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Moody’s Investors Service forecast a 10% decline in Indian steel consumption for fiscal year 2021, the Economic Times reported.
Nonetheless, Indian steel companies are upbeat, with some chief executives seeing the first green shoots of recovery. (For additional news and analysis of trends in steel and other metals markets, sign up for MetalMiner’s Gunpowder e-newsletter.)
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India’s first scrap-based steel plant will soon come online.
Tata Steel has set up the new plant in Haryana in central India. The plant is expected to have an annual capacity of 500,000 tons, the Hindu Business Line reported.
Tata has set up the plant in collaboration with Aarti Green Tech Ltd, a subsidiary of Aarti Steel.
India’s sponge iron manufacturers have appealed to the federal government to restrict the exports of iron ore pellets.
Such a move would help cut the price of steel and increase consumption in the domestic market.
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A few days ago, India took one more step in the clean energy direction when Prime Minister Narendra Modi inaugurated one of the world’s largest solar parks in Rewa in central India.
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India’s coal sector is in the limelight following a series of recent government decisions.
A new study by data analytics company GlobalData shows that India and a few other countries would step in to bolster an anticipated about 7.8% drop in U.S. coal production this year.
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One of India’s biggest steel conglomerates, Tata Steel, has posted a “higher than expected” consolidated net loss during the January-March 2020 quarter of approximately U.S. $163 million.
Compare this to its net profit of about U.S. $311 million reported during the same period last year and one can understand the enormity of the situation.
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India has imposed definitive anti-dumping duty on certain steel products imported from China, South Korea and Vietnam after an investigation established these items caused injury to domestic producers.
India launched its first natural gas exchange earlier this week. The Indian Gas Exchange (IGX) is a nationwide, online delivery-based gas trading platform for delivery of natural gas, Zee News reported.
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India’s onward march to boost its renewable energy capacity and build domestic capacity for making solar equipment got fresh impetus when Adani Green Energy Ltd won a bid to make 8 GW of photovoltaic solar power projects over the next five years.
India imports about 90% of its solar equipment today, so this development could serve to lessen that import dependence.
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%.
A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.