SAIL

July 25 (Reuters) - Steel Authority of India SAIL.NS reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand.

The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees ($111.90 million) during the quarter ended June 30.

The company recorded a one-time cost of 3.12 billion rupees a year ago.

Its revenue from operations rose 8% to 259.22 billion rupees.

KEY CONTEXT

Last week, JSW Steel JSTL.NS, India's top steelmaker by market capitalisation, beat profit estimates on the back of higher prices and easing input costs.

India had imposed a 12% temporary tariff on some steel imports in April to help domestic mills, which have been under pressure from low-cost shipments from China. That moderated finished steel imports into the country and prompted domestic steelmakers to bridge the supply gap, boosting the metal's prices.

Costs of iron ore and coking coal — key steelmaking raw materials — dropped in the quarter, analysts said, helping the bottom line of the mills.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 86.5060 Indian rupees

(Reporting by Manvi Pant and Ananta Agarwal in Bengaluru;)

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By Neha Arora

NEW DELHI, July 1 (Reuters) - India's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday.

India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago.

China exported 0.2 million metric tons of finished steel to India during the two months, while Japan shipped 0.1 million metric tons during the period, the data showed.

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.

South Korea was the top finished steel exporter to India during April-May, with shipments rising 8.2% to 0.4 million metric tons, the data showed.

Imports from China, Japan and South Korea accounted for 74.4% of India's overall finished steel imports and hot-rolled coils or strips were India's biggest imports, the data showed.

India was a net importer of finished steel during the period, with exports falling 18.1% year-on-year to 0.8 million metric tons, the data showed.

Galvanised plain or corrugated sheets or coils were India's biggest exports during the period.

Belgium was India's biggest export market, with shipments rising 12.4% to 0.15 million metric tons, the data showed.

Shipments to Italy slumped 53.7%, while those to Nepal and Spain went up, the data showed.

During April-May, India's finished steel consumption reached 25.1 million metric tons, up 7.1% from a year earlier. Crude steel production rose 9.5% to 26.9 million metric tons, the data showed.

(Reporting by Neha Arora; Editing by Ronojoy Mazumdar)

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June 30 (Reuters) - S J Logistics (India) Ltd SJLO.NS:

• EMPANELLED AS APPROVED LOGISTICS SERVICE PROVIDER WITH SAIL

Source text: ID:nNSE5fwVrc

Further company coverage: SJLO.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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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 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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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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March 27 (Reuters) - SEPC Ltd SEPC.NS:

• SEPC LTD - GOT FINAL ACCEPTANCE CERTIFICATES FROM SAIL, DURGAPUR STEEL PLANT

• SEPC LTD - GOT ACCEPTANCE CERTIFICATES FOR VALUE OF 397.8 MILLION RUPEES

Source text: [ID:]

Further company coverage: SEPC.NS

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By Neha Arora

NEW DELHI, March 26 (Reuters) - India's government was confident that strong domestic demand for steel would offset the European Union's plans to tighten steel import quotas from April, a source with direct knowledge of the matter told Reuters.

On Tuesday, the European Commission said it would tighten import restrictions on steel from next month in a bid to shield the ailing European steel sector from surging imports.

The EU will reduce import quotas, known as safeguards, limiting the amount of steel that can be imported into the bloc of 27 nations tariff-free.

"There will be some impact but our domestic consumption is growing so fast that the industry should be able to absorb," the source said, declining to be identified as India has not yet publically responded to the EU's move.

India's federal Ministry of Steel did not respond to a Reuters email seeking comments.

Among the EU's concerns were India's exports, as Europe is among the top destinations for Indian steel.

In the first 11 months of the financial year, India exported 2.03 million metric tons of steel to the European Union, which was 46% of the country's overall shipments.

However, Indian exports are typically small compared to local consumption inside the world's second-biggest crude steel-producing nation.

In 2023/24, India exported 7.5 million metric tons of steel, while consumption was 136 million metric tons.

The source also said there would be no impact from U.S. tariffs on Indian steel, as exports to the U.S. were "insignificant."

The source added that since Chinese exports to the U.S. were small, there was less concern about diverted steel flows toward India, adding that China still remained the "biggest concern".

India shipped record quantities of steel from China, South Korea and Japan in the first 10 months of the financial year that started in April. The country also remained a net importer.

Last week, India recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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March 19 (Reuters) - Shares of Indian steel companies rose in early trade on Wednesday after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports.

An index of metal company shares .NIFTYMET rose 0.8%, with industry leader JSW Steel and Tata Steel among the top ten gainers on the Nifty 50 index .NSEI, which was trading flat.

Shares of JSW Steel JSTL.NS rose 1.5%, while Tata Steel TISC.NS climbed 2.1% as of 9:30 a.m. IST. State-owned SAIL SAIL.NS rose 2.6% and Jindal Steel and Power JNSP.NS gained about 1%.

The Directorate General of Trade Remedies, under the federal trade ministry, has recommended a 12% temporary tax or safeguard duty for 200 days on certain steel products in a bid to curb "serious injury" to the domestic industry.

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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By Neha Arora

NEW DELHI, Feb 13 (Reuters) - India's finished steel imports rose to an all-time high in the first 10 months of the financial year that started in April, according to provisional government data reviewed by Reuters on Thursday.

India, the world's second-biggest crude steel producer, imported 8.3 million metric tons of finished steel during April-January, up 20.3% from a year earlier, the data showed.

India remained a net importer during the period, the data showed. India turned net importer of steel in the 2023/24 fiscal year, with imports rising steadily since then and primarily led by China.

The government will detail country of origin data later in the month.

New Delhi began investigating in December whether to impose a temporary import tax, known locally as a safeguard duty, to curb inbound steel shipments.

India could impose a temporary tax of 15%-25% within six months to a year, India's steel minister told Reuters in an interview late on Tuesday.

A sustained influx of cheap imports from countries like China have weighed on prices, hurting leading steelmakers such as JSW Steel JSTL.NS and Steel Authority of India Ltd (SAIL) SAIL.NS.

Domestic prices of hot-rolled coil fell by 15% on year during September-December, according to consultancy BigMint.

India's finished steel exports during the April-January period fell to at least a seven-year low at 4 million tons, down 29% from a year earlier, the data showed.

Domestically, finished steel consumption was strong and touched at least a seven-year high of 124.8 million tons for the period, the data showed.

Crude steel production during April-January stood at 124.9 million tons, up 4.5% from the same period the previous year.

(Reporting by Neha Arora; Editing by Tom Hogue)

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Feb 11 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• SAIL Q3 NET PROFIT 1.26 BILLION RUPEES

• SAIL Q3 REVENUE FROM OPERATIONS 244.9 BILLION RUPEES

Further company coverage: SAIL.NS

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By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

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Jan 17 (Reuters) -

• INDIA STEEL MINISTER: SAIL'S SALEM STEEL PLANT WILL BE REVIVED

• INDIA STEEL MINISTER: INVESTIGATION TO DETERMINE SAFEGUARD MEASURES IS ONGOING

• INDIA STEEL MINISTER: HAVE PROPOSED MERGER OF KIOCL WITH NMDC

• INDIA STEEL MINISTER: KIOCL IS IN CRITICAL CONDITION

Further company coverage: SAIL.NS

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By Neha Arora

NEW DELHI, Jan 9 (Reuters) - India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, a senior Indian government official with direct knowledge of the matter said.

Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking.

"India's cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon," the source said, declining to be identified as the deliberations are not yet public.

India's federal mines ministry did not respond to a Reuters email seeking comment.

Mongolia's Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments.

Companies such as Adani, Hindalco and Vedanta have expressed an interest in sourcing copper from Mongolia, the source said. All three companies did not respond to emails from Reuters seeking comment.

Both Indian and Mongolian officials are working out supply routes for Indian companies to source copper and coking coal, with India preferring the route from Vladivostok in Russia despite the longer distance, the official said.

"China is convenient but we prefer the route from Russia," the official said.

Relations between Asian giants India and China were strained after a deadly military clash on their disputed border in 2020 but have been on the mend since they reached an agreement in October to pull back troops from their last two stand-off points in the western Himalaya mountains.

Unlike China, India has traditionally maintained close ties with Russia.

Resource-rich Mongolia can offer superior grades of coking coal, industry officials say.

In November, India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS were in talks with Mongolian authorities to import two shipments of coking coal, Reuters reported.

(Reporting by Neha Arora; Editing by Christian Schmollinger)

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Jan 2 (Reuters) - RITES Ltd RITS.NS:

• RITES LTD - GETS CONTRACT VALUED AT 697.8 MILLION RUPEES

• RITES LTD - ORDER AWARDED BY STEEL AUTHORITY OF INDIA

Source text: ID:nBSE7Rmdll

Further company coverage: RITS.NS

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By Neha Arora

MANDI GOBINDGARH, India, Dec 4 (Reuters) - India's construction boom with its gleaming highrises and multilane highways was supposed to drive up domestic steel sales, but Jogindra Group's mills in northern Punjab state are filled with unsold inventory.

A flood of cheap Chinese steel has pushed India's smaller mills to scale down operations and consider job cuts, as the South Asian nation joins a growing list of countries contemplating action to stem imports.

India, the world's second-largest steel maker, turned into a net importer in the last fiscal year, sounding alarms in New Delhi about what a weakened sector portends for the security of future infrastructure projects and steel-reliant industries.

At small and medium-sized mills, which account for 41% of India's total steel output and employ more than 1.5 million people, capacity utilisation has dropped by nearly a third over the past six months, executives from a dozen such producers said in interviews.

In Mandi Gobindgarh, Punjab's "steel city", the cluster of mills is unable to compete with Chinese imports often sold at up to 10% less than Indian offerings.

"If we are not able to compete in the market, our plant won't run at full capacity," said Adarsh Garg, chairman and managing director at Jogindra Group.

"We will be forced to lay off 10% to 15% of our employees here if this continues," Garg said.

Despite offering discounts on its products, the company's sales have dropped 30% to 35% in the past six months, forcing it to cut output by nearly a third, Garg said.

Raju John, director general of the Builders Association of India, said developers and engineering firms are lured by the savings. Chinese steel sells for $25 to $50 a metric ton cheaper and sometimes as much as $70.

Finished steel imports from China reached an all-time high this year, up more than 30%, and included both hot-rolled steel used in construction and galvanised steel for the automobile industry.

The influx has battered domestic sales while China's lower prices have also eroded Indian exports.

'EVERYONE IS BLEEDING'

China produces more steel than the rest of the world combined, and its bargain offerings on the global market have prompted widespread trade complaints.

That output, expected to continue in 2025, coupled with heightened export volumes since China's property crisis battered demand from the domestic construction industry, has rattled steel markets overseas, even in countries with a strong local industry.

"Surging imports at predatory prices with reducing export opportunity is today a major concern for the survival of (the) Indian steel industry," the Indian Steel Association said in a presentation to the government.

The association said steel companies are struggling to initiate expansion plans after their profit margins dropped by 68% to 91% so far this fiscal year.

Prices have suffered with hot-rolled coil used in construction plummeting to a three-year low earlier this year.

While smaller steelmakers have been hit the hardest, even big Indian producers such as JSW Steel JSTL.NS and Tata Steel TISC.NS are concerned and have backed the association's efforts to push for curbs on Chinese imports.

The process to impose import curbs, which could take four to six months, is subject to paperwork completion by the industry and a subsequent government investigation to determine whether Chinese imports are harming Indian steel mills.

New Delhi is keen to avoid mass layoffs for the industry's 2.5 million workers as India struggles to employ its surging population.

Steel also fortifies India's rapid development, from new housing to massive infrastructure projects required to sustain the world's fastest-growing major economy.

A senior government official with knowledge of the matter said the financial stability of steel companies is required to ensure future demand is met.

Steel mills across India are feeling the pinch.

"During July-September, the export orders we were waiting for did not come through because we lost business to China," said Sagar Yadav, a senior general manager at Goodluck India steel mills in the northern state of Uttar Pradesh.

In the western city of Pune, Neo Mega Steel has lost orders from the automobile industry to Chinese rivals, said Managing Director Vedant Goel.

And in western Maharashtra state, Bhagyalaxmi Rolling Mill has been hit by a sharp drop in exports.

Nitin Kabra, a director at the mill, said he expects production cuts at the start of next year.

"Chinese imports have impacted our margins and morale," Kabra said.

"Prices have fallen so low that everyone is bleeding."

($1 = 84.33 rupees)

(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)

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Nov 28 (Reuters) - John Cockerill India Ltd JOHC.BO:

• ENTERED INTO MEMORANDUM OF UNDERSTANDING (MOU) WITH STEEL AUTHORITY OF INDIA

Source text: ID:nBSE95TgwP

Further company coverage: JOHC.BO

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By Neha Arora

NEW DELHI, Nov 26 (Reuters) - India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS are in talks with Mongolian authorities to import two shipments of coking coal, two sources with direct knowledge of the matter said.

JSW Steel, the country's biggest steelmaker by capacity, plans to buy 2,500 metric tons, while SAIL aims to import 75,000 metric tons of the steelmaking raw material from Mongolia, said the sources who requested anonymity as the plans are not public.

Both JSW Steel and SAIL would import Mongolian coking coal either via Russia or China, said the sources.

"We are just trying to understand how the logistics work," SAIL Chairman Amarendu Prakash told Reuters when asked if the company was looking to receive a shipment from Mongolia.

SAIL was exploring sourcing coking coal from Mongolia to diversify its suppliers, it said in an emailed statement to Reuters.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports.

Late last year, erratic weather conditions hit coking coal supplies from Australia, which accounts for over half of India's coking coal imports of around 70 million metric tons a year.

Since then, Indian steel mills have been seeking to source coking coal from other countries.

Last month, a source said India was exploring ways to import regular supplies of Mongolian coking coal via Russia to reduce reliance on supplies through China.

Industry officials say landlocked but resource-rich Mongolia can offer superior grades of coking coal at relatively lower prices to India, which is witnessing strong steel demand driven by rapid economic growth and increasing infrastructure spending.

Mongolian coal is about $50 a metric ton cheaper than the Australian supplies, they said.

India's Jindal Steel and Power JNSP.NS is also keen to source coking coal from Mongolia, one of the sources said.

India's JSW Steel and Jindal Steel and Power didn't respond to Reuters emails for comment.

The Indian government is working to help steel companies diversify imports to avoid over-reliance on specific countries, commodities consultancy BigMint said.

India imported 29.4 million metric tons of coking coal during the first half of the fiscal year, up nearly 2% from a year earlier, the consultancy added.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Christina Fincher)

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By Neha Arora

NEW DELHI, Nov 19 (Reuters) - India's steelmakers have urged the government to immediately impose a temporary tax to stem cheap imports from China, Japan and South Korea, according to the latest industry presentation, in a fresh move to pressure New Delhi to curb cheap overseas supplies.

"Surging steel imports is a major concern especially from surplus and major exporting countries including China, Japan and Korea," the Indian Steel Association (ISA), a producers' body, said in its presentation to the Directorate General of Trade Remedies (DGTR), an arm of the federal trade ministry.

The steel industry's presentation to DGTR has not been previously reported.

The Indian Steel Association, which counts JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS among its members, said in its presentation dated Nov. 13 that mills were going through a difficult phase due to "severe stress" caused by unbridled imports.

"Surging imports at predatory prices" is a major concern for the survival of the Indian steel industry, the Indian Steel Association said in the presentation reviewed by Reuters.

The Indian Steel Association also mentioned that Vietnam, which was once a buyer of Indian steel, has now become an exporter of the alloy to India.

India in August launched an anti-dumping investigation into certain steel imports from Vietnam, which is still ongoing.

India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year to March 31, 2024 and the trend has continued since, with imports rising steadily.

India's finished steel imports during April-October surged to a seven-year high at 5.7 million metric tons, according to provisional government data reviewed by Reuters.

"(The) steel industry in 2024/25 by now has lost margins by 68% to 91% and are under severe stress, leading to uncertainty of funding from investors impacting the capacity expansion," the Indian Steel Association said.

India's JSW Steel Ltd, the country's biggest steelmaker by capacity, last reported a third straight quarterly drop in profits, as rising imports dragged down domestic prices.

After going through the presentation, the DGTR asked the Indian Steel Association to submit a formal petition to help initiate an investigation to determine whether cheap steel imports have hurt Indian steelmakers.

The imposition of a safeguard duty will depend on the outcome of the DGTR investigation.

The ISA, trade ministry and DGTR did not respond to Reuters' emails for comment.

Cheap imports are eating into the market share of domestic steelmakers, the Indian Steel Association said in its presentation.

It said 17% of the hot-rolled segment, 20% of coated steel, and 19% of the plates segment have been displaced by cheap Chinese, Japanese and South Korean steel.

China, Japan, South Korea and Vietnam are selling their surplus stocks to India to cash in on strong demand for steel in the south Asian country.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ed Osmond)

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Nov 18 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• INDIA SAIL CHAIRMAN: WE ARE REQUESTING GOVERNMENT TO CONSIDER MEASURES AGAINST STEEL IMPORTS

Source text: [ID:]

Further company coverage: SAIL.NS

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By Neha Arora

NEW DELHI, Nov 8 (Reuters) - India's imports of steel over the period from April to September were led by shipments from China, according to provisional government data reviewed by Reuters on Friday, and the South Asian nation remained a net importer of the alloy.

The world's second-biggest producer of crude steel imported 4.7 million metric tons of the finished metal from April to September, up 42.2% from a year ago, the data showed.

China exported 1.4 million metric tons of steel to India during the period, up 36.7% from a year ago.

Hot-rolled coil was India's biggest import, making up 44% of overall finished steel shipments, the data showed.

China exported stainless steel, hot-rolled coils, galvanised plain and corrugated sheets, plates, electrical sheets, pipes and bars and rods, the data showed.

"Cheap import offers kept market sentiment bearish in India," the government said in its report.

On Thursday, India's Tata Steel TISC.NS CEO said prolonged imports from China could hurt the investment plans of the domestic steel industry.

Apart from China, imports during April-September increased from South Korea, Japan and Vietnam, the data showed.

South Korea exported 1.2 million metric tons of steel to India during the period, up 11.5% on the year, the data showed.

Japan exported 1.1 million metric tons of the alloy, more than double from the year-ago period.

Vietnam exported 0.4 million metric tons of steel during the period, more than double from a year ago, the data showed.

India has launched an anti-dumping investigation on certain steel imports from Vietnam.

Domestically, India's finished steel production stood at 70.6 million metric tons during the period, up 4.7% from a year ago.

Finished steel exports during April-September stood at 2.3 million metric tons, down 35.9% from a year ago.

Italy was India's biggest export market, but shipments slowed to 0.4 million metric tons, down 43.5% from a year ago.

Exports also slowed to Belgium, Nepal and Spain, which are among the top five biggest destinations for Indian steel.

Crude steel production during April to September stood at 72.8 million metric tons, up 3.6% from a year ago.

Consumption of finished steel was at 72.7 million metric tons during the period, up 13.5% on the year.

(Reporting by Neha Arora; Editing by Clarence Fernandez)

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Nov 7 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• Q2 NET PROFIT 8.34 BILLION RUPEES

• Q2 REVENUE FROM OPERATIONS 246.75 BILLION RUPEES

Source text: [ID:]

Further company coverage: SAIL.NS

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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Oct 18 (Reuters) - India's steel ministry favours a temporary tax to curb rising steel imports, a senior official with direct knowledge of the matter said, as it seeks to protect steelmakers reeling from a surge in cheaper Chinese imports.

A temporary "safeguard duty" would help curb Chinese imports, and a process to impose the duty would start soon, said the official, who requested anonymity as the deliberations are not public.

India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year to March 31, 2024, and the trend has continued since then, with imports from China rising steadily.

India's finished steel imports from China, the world's biggest steel producer, reached a seven-year high during April-August.

Prime Minister Narendra Modi's government has so far resisted calls to curb imports from China, partly to ensure sufficient supplies to meet strong demand in the world's fastest-growing major economy.

But the authorities now believe the government needs to impose curbs to avoid a crash in local prices and any major financial harm to steel producers, the official said.

India's top steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS and ArcelorMittal Nippon Steel India have raised concerns about cheaper steel imports from China.

Rapid economic growth and higher infrastructure spending have turned India into the world's biggest steel consumer as demand tapers in Europe and the United States.

Indian steel companies need to be financially healthy to invest and boost capacity to meet future demand, the official said.

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

Ruling out the option of raising basic import or customs duty, the official said the move would not cover two-thirds of India's overall steel imports from Japan and South Korea because of New Delhi's free trade agreements with Tokyo and Seoul. And he ruled out anti-dumping investigations against China because they would take about one to two years.

"The quickest, effective way is a safeguard duty," the official said. A safeguard duty is a temporary tariff to protect local industries from cheaper imports.

The steel industry will write to the commerce ministry and safeguard measures could be in place in four to six months, he said. India would also tweak its quality standards to curb Chinese steel imports, the official said.

China has a lot of surplus steel capacity. Beijing's crude steel output in September slid for a fourth consecutive month.

Separately, the official said the steel ministry has rejected an industry request to curb exports of low-grade iron ore, a key steelmaking ingredient, citing adequate stocks.

(Reporting by Neha Arora and Mayank Bhardwaj;Editing by Elaine Hardcastle)

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