JSWSTEEL

NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors.

"China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA).

Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said.

Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

(Reporting by Neha Arora; Editing by Sonali Paul)

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Aug 11 (Reuters) - Hatch:

• CONSORTIUM UNDERTAKING PRE-FEASIBILITY STUDY TO ASSESS DEVELOPMENT OF CARBON CAPTURE, UTILISATION & STORAGE HUBS ACROSS ASIA

• CONSORTIUM OF ARCELORMITTAL NIPPON STEEL INDIA, JSW STEEL, HYUNDAI STEEL, BHP, OTHERS

• CONSORTIUM STUDY WILL SEEK POTENTIAL APPLICATIONS FOR CAPTURED CO2 IN INDUSTRIAL PROCESSES IN ASIA, OTHERS

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By Neha Arora

NEW DELHI, Aug 7 (Reuters) - India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said.

India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons.

JSW Steel, India's biggest steelmaker by capacity, met officials from the federal trade ministry late last month, the sources said, declining to be identified because deliberations are not public.

JSW Steel executives urged government officials to increase the company's allocation, citing operational difficulties at two of their units in the southern state of Karnataka and the central state of Chhattisgarh, the sources added, without saying how much extra the company wanted to import.

"Naturally, this quota is hampering operations and we have given representation. The matter is still under discussion," one of the sources said.

JSW Steel had the option of moving some of its surplus from other locations to the affected plants but the logistics cost was an impediment and not enough was being produced to meet the shortfalls, the source added.

The federal trade ministry did not respond to an email seeking comment. JSW Steel had no comment.

The import curbs have worried major steel producers in the past as well, including JSW Steel and ArcelorMittal Nippon Steel India, which have argued the curbs hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India has also launched an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

Earlier this year, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.

The federal Ministry of Steel has also backed the import curbs, saying there was adequate supply of met coke locally to meet demand, Reuters has reported.

(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)

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Adds details of expansion from paragraph 2

Aug 4 (Reuters) - A joint venture between India's JSW Steel JSTL.NS and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday.

JSW and JFE will equally fund a combined 19.66 billion rupees for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds.

Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions.

JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 250,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest 43 billion rupees.

The companies will invest the remaining 15.45 billion rupees to augment capacity of an upcoming facility in Vijayanagar to 100,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing.

JSW JFE's Nashik plant was bought in January from Germany's Thyssenkrupp TKAG.DE in a 41.59 billion rupee deal.

($1 = 87.4070 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)

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Updates with details and background throughout

Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.

The group — comprising Japan’s Nippon Steel 5401.T, India’s JSW Steel JSTL.NS, and South Korea’s POSCO 005490.KS — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.

The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.

Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.

Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy.

Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment.

($1 = 1.5466 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)

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July 31 (Reuters) -

• INDIA'S TOP COURT SAYS RECALLS PREVIOUS ORDER QUASHING $2.3 BILLION JSW-BHUSHAN POWER DEAL

• INDIA'S TOP COURT SAYS TO HEAR CHALLENGE TO $2.3 BILLION JSW-BHUSHAN POWER DEAL AFRESH

Further company coverage: JSTL.NS

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July 25 (Reuters) - Chery Automobile Co Ltd CHERY.UL:

• COOPERATION WITH INDIA'S JSW ON COMPONENTS SUPPLY, NOT INVOLVING TECHNOLOGIES- STATEMENT

Source text

Further company coverage: CHERY.UL

(Reporting by Jessie Pang and Beijing newsroom; Editing by Jacqueline Wong)

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** Indian steelmaker JSW Steel JSTL.NS beat first-quarter profit view on Friday, driven by firm domestic steel prices and easing raw material costs

** At least four analysts have upgraded their rating on the stock, while four have hiked their PTs - data compiled by LSEG

PRICE DRIVEN GROWTH

** Jefferies ("buy," PT: 1,200 rupees) says Q1 was a "good" quarter with a positive growth outlook by the company as it is further expanding its capacity to 36 mtpa in FY26

** Nuvama ("reduce," PT: 977 rupees) says earnings were driven by higher steel prices and they are expected to rise post-monsoon after bottoming out in July, thus boosting earnings for JSTL

** Emkay Global ("add," PT: 1,050 rupees) says extension of safeguard duty on imported cheap steel will help JSTL, with strong demand further supporting steel prices

(Reporting by Kashish Tandon in Bengaluru)

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July 18 (Reuters) - India's steel prices are expected to soften in July because of global uncertainty, cheaper imports and seasonal monsoon rains, JSW Steel JSTL.NS executives said at a post-earnings conference call on Friday.

(Reporting by Neha Arora in New Delhi and Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala)

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- Source link: (https://bitl.to/4p6L)

- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

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Rewrites with details and background throughout

June 30 (Reuters) - The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases.

India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.

Reuters in February reported that India could extend curbs on low-ash met coke imports to encourage local steel mills to use domestic suppliers. It also reported in May that India's steel ministry favoured extending the restrictions.

The curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue they hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India's Commerce Minister Piyush Goyal in April urged steelmakers to source met coke locally.

India has also started an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Neha Arora and Harshita Meenaktshi. Editing by Susan Fenton and Mark Potter)

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Corrects to say liquidation, not liquidity, in paragraph 4; the story was previously corrected to add dropped words "pause on" in paragraph 4

June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL).

Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.

On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.

The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.

The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.

The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover of Bhushan Power and Steel (BPSL).

Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.

On May 26, the court halted the liquidation proceedings of BPSL after JSW Steel and some creditors of BPSL told the Supreme Court that they will be filing a review petition against the order.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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June 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• REPORTS MAY'25 CRUDE STEEL PRODUCTION AT 2.3 MILLION TONNES

Source text: ID:nBSE8rwWP7

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC NMDC.NS is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters.

State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics.

The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet.

"We are taking baby steps," the source added.

The new formula will not link prices to any international index or exchange, the source said.

With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet.

"Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said.

The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said.

NMDC did not respond to a Reuters email seeking comments.

India's JSW Steel JSTL.NS, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC.

NMDC reported a fall in fourth-quarter profit, hurt by lower product prices.

India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.

(Reporting by Neha Arora. Editing by Nidhi Verma and Mark Potter)

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By Neha Arora

NEW DELHI, May 27 (Reuters) - India's steel ministry favours extending import curbs on low-ash metallurgical coke because there are sufficient domestic supplies, a source familiar with the matter said, dealing a blow to steelmakers who oppose restrictions on overseas purchases.

India, the world's second-largest crude steel producer, imposed quantitative restrictions in December on imports of low-ash met coke, setting country-specific quotas and capping purchases at 1.4 million metric tons for January to June.

"We are in favour of extension because domestic capacity should be utilised," said the source, who declined to be named as deliberations were not public.

India is producing adequate amounts of met coke to meet local demand, the source said, adding that the country's annual met coke capacity is around 7 million metric tons, but only about 3 million tons are currently being produced due to a lack of demand.

Reuters in February reported that India could extend restrictions on low-ash met coke imports to encourage local steel mills to source the steelmaking ingredient from domestic suppliers.

India's steel ministry did not respond to a Reuters email requesting comment.

The import curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue the restrictions will hinder their capacity expansion plans because it is difficult to source preferred grades locally.

India's Ministry of Commerce is expected to decide by next month on extending the curbs. However, backing from the steel ministry is crucial, after it intervened last year to oppose the move, leading to an extended round of deliberations before the curbs were implemented.

Last month, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.

India has also initiated an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

ArcelorMittal Nippon India privately warned the government it may have to severely curtail steelmaking and delay expansion plans due to the import restrictions, Reuters reported in March.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Kate Mayberry)

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May 26 (Reuters) - JSW Steel Ltd JSTL.NS:

• INDIA TOP COURT ORDERS STATUS QUO ON NCLT PROCEEDINGS ON LIQUIDATION OF BHUSHAN POWER AND STEEL

Further company coverage: JSTL.NS

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May 23 (Reuters) - JSW Steel Ltd JSTL.NS:

• INDIA'S JSW STEEL EXEC: EXPECT VOLUMES GROWTH BY 10% IN FY26, IN-LINE WITH STEEL DEMAND IN INDIA

• JSW STEEL EXEC: PRICES HAVE RISEN AFTER MARCH, BENEFITS ON REALIZATIONS WILL BE SEEN FROM Q1FY26

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd SAIL.NS plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.

The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.

The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.

As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.

SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.

The Mongolian prime minister's office and SAIL did not respond to requests for comment.

India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.

To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.

However, its landlocked geography and limited infrastructure pose logistical challenges.

Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.

Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.

"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.

Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell)

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MUMBAI, May 5 (Reuters) - The Indian government has discussed with banks a court order that scrapped JSW Steel's JSTL.NS plan to acquire Bhushan Power and Steel, and is finalising a response, the secretary of the Department of Financial Services (DFS) under India's Finance Ministry said on Monday.

"I have already reviewed (the order) with all the lenders. We have taken a position, we have studied the judgement, we have got our advocates' view on the judgment," M Nagaraju of the DFS said.

"Now we are taking a view in the government on how do we approach the judgment. We will finalise soon."

(Reporting by Siddhi Nayak in Mumbai; Editing by Savio D'Souza)

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Rewrites to change sourcing, add quote in paragraphs 1-2, JSW Steel's statement in paragraphs 7-8, updates shares

By Arpan Chaturvedi

NEW DELHI, May 2 (Reuters) - India's top court on Friday rejected JSW Steel's JSTL.NS resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said.

The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order.

The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media. The full judgment will be uploaded later on the court's website.

The basis for the court's decision was not immediately clear.

On Friday, news channel CNBC-TV18 reported the Supreme Court saying that JSW Steel's plan to acquire Bhushan Power was "illegal" and should not have been accepted by the latter's committee of creditors.

Shares of the steelmaker, India's largest by capacity, tumbled nearly 7% after the news.

JSW Steel said it is yet to receive a formal copy of the order to understand the grounds for rejection and the implications.

"Once we receive the order... we will decide on our further course of action."

Bhushan Power did not immediately respond to Reuters' email seeking comment.

JSW Steel was the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.

Bhushan Power owed over 470 billion rupees to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code in 2017.

Punjab National Bank had initiated criminal proceedings in 2019 against the former board of directors of Bhushan Power after the lender discovered fraud amounting to 38 billion rupees in the accounts of the company.

Punjab National Bank PNBK.NS and State Bank of India SBI.NS, which led the committee of creditors, also did not respond to Reuters' emails.

($1 = 83.8440 Indian rupees)

(Reporting by Arpan Chaturvedi in New Delhi, Siddhi Nayak in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)

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By Neha Arora

NEW DELHI, May 1 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said.

The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India SAIL.NS was looking to bring in 75,000 metric tons.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending.

In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices.

"There is no response from the Mongolian side, and we are finding it difficult," one of the sources said, declining to be identified due to the sensitive nature of discussions.

"On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis," the source said.

Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia.

The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment.

Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese.

However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences.

Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said.

"We don't want to raise our exposure in one geography," they said.

The company also sources coking coal from Australia, the United States and Mozambique.

Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability.

India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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Adds official quotes, details, background on India's steel capacity, coking coal imports in paragraphs 2-8

By Neha Arora

MUMBAI, April 26 (Reuters) - India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.

"We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai. "Raw material securitisation is the most important aspect of steelmaking."

India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.

To support this expansion, coking coal imports are projected to rise to 160 million tons by 2030 from around 58 million tons now, Poundrik had projected on Friday.

Despite an uptick in steel output, India's coking coal imports dipped 0.7% in the fiscal year ended in March due to lower shipments from Australia and the United States, said commodities consultancy BigMint.

India relies on imports to meet 85% of its coking coal needs, with Australia supplying more than half of those shipments.

In a bid to diversify supply, India has also been exploring partnerships with Mongolia. However, logistical challenges remain in sourcing material from the landlocked country, Poundrik noted.

India's state-run miner NMDC NMDC.NS is exploring coking coal assets, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.

(Reporting Neha Arora; Writing by Sethuraman NR; Editing by William Mallard)

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Adds executive comments and details from paragraph 2 onwards

By Neha Arora

MUMBAI, April 24 (Reuters) - Indian miner NMDC NMDC.NS is exploring coking coal assets, key ingredient used for making iron ore and steel, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports. Australia accounts for more than half of the country's coking coal imports.

The company is looking at this as a business opportunity, Mukherjee said. "They (explorations) are in different stages of negotiations." He did not disclose the details of these talks due to confidentiality.

State-owned NMDC is India's largest iron ore miner with four operational mines across the country.

The country's top steelmaker JSW Steel's JSTL.NS CEO Jayant Acharya had told Reuters earlier in the day that the company sources coking coal from Australia, the United States and Mozambique. State-owned SAIL SAIL.NS also procures coking coal from countries such as Mongolia.

Coking coal has traditionally been a volatile commodity because of its dominance in exports and the variability of weather, according to commodity consultancy firm BigMint.

In 2023, erratic weather conditions hit coking coal supplies from Australia.

(Reporting by Neha Arora in Mumbai, and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Shilpi Majumdar)

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Repeats for wider distribution with no changes to text

By Neha Arora and Surbhi Misra

NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.

(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)

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By Neha Arora

NEW DELHI, April 21 (Reuters) - India is set to impose a temporary tariff, known locally as safeguard duty, of 12% on steel imports, said a government source with direct knowledge of the matter, to try and curb a surge in cheap imports from China and elsewhere.

The government would enact the tax as soon as possible, the source, who did not wish to be named, told Reuters on Monday.

India, the world's second-biggest crude steel producer, was also a net importer of finished steel for the second consecutive year in the 2024/25 fiscal year, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

Last month, the Directorate General of Trade Remedies (DGTR), which comes under the federal trade ministry, recommended a tariff of 12% on some steel products for 200 days, as part of efforts to stem cheap imports.

The recommendation followed an investigation from December last year over whether unbridled imports have harmed India's domestic steel industry.

"There is clarity that the duty would be 12% and a decision is expected at the earliest," the source said of the previously unreported plan to go ahead with the DGTR's recommendation.

The Ministry of Finance, which takes the final decision, did not immediately respond to a Reuters email seeking comment.

India's finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the financial year that ended in March.

Imports from China, South Korea and Japan accounted for 78% of India's overall finished steel imports.

The influx of cheap steel has forced India's smaller mills to scale down operations and consider job cuts.

India joins a growing list of countries contemplating action to stem imports.

Its leading steelmakers' body, which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India have raised concerns over imports and called for curbs.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Andrew Cawthorne)

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April 18 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL ITALY PIOMBINO S.P.A. SIGNS DEVELOPMENT CONTRACT WITH ITALIAN GOVERNMENT

• JSW STEEL ITALY PIOMBINO BEING PROVIDED GRANT OF EURO 33 MN FROM ITALY GOVERNMENT

• GRANT FOR DEVELOPMENT OF RAIL MILL MODERNISATION PROJECT BY JSW AT PIOMBINO

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, April 8 (Reuters) - India was a net importer of finished steel during the financial year that ended in March, provisional government data reviewed by Reuters showed on Tuesday.

The world's second-biggest crude steel producer imported 9.5 million metric tons of finished steel during April-March, up 14.6% from a year before, the data showed.

India's finished steel exports stood at 4.9 million metric tons in the period, down 35.1%, the data showed, making it a net steel importer for a second straight year.

New Delhi will detail country-wise trade numbers later in the month.

India has recommended a temporary 12% tax on some steel products for 200 days, known locally as a safeguard duty, in a bid to curb imports, the government said last month.

Crude steel production in 2024/25 stood at 151.1 million metric tons, up 4.7% on the year before, the data showed.

Consumption of finished steel was at 150.2 million metric tons in the last fiscal year, up 10.2% year-on-year, the data showed.

(Reporting by Neha Arora; Editing by Jan Harvey)

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By Neha Arora

NEW DELHI, April 1 (Reuters) - India's finished steel imports during the first 11 months of the financial year, which began in April, stood at 8.98 million metric tons, marking a 15.8% year-on-year increase, according to provisional government data reviewed by Reuters on Tuesday.

India, the world's second-biggest crude steel producer, became a net importer in 2023/24, a trend that has continued with rising shipments from China, South Korea and Japan.

Last month, India recommended a 12% temporary tax on certain steel products for 200 days, known as a safeguard duty, in an attempt to curb imports.

South Korea was the biggest exporter of the alloy to India during April-February, with shipments reaching 2.6 million metric tons, up 7.1% year-on-year, the data showed.

Finished steel imports from China totalled 2.4 million metric tons, down 5.3% year-on-year, while imports from Japan reached 1.9 million metric tons, marking a nearly 70% year-on-year increase, the data showed.

Flat steel products accounted for 95% in overall finished steel imports, the government report said, adding that hot-rolled coils or strips were the most imported product by volume.

India's finished steel exports during April-February stood at 4.4 million metric tons, down 33.7% year-on-year, the data showed.

Italy was the biggest exports destination during the period but shipments slumped 56.2%, while exports to Belgium and Spain also dropped, according to the data.

Shipments to Europe were likely to be further affected by the European Union's tightened import restrictions, but the Indian government was confident that strong domestic demand would offset the impact, Reuters reported last week.

The country's finished steel consumption was at 137.8 million metric tons, up 11.3% year-on-year.

Crude steel production was at 138.2 million metric tons during the period, up 5.2% year-on-year, the data showed.

(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)

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By Arpan Chaturvedi

NEW DELHI, March 30 (Reuters) - An Indian court has declined requests from JSW Steel JSTL.NS and Trafigura to allow certain shipments of a steelmaking raw material, a court order showed, the latest setback after New Delhi's new policy curbing imports rattled the sector.

India from January imposed curbs on imports of low-ash metallurgical coke, or met coke, with country-specific quotas to help domestic suppliers. The move unsettled steel majors, like ArcelorMittal Nippon India, who are concerned about the business impact and quality issues with locally produced met coke.

JSW Steel had challenged New Delhi's decision to reject $90 million worth of imports which had been ordered even before the January restrictions kicked in, while Trafigura's India unit filed a lawsuit to get one of its rejected shipments cleared.

Late on Saturday night, the Delhi High Court issued an order dismissing those pleas, agreeing with the Indian government's position that such imports will defeat the purpose of the new import curbs policy.

The Indian government argued the companies were aware of the impending restrictions when they placed the import order and the quantity of met coke they were seeking will be in excess of quota restrictions, Judge Sachin Datta noted in his order.

JSW declined to comment on the ruling, while Trafigura did not immediately respond.

Imports of low-ash met coke have more than doubled over four years and New Delhi has restricted total overseas purchases to 1.4 million metric tons between January and June.

The policy has major ramifications for India, the world's second-biggest producer of crude steel.

ArcelorMittal Nippon India has privately warned India's government it may have to severely curtail steelmaking in the country and delay its expansion plans due to New Delhi's import restrictions, Reuters has previously reported.

The company also approached the Delhi court to get some of its met coke imports from Indonesia and Poland cleared, but the case is yet to be decided.

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Michael Perry)

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