The Steel Ministry has requested that states “come up with land and ore availability plans for setting up ultra mega projects, amidst PMO’s thrust on trebling India’s steel output to 300 million tonnes by 2025,” reports The Economic Times.
“Prime Minister Manmohan Singh has recently convened a meeting on ultra mega steel projects. We have been given guidelines for new plants. Accordingly, we have asked states to provide land and iron ore availability for such projects,” Steel Minister Beni Prasad Verma told PTI.
The cash price of steel billet saw a 7.4 percent increase on Tuesday, October 1, reaching $209.50 per metric ton on the LME and making it the biggest mover for the day. Also on the LME, the 3-month price of steel billet increased 2.2 percent to $230.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India range bound. Chinese HRC saw little change in its price on Tuesday. The price of Chinese coking coal remained essentially flat.
The US HRC futures contract 3-month price inched up 0.5 percent to $630.00 per short ton. The US HRC futures contract spot price held steady around $630.00 per short ton.