POSCO to Begin Work on Indian Steel Plant

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POSCO is breaking ground! The company “will be able to start work on its planned $12-billion Indian steel plant over the coming weeks, Prime Minister Manmohan Singh said on Thursday, ending an eight year delay for environmental and legal clearances,” reports Reuters.

“Singh said the firm’s request for an iron ore mining licence – the final regulatory hurdle for the project which would be the biggest foreign direct investment in India – was at an ‘advanced stage of processing’.”

“The 12 million-tonnes-per-year plant in Odisha, formerly Orissa, will help world No.4 steel producer India to expand output.”

In metal price news for steel…

On Thursday, January 16, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.3 percent decline to $631.00 per short ton. The US HRC futures contract spot price continues hovering around $675.00 per short ton for the fifth day in a row.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese steel closed mixed on Thursday. The price of iron ore 58% fines from India was range bound. Chinese slab finished the day down 0.3 percent. Chinese HRC saw little change in its price yesterday.

Also on the LME, the steel billet cash price held steady around $350.00 per metric ton. On the LME, the 3-month price of steel billet held steady around $355.00 per metric ton.