JSWSTEEL

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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May 2 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - FILES APPEAL OVER 7.02 BILLION RUPEES CLAIM

• JSW STEEL LTD - REVISIONARY AUTHORITY SETS ASIDE DEMAND NOTICES IN JSW STEEL CASE

• JSW STEEL LTD - MATTER REMANDED BACK TO STATE GOVERNMENT OF ODISHA

Source text: ID:nBSE3lLHqn

Further company coverage: JSTL.NS

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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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April 24 (Reuters) - JSW STEEL CEO JSTL.NS:

• JSW STEEL CEO: SAFEGUARD DUTY OR TEMPORARY TARIFFS A POSITIVE STEP FOR LOCAL STEEL INDUSTRY

• JSW STEEL CEO: INDIA SUSCEPTIBLE TO LOW PRICED IMPORTS

• JSW STEEL CEO: INDIA HAS SEEN IMPORT SURGE WHICH HAS IMPACTED MARGINS OF STEEL INDUSTRY

• JSW STEEL CEO: WILL LOOK AT BUYING NEW COKING COAL ASSETS IF IT MAKES STRATEGIC, COMMERCIAL SENSE

• JSW STEEL CEO: IMPORTS SHOULD SLOW DOWN TO SOME EXTENT AFTER IMPOSITION OF TEMPORARY TARIFF

• JSW STEEL CEO: EUROPE'S IMPORT CURBS SLIGHTLY RESTRICTS OUR SPACE THERE

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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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April 1 (Reuters) - India has initiated an anti-dumping probe over imports of low-ash metallurgical coal, or met coke, from Australia, China, Colombia, Indonesia, Japan and Russia at the behest of an industry body, according to a government notification.

The Indian Metallurgical Coke Manufacturers Association asked for the investigation into these imports, which have more than doubled over the past four years, due to worries about local companies, the commerce ministry said in a notice dated March 29.

The trade body has said there is no difference in the quality of imported and domestically produced met coke, a key steelmaking ingredient, according to the notification.

The association also reiterated its demand for anti-dumping duties on imports from the countries mentioned.

In December, India, the world's second-biggest producer of crude steel, imposed quantitative curbs with country-specific quotas on imports of low-ash met coke, restricting overseas purchases to 1.4 million metric tons from January to June.

However, the curbs have alarmed big steel makers who are concerned about the quality of local met coke. ArcelorMittal Nippon recently sued India over the matter, while a court declined JSW Steel's JSTL.NS and Trafigura's requests to allow certain shipments.

The reluctance of steel companies to buy from local met coke producers could prompt the government to extend its restrictions beyond June, Reuters reported in February.

The commerce ministry, in its notice announcing the probe, has asked interested parties to submit their comments on the matter.

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

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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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March 27 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - PSL ACCEPTS 222.6 MILLION SHARES FROM JSW STEEL, PAYS 15.09 BILLION RUPEES

Source text: ID:nBSE4cQHHc

Further company coverage: JSTL.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 25 (Reuters) - JSW Steel Ltd JSTL.NS:

• APPROVED PROPOSAL TO TRANSFER SALAV UNIT TO JSW GREEN STEEL

Source text: [ID:]

Further company coverage: JSTL.NS

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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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March 18 (Reuters) - Indian steel prices will face pressure in the upcoming fiscal year as local mills grapple with cheaper imports from China and rising risks from aggressive tariff policies, Fitch Ratings said on Tuesday.

The agency reduced its headroom for ratings upgrades for India's top steelmakers by market cap - JSW Steel JSTL.NS, currently rated "BB" with stable outlook, and Tata Steel TISC.NS, which it rates "BBB-" with a negative outlook.

Steelmakers in China, the world's largest producer of the alloy, have been grappling with generating profits as a prolonged property downturn has hit consumption, leading to higher exports to countries such as India.

As a result, local mills have been battling a rising influx of discounted steel, with intake from China, South Korea and Japan hitting a record high in the first 10 months of the ongoing fiscal year. Prices dropped to their lowest level in more than three years in August last year.

India's fiscal year runs April through March.

Meanwhile, U.S. President Donald Trump's 25% tariffs on steel and aluminium imports, which came into effect on March 12, have triggered retaliation from its major trading partners.

While the tariffs are expected to have "minimal direct impact" on local steelmakers, the redirection of steel imports from countries with higher exposure to the U.S. into India could pressure domestic prices, the agency said. Japan and South Korea account for 15% of total steel imports to the U.S.

Earlier this month, ratings agency S&P Global highlighted similar concerns around the tariffs causing supply redirections.

Fitch expects JSW Steel and Tata Steel's margins to improve in the upcoming year, helped by higher domestic demand, lower raw material costs and China's stimulus measures as it would limit imports into India, but said they will remain below average.

The lower margins remain a risk for the companies' ratings, with Tata Steel at higher risk from the restructuring in its European operations and from mining taxes imposed by Indian states.

(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)

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By Arpan Chaturvedi, Aditya Kalra and Neha Arora

NEW DELHI, March 12 (Reuters) - ArcelorMittal's India joint venture has sued New Delhi for rejecting imports of a steelmaking raw material, saying it was incorrectly imposing import curbs retroactively, escalating its fight over a policy change that is hurting its business, documents show.

India's government imposed curbs on imports of low-ash metallurgical coke, or met coke, starting in January, with country-specific quotas to help domestic suppliers. That has spooked big players like ArcelorMittal Nippon Steel India which are concerned about quality issues with local met coke.

ArcelorMittal Nippon has already warned New Delhi privately that it may have to severely curtail steelmaking and delay any expansions due to the curbs.

In an escalation of the tussle, the company challenged Indian authorities at the Delhi High Court on March 5 for rejecting 168,300 million tonnes of met coke import orders from Indonesia and Poland which were placed before the restrictions kicked in.

India's government rejected its import request, saying the company had sufficient quantities of met coke already, but that decision "militates against" the country's free trade policy which allows for the import of already placed orders before restrictions are imposed, ArcelorMittal Nippon said in its court filing, which Reuters is the first to report.

New Delhi was seeking to apply its policy change retroactively, and this "creates uncertainty and lack of confidence among traders and investors regarding the policy assurances," the 290-page filing said.

The company, a 60-40 joint venture between Luxembourg-based ArcelorMittal MT.LU and Japan's Nippon Steel 5401.T, did not respond to a request for comment.

India's government also did not respond. A March 6 court order shows officials have to respond to ArcelorMittal Nippon's plea by next week.

Bigger rival JSW Steel JSTL.NS also has dragged the Indian government to the Delhi High Court over delays in clearing earlier met coke imports worth around $90 million, saying the proper implementation of policies is essential for "businesses to plan and operate effectively," court papers show.

A decision on that plea is pending. JSW declined to comment.

India's Steel Secretary Sandeep Poundrik told reporters on Wednesday enough domestic met coke was available and companies only want to resort to imports as they are $50-100 per tonne cheaper.

ArcelorMittal Nippon argued in its court filing that New Delhi's move would impact its production and expose "it to significant financial harm (both on account of breach of contractual obligations to its suppliers and customers)."

It added the move could cost the company $25 million per consignment. And it also faces vessel detention charges of $27,004 per day if permissions are delayed, court papers show.

In a confidential letter to the Indian government on February 19, the company had sounded an alarm bell due to import curbs, saying it could be forced to shut down its blast furnace operation from June or will reduce production from April.

ArcelorMittal Nippon has a 5% share of India's steelmaking market, which has an annual capacity of 200 million metric tons.

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

(Reporting by Arpan Chaturvedi, Aditya Kalra and Neha Arora; Editing by Kim Coghill)

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March 7 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - CONSOLIDATED PRODUCTION UP 12% YOY IN FEB

• JSW STEEL LTD - INDIAN OPERATIONS CAPACITY UTILISATION AT 93.5% IN FEBRUARY

Source text: ID:nBSE56WMD7

Further company coverage: JSTL.NS

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Updates with ArcelorMittal Nippon Steel India response in paragraphs 6-7

By Aditya Kalra and Neha Arora

NEW DELHI, March 5 (Reuters) - ArcelorMittal's India joint venture has warned it may have to severely curtail steelmaking in the country and delay its expansion plans due to New Delhi's import restrictions on a key raw material, a company letter to the government showed.

In a bid to help the domestic coke industry, India, the world's second-biggest producer of crude steel, in December imposed curbs on imports of low-ash metallurgical coke, or met coke, with country-specific quotas.

But local suppliers are not able to meet ArcelorMittal Nippon Steel India's quality requirements for met coke, and the company, in its letter to India's Commerce Minister Piyush Goyal, has sought additional allocation from Poland and Japan to "sustain our operations".

"Circumstances are leading us to (a) compelling scenario wherein we will be forced to shut down our blast furnace operation from the month of June 2025 or to reduce production from April 2025," the Arcelor joint venture's India CEO, Dilip Oommen, said in the confidential letter.

"We are heading for a very difficult and uncertain period," he added in the letter dated February 19, which has been reviewed by Reuters.

ArcelorMittal Nippon Steel India, a 60-40 joint venture between Luxembourg-based ArcelorMittal MT.LU and Japan's Nippon Steel 5401.T, told Reuters it was committed to maintaining an "active dialogue" with policymakers to "mitigate the impact of current restrictions on imports".

"We are confident that through constructive engagement, we will arrive at a mutually beneficial outcome to ensure our operations and ambitious expansion plans continue without interruption."

India's Commerce Ministry and Goyal's office did not respond to requests for comment.

FEARS OF BUSINESS DISRUPTIONS

The letter reveals the alarm caused by India's policy to limit imports of met coke, and foreign-owned steelmakers' fears of business disruptions. Domestic rivals JSW Steel JSTL.NS and Tata Steel TISC.NS have also opposed the move.

India's imports of low-ash met coke have more than doubled over the past four years, and New Delhi has restricted total overseas purchases to 1.4 million metric tons between January and June.

Last week, Reuters reported India could extend the curbs on met coke to encourage local steel mills to source the ingredient from domestic suppliers, despite objections from steel producers citing a lack of domestic availability and quality concerns.

ArcelorMittal-Nippon has a 5% share of India's steelmaking market, which has an annual capacity of 200 million metric tons. It has a plant in western Gujarat state, where it fears its business could be affected by the quotas for met coke.

The company also said in the letter it was expanding its operations with a $9 billion investment that started in 2021. It plans to quadruple its steel capacity in India to 40 million metric tonnes a year by 2035, and was due to start another blast furnace in December in India.

ArcelorMittal-Nippon "may need to delay commissioning of new blast furnace", it said in the letter.

Steel mills in India are already reeling from record high imports of steel and softening local prices that are hurting their profits and could lead to job cuts.

JSW Steel has said India's import curbs on met coke do not make "strategic sense".

The quotas were imposed after India's Directorate General of Trade Remedies said it wanted to protect domestic met coke producers from rising imports. Major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Aditya Kalra and Neha Arora; Editing by Jan Harvey and Alex Richardson)

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By Neha Arora and Amy Lv

NEW DELHI/BEIJING, Feb 25 (Reuters) - India could extend restrictions on low-ash metallurgical or met coke imports to encourage local steel mills to source the steelmaking ingredient from domestic suppliers, two sources said.

In December, India, the world's second-biggest producer of crude steel, imposed quantitative curbs with country-specific quotas on imports of low-ash met coke, restricting total overseas purchases to 1.4 million metric tons from January until the end of June.

The reluctance of Indian steel producers to buy from local producers could prompt the government to extend these restrictions beyond June, said the sources, who did not wish to be named because they were not authorised to talk to the media.

Expressing his reservations about steel mills' preference for importing met coke, India's Minister of Commerce and Industry Piyush Goyal stressed the need to source the raw material locally, the sources said.

Since met coke suppliers from China are rerouting their supplies to India via Indonesia, the Indian government has also asked local steel producers to avoid purchases from Jakarta, they said.

Despite a recent thaw in relations, ties between India and China have been tense since the biggest military confrontation in decades on their disputed Himalayan border killed 20 Indian and at least four Chinese soldiers in June 2020. In response, India has increased its scrutiny of investments from Chinese companies.

India's imports of low ash met coke have more than doubled over the past four years.

Leading steel producers, such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India, have expressed concerns over the quality of locally produced met coke.

They argue that any extension of import curbs on the raw material could hinder their plans to increase capacity to meet India's robust domestic demand for steel.

(Reporting by Neha Arora in New Delhi and Amy Lv in Beijing; editing by Mayank Bhardwaj and Christina Fincher)

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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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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Feb 12 (Reuters) - India could impose a temporary tax of 15%-25% on steel from China in as soon as six months because of the "serious challenge" to domestic producers from cheap imports, Steel Minister H.D. Kumaraswamy said.

"Rising Chinese steel imports, often aided by unfair trade practices, pose a serious challenge to Indian manufacturers," Kumaraswamy told Reuters in an interview late on Tuesday. "The government is resolute in its commitment to protecting the Indian steel industry," Kumaraswamy added.

New Delhi began an investigation in December into whether to impose a temporary tax, known locally as a safeguard duty, to curb steel imports. If adopted, it could remain in force for as long as two years.

"Based on ongoing investigations, safeguard duties in the range of 15-25% are being considered to prevent unfair competition and ensure a level playing field," the minister said.

India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December.

As a result, despite robust local demand as a result of rapid economic growth and rising infrastructure spending in the world's fastest-growing major economy, domestic steel prices have slumped.

Some of India's smaller mills have had to scale down operations and consider job cuts as a result of the import surge, Reuters reported in December.

Industry insiders say U.S. President Donald Trump's sharp tariff increases on steel imports could exacerbate the problems as exporters look to ship to India instead.

"Given their duty-free access on account of the free trade agreements (FTA) with India, import pressures from South Korea and Japan could increase in FY2026 as they search for alternate markets for their hitherto American cargoes. This can exert pressure on domestic steel prices, pulling down the industry’s earnings further in FY2026," ratings agency ICRA said in a note on Wednesday.

India's steel exports have also slumped in recent months, primarily due to sluggish global demand, exacerbating the challenges faced by India's leading steelmakers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, and Jindal Steel and Power JNSP.NS.

JSW Steel, India's biggest steelmaker, reported a larger than expected decline in October to December profit, its fiscal third-quarter, last month.

"While short-term challenges have impacted steel exports, the government is actively working on expanding market access," Kumaraswamy said, alluding to India's efforts to find new markets for its steel.

India was looking to sell its steel to Africa, the Middle East, and Southeast Asia, he said, adding that manufacturers had shifted towards producing high-value, specialised steel. High-grade steel can command higher prices and the competition from China is less intense.

India is also looking to diversify sources of steel-making raw materials such as coking coal, Kumaraswamy said, looking towards Canada, Russia, Mongolia, Mozambique, and the United States.

Australia was the main supplier of coking coal to India in the last decade, accounting for about 80% of all such shipments. Its share dropped to 62% in 2024, as supplies from the U.S. as well as Russia and Mozambique helped India to diversify.

The minister also said the government would roll out a production-linked incentive programme to encourage low-carbon steel production.

India would require an estimated investment of $20-25 billion for its steel sector's decarbonisation, with the transition funded through green bonds, concessional financing, and public-private partnerships, the minister said.

(Reporting by Neha Arora and Mayank Bhardwaj; Additional reporting by Manvi Pant in Bengaluru; Editing by Kate Mayberry)

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By Zaheer Kachwala and Jaspreet Singh

BENGALURU, Feb 11 (Reuters) - India's southern state of Karnataka has received investment proposals worth nearly 10 trillion rupees ($115.31 billion), a government spokesperson said, as the country tries to bolster its manufacturing sector and generate jobs in a slowing economy.

The proposed investments would focus on areas such as renewable energy, steel, semiconductors and automobiles, the spokesperson said at the 'Invest Karnataka' event on Tuesday.

To be sure, not all proposals have been confirmed and the government has not provided a timeline for these investments.

The state government aims to implement at least 70% of proposals, up from 40% to 50% after the event's 2022 edition, the New Indian Express newspaper reported last week, citing a state minister.

Companies that have pledged investments included India's Mahindra and Mahindra MAHM.NS and JSW Group, Germany's Bosch BOSH.NS, Japan's Toyota Motor 7203.T and Taiwan-based Foxconn.

Karnataka, which includes the IT hub of Bengaluru, is among the top contributors to India's economy and is a major exporter of software, IT services and manufactured goods.

The investment commitments also come amid New Delhi's push to boost domestic manufacturing and reduce imports as it looks to take advantage of Sino-U.S. tensions that have led companies such as Apple AAPL.O to diversify their manufacturing operations away from China..

Inaugurating the event, Indian Defence Minister Rajnath Singh said India's growing economy and strong consumption make it an investment target, with recent moves like a personal income tax cut set to fuel demand.

The JSW Group, whose business spans industries including cement, steel, paints and energy, will invest 1.2 trillion Indian rupees ($13.84 billion) to expand its operations in the state, Chairman and Managing Director Sajjan Jindal said.

Mahindra, which already has a strong presence in Karnataka, plans to invest nearly 400 billion Indian rupees in the state($4.61 billion) over the next few years, chairman Anand Mahindra said at the event.

($1 = 86.7240 Indian rupees)

(Reporting by Zaheer Kachwala and Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)

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Feb 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - EXPECTS GOVERNMENT CAPEX AND INFRA RECOVERY TO AID GROWTH IN Q4

Source text: ID:nNSE3Kvb1m

Further company coverage: JSTL.NS

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Feb 6 (Reuters) - Indian state-owned miner NMDC NMDC.NS reported a higher third-quarter profit on Thursday, aided by price hikes during the period.

The iron ore miner reported a 30% year-on-year rise in profit to 19.44 billion rupees ($222 million) for the October-December quarter.

NMDC increased the prices of iron ore twice during the quarter, resulting in an average price of 4,377 rupees per tonne, up nearly 17% on-year, according to data from JM Financial Institutional Securities.

Last month, JSW Steel JSTL.NS, which primarily procures iron ore from NMDC, said that escalating prices of iron ore have partially offset a decline in costs due to falling coking coal prices.

NMDC's revenue from operations rose 21% to 65.31 billion rupees in the third quarter.

($1 = 87.5280 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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