne using gate road technology, Chairman and managing director of BCCLTK Lahiri said the productivity in Long Wall technology is much higher at 30 tonne output per man shift, against 0.06 tonne output per using any other technology. While 65% of the cost of production involves wages, higher output per man shift implies higher production on lower expenditure on account of wages, Lahiri said. Bhattacharyya said the Rs 306 crore agreement with Zhangzhou has been for five years, of which Rs 129.68 crore accounts for expenditure on equipment and the rest Rs 176.32 crore for services, guaranteeing a production of 3.5m tonne in five years. Jiao Chennayao, chairman of Zhengzhou, said: "Although we have been given a timeline of five years to produce 3.5m tonne, we would like to achieve it in four years." In fact, the Chinese technology has been a proven one in case of underground mining, as 90% of China's 2.7 billion tonne production last year came from underground mines, using long wall technology, Chennayao said. BCCL was in search of an enterprise since 2005, which could assure a certain quantity of production within a certain period using Long Wall technology. The first global tender was floated in 2005 and Druzkhovsky Engineering Plant (DEP) of Ukraine bagged the order against a contract value of Rs 233.81 crore. But the Ukranian Company did not execute the agreement and thus the award was terminated. Fresh global tenders for adopting long wall technology in Moonidih mines were invited in early 2008 and two Chinese companies-- Zhengzhou Coal Mining and China Coal Overseas Development Ltd responded. Bhattacharyya said offers of Zhengzhou were 30.82% less than China Coal Overseas and so QL zeroed in on it. Moonidih mines would be operational using Long Wall technology by December 15 CIL also floated tenders during March for developing seven more underground mines, against which there were l7 responses. Bhattacharyya said these responses have been forwarded to Central Mine Planning & Design Institute (CMPDI) for technical evaluation. Of the 520.5 million tonne production targeted during the terminal year of the llth Plan period (2011-2012), GIL aims to get 54m tonne from underground mines. Its production from underground mines were 43.54 million tonne in200 7-08, marginal increase by 2 lakh tonne over the previous year. CI1L expects only a marginal increase in underground production this fiscal as well.
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STEELMAKERS TO REDUCE PRICES AGAIN THIS WEEK
By ceoaisra, Section AISRA NEWS
Posted on Tue Dec 16, 2008 at 01:41:35 AM EST
Domestic steelmakers are set to cut prices of hot rolled coils (HR), a base product determining the prices of various downstream products, by around Rs 1,000-1,500 a tonne. After this round, steelmakers would have slashed prices by up to Rs 11,000 a tonne since September, when prices started declining. "Discussions among producers are on. It is felt that some further adjustments in prices are required. A final decision would be taken within a day or two," an industry official confirmed to FE on condition of anonymity. The decision is expected to adversely impact the bottom lines of integrated steel producers. In the second quarter, only Tata Steel and Sail posted profits. The decision to cut prices is a response to the withdrawal this month of a 5% export tax on flat products by China, the world's largest producer. Global prices are expected to soften further as a result, Of the total world production of l.5 billion tonne in 2007-08, China accounted for 490 million tonne, while India produced 56 million tonne. Currently, domestic HR prices are at around Rs 32,000 a tonne after producers slashed prices by about Rs 4,000-6,000 a tonne last month. But as reported by, Indian prices are still around $100 (Rs 5,000) higher than landed imported prices. This is after the government last month re-imposed a 5% import duty on steel products to protect domestic producers. Steel industry analysts feel prices should now stabilize and start looking up by the first quarter of next fiscal. To improve off-take from local companies, the government last month tightened import measures like disallowing traders to import products like HR coils. Only actual users with the requisite licence are entitled to import these products. Though the measure has been taken to discourage trading in imported items and help domestic producers reeling under the onslaught of cheaper imports, industry sources said that such measures are never fully successful. That is because some small producers, who import steel products as actual users start trading if margins seem attractive. The commerce ministry has also initiated anti-dumping investigations into steel product imports from China, Japan, South Korea, the US and EU. The present downturn in the steel industry is due to the declining demand from major consumers like the automobile, infrastructure and construction sectors, all of which are slowing down. Major international 'players like Arcelor Mittal and Corus have cut reduction.
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FASTER NOD SOON FOR COAL MINING
By ceoaisra, Section AISRA NEWS
Posted on Tue Dec 16, 2008 at 01:40:48 AM EST
THE government is working on a framework to expedite the process of giving environment and forest clearances to coal miners which, at present, could take up to five years. The move is aimed at achieving coal production target of 600 million tonnes per annum (mipa) for the Eleventh Plan from the present level of about 400 mipa. Coal secretary HC Gupta met his MoEF counterpart Vijai Sharma recently to work on the specifics of the new framework. "The changes will be made on the lines of the major recommendations made by expert committee on coal reforms headed by T L Sankar," a coal ministry official said. The recommendations of the committee include hassle-free issuance of temporary permits to mining firms for producing 20-25% more coal from the existing block than what was approved, easing regulation on coal exploration in forest areas, reviewing and-rationalizing of levies and spelling out details on restoration of land after completion of mining. "The report also recommended that streamlining of procedures at state and central agencies protecting environment and forests is necessary to achieve the production forecasts. We are also looking at that," the official added. The report points out that the MoEF should permit coal exploration in forest areas and allow coal production exceeding approved capacity It says forest areas should be divided into three categories- totally prohibited areas, forest areas that have reasonable forest growth and forest areas where the forests have been depleted - and the details should be put in public domain. Based on the demarcation, potential investors and MoEF could decide whether forestland could be diverted for mining. It has also been pointed that regulation for coal exploration is too stringent and inadequate for conducting exploration. The report also advocates that MoEF reviews levies on coal miners like compensation to conduct afforestation and net present value (NPV), which is paid to the state and central governments that own forestland. The NPV is fixed in the range of Rs 5.8-9.20 lakh per hectare, depending on the crop density of forests. In addition to NPV, compensatory afforestation fees are levied at Rs 1,25,000 per hectare in the case of irrigated forestry land and Rs 25,000 per hectare for non-irrigated forestry land.
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ANTI-DUMPING INVESTIGATION PROVIDES MORE ARMOUR TO STEEL PRODUSTS COS
By ceoaisra, Section AISRA NEWS
Posted on Thu Dec 11, 2008 at 03:11:32 AM EST
THE domestic steel industry struggling against falling international prices and cheap imports from China is all set to get more help from the government. The Centre, which already imposed import restrictions on a number of steel products, has now initiated anti-dumping investigations on imports of a wide range of stainless steel and steel items from countries including China, Japan, South Korea, the US and the EU. Since it takes about 45 days for investigations to be carried out and duties to be imposed, the government has decided that if dumping is established, anti-dumping duties will be imposed with retrospective effect from the date of filing of corn-plaint by the industry. Dumping is a process where a manufacturer in one country exports a product to another at a price which is either below the price it charges in its home market or is below its cost of production. Once dumping is established and it is proved that the domestic industry is suffering an injury in terms of falling prices, profits or demand, the government charges an anti-dumping duty equivalent to the extent of dumping. The directorate general of antidumping (DGAD), the commerce department arm investigating dumping cases, initiated anti-dumping investigations against imports of cold-rolled products of stainless steel from China, Japan, South Korea, the EU, South Africa, Taiwan, Thailand and the US. Anti-dumping investigations have also been initiated against imports of hot-rolled products of steel from China, Indonesia, Iran, Japan, Kazakhstan, Malaysia, the Philippines, Romania, Russia, South Africa, Saudi Arabia, Korea, Thailand, Turkey and Ukraine. According to commerce department officials, the domestic producers have requested the DGAD for retrospective imposition of duty, "Since there is a history of dumping of steel products and injury to domestic industry, it has been decided that the request would be entertained," the official said. Steel producers worldwide have been hit by a sharp fall in international prices over the last few months due to the global economic slowdown. With demand falling, prices have come down from about $1,250 a tonne earlier this year to $500 a tonne, forcing producers to reduce production. With reports about China doing away with its export duties on steel in December doing the rounds, domestic steel producers have become even jitterier. Last week, the government imposed import restrictions on hot-rolled steel and specific steel products used by a number of sectors including construction, automobile and oil. This means only actual users will be able to import these articles against licences issued by the government.
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CIL PROPOSES RELOCATION OF AEROTROPOLIS
By ceoaisra, Section AISRA NEWS
Posted on Thu Dec 11, 2008 at 03:08:54 AM EST
COAL India Ltd (GIL) has suggested relocation of the $2.5-billion Durgapur Aerotropolis project, 15 kilometers down south on the other side of the Damodar river, where there are no reserves of coal. The project is being promoted by Bengal Aerotropolis Projects Ltd (BAPL). The study undertaken by Central Mine Planning and Design Institute (CMPDI), a wholly owned subsidiary of CIL, showed that the present proposed location of the project has about 1,400 million tonnes (MT} coal reserves of which 350 MT is under Eastern Coalfields leasehold area. The company has targeted production of 405 MT coal in 200S-09, up 6% against the previous fiscal. "The rest of the reserves, at 1,050 MT, docs not belong to any CIL subsidiary, but they have been already identified as blocks by the coal ministry," CIL chairman Partha Bhattacharjee said. "We have suggested to the West Bengal goveminems that if the project is relocated 15 kilometers down south on the other side of the Damodar river, it will be in the interests of all since this location does not have any coal reserves and it is also well connected with a bridge over the Damodar river," said a CIL executive.
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JSW, ISPAT ESSAR MAY CUT STEEL PRICE BY 5-6% IN DEC
By ceoaisra, Section AISRA NEWS
Posted on Thu Dec 11, 2008 at 03:07:10 AM EST
STEELMAKERS JSW, Ispat and Essar are likely to slash prices of steel in the spot market by 5-6% (Rs 2,000/tonne) next month. This will be the fourth month in a row that domestic steel companies will cut prices. The price cut is aimed at curbing imports and boosting the demand for domestic products. Domestic steel prices fell 30% from an prime high of Rs 48,000-50,000/tonne in April this year to touch Rs 36,000/tonne early this month. There's scope to reduce prices further as global steel prices are still Rs 5,000-7,000/tonne below die domestic prices, says a steel analyst. Since demand continues to witness a downturn, steelmakers globally are planning another round of price cut. Arcelor Mittal Africa, Africa's largest steel firm, will cut prices for the third consecutive month in December. Indian steel producers are likely to follow suit. When contacted by, Essar Steel Holdings CEO J Mehra said: "India is not isolated from the international market. Steel demand and prices are softening globally, which would certainly have some impact on the domestic industry." Earlier this month, primary and secondary steel firms reduced prices of steel products by up to Rs 6,000/tonne to bring some parity between domestic and international prices. Now that the gap has narrowed down to some extent, price cut would be marginal next month, said a person familiar with the development. "The demand for steel is witnessing a slump and this is prominent not only in India but across the globe. Markets have been determining the prices so far and would continue to do so. But, we are yet to decide prices for December," said JSW Steel director (finance) Seshagiri Rao. Speaking to recently, Ispat Industries managing director Vinod Mittal had said: "We are looking at reducing steel prices further to help consumers get better prices." The first four months of the current year witnessed a 40% jump in steel prices. Bowing to government pressure, steel firms slashed steel prices by Rs 4,000/tonne in May and held prices nil August. Since September, steel companies have announced a series of price cuts.
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TATA STEEL, CORUS TO MERGE: REPORT
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GVK IN RS 3000 CR COAL TRANSPORTATION PACT WITH RAILWAYS
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IMPORT DUTY ON STEEL MAY IMPACT CAR PRICES
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TATA STEEL OUTPUT RISES UP TO 27% IN NOV
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CIL BETS ON CHINESE TECHNOLOGY FOR COAL PRODUCTION
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Electrotherm launches corrosion resistant steel bars
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Chiria mines: Panel to adjudicate on SAIL-Jharkhand dispute
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SAIL CELEBRATES GOLDEN JUBILEE
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Steel Authority of India Ltd (SAIL) Eyeing 60 mt Production
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SAIL to expand dealer network in South
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JSW hopeful of commissioning Vijayanagar plant ahead of schedule
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New projects boost iron ore carrying capacity of Railways
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Indian steel makers on young talent hunt
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SURVEY IN DHINKIA PANCHANYAT AT POSCO PLANT SITE
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