SAIL
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India's SAIL to import trial coking coal cargo from Mongolia, maybe by air
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)
(([email protected];))
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)
(([email protected];))
India's JSW Steel faces challenges importing coking coal from Mongolia, sources say
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)
(([email protected];))
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)
(([email protected];))
India's NMDC exploring coking coal assets in Indonesia, Australia, chairman says
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)
(([email protected]; +918447554364;))
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)
(([email protected]; +918447554364;))
India imposes temporary tariff on some steel to stem cheap imports from China
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)
(([email protected];))
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)
(([email protected];))
INDIA TO IMPOSE 12% TEMPORARY TARIFF OR SAFEGUARD DUTY ON STEEL IMPORTS "AT THE EARLIEST," GOVERNMENT SOURCE SAYS
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)
(([email protected];))
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)
(([email protected];))
India net importer of finished steel in 2024/25, data shows
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)
(([email protected];))
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)
(([email protected];))
India's April-February finished steel imports up nearly 16% y/y, data shows
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)
(([email protected];))
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)
(([email protected];))
SEPC Gets Final Acceptance Certificates From SAIL, Durgapur Steel Plant
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
(([email protected];))
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
(([email protected];))
Indian steel to see some impact from EU's import curbs but local demand strong, source says
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)
(([email protected];))
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)
(([email protected];))
Steel stocks gain as India plans to tax imports
Trade body recommends 12% tax on certain steel imports for 200 days
Analysts forecast steel price hikes and earnings growth
May counter diversions from Japan, South Korea after US tariffs
Recasts, adds analyst comments in paragraphs 7-9
By Manvi Pant
March 19 (Reuters) - Shares of Indian steel companies rose on Wednesday, a day after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports amid rising global trade tensions, raising hopes of a boost to the firms' earnings.
Metal shares .NIFTYMET rose as much as 1.6% in early trade in Mumbai. Industry leader JSW Steel JSTL.NS and Tata Steel TISC.NS rose about 3% to be among the top ten gainers on the benchmark Nifty 50 index .NSEI, which advanced 0.3%. State-run SAIL SAIL.NS rose 3.7%.
In December 2024, India launched a probe after record imports, largely from China, forced top steel mills to petition the government.
On Tuesday, India's Directorate General of Trade Remedies, which functions under the federal trade ministry, recommended a 12% temporary tax for 200 days on certain steel product imports in a bid to curb "serious injury" to the domestic industry.
The tax is proposed to be levied on products including hot-rolled coils, steel sheets and plates, as well as cold-rolled coils and sheets.
Analysts at J.P. Morgan see scope for raising estimates on steel companies' earnings as the tax "opens up ample room for imagination around profitability improvement."
"The tax can potentially lead to more room for price hikes in the next few months after rising to 1,500 rupees to 2,000 rupees in the near term," Parthiv Jhonsa, lead analyst for metal and mining at brokerage Anand Rathi, said.
"Earnings of steel companies are expected to increase in the next one to two quarters," he said.
The tax is expected to help Indian steel mills counter any potential trade diversions from countries like Japan and South Korea into the South Asian country after U.S. President Donald Trump imposed 25% import tariffs on the alloy, as per commodities consultancy BigMint.
The two Asian countries account for 15% of steel shipments to the U.S.
(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Trade body recommends 12% tax on certain steel imports for 200 days
Analysts forecast steel price hikes and earnings growth
May counter diversions from Japan, South Korea after US tariffs
Recasts, adds analyst comments in paragraphs 7-9
By Manvi Pant
March 19 (Reuters) - Shares of Indian steel companies rose on Wednesday, a day after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports amid rising global trade tensions, raising hopes of a boost to the firms' earnings.
Metal shares .NIFTYMET rose as much as 1.6% in early trade in Mumbai. Industry leader JSW Steel JSTL.NS and Tata Steel TISC.NS rose about 3% to be among the top ten gainers on the benchmark Nifty 50 index .NSEI, which advanced 0.3%. State-run SAIL SAIL.NS rose 3.7%.
In December 2024, India launched a probe after record imports, largely from China, forced top steel mills to petition the government.
On Tuesday, India's Directorate General of Trade Remedies, which functions under the federal trade ministry, recommended a 12% temporary tax for 200 days on certain steel product imports in a bid to curb "serious injury" to the domestic industry.
The tax is proposed to be levied on products including hot-rolled coils, steel sheets and plates, as well as cold-rolled coils and sheets.
Analysts at J.P. Morgan see scope for raising estimates on steel companies' earnings as the tax "opens up ample room for imagination around profitability improvement."
"The tax can potentially lead to more room for price hikes in the next few months after rising to 1,500 rupees to 2,000 rupees in the near term," Parthiv Jhonsa, lead analyst for metal and mining at brokerage Anand Rathi, said.
"Earnings of steel companies are expected to increase in the next one to two quarters," he said.
The tax is expected to help Indian steel mills counter any potential trade diversions from countries like Japan and South Korea into the South Asian country after U.S. President Donald Trump imposed 25% import tariffs on the alloy, as per commodities consultancy BigMint.
The two Asian countries account for 15% of steel shipments to the U.S.
(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
India's April-January finished steel imports touch record high
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)
(([email protected];))
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)
(([email protected];))
Indian steelmakers fear for future if unprotected from effects of Trump tariffs
By Neha Arora
NEW DELHI, Feb 11 (Reuters) - India's smaller steelmakers could be forced out of business by a further surge in imports resulting from sharp tariff increases imposed by U.S. President Donald Trump, industry executives warned on Monday.
With Indian producers already facing increased competition from rising cheap imports from some of the world's leading producers, Trump has increased tariffs on steel and aluminium imports to a flat 25%.
"The increased tariffs may divert Chinese and other Asian exports to India while heightening competition, creating a downward pressure on domestic prices, and affecting small Indian producers with low-cost Chinese dumping," said Anubhav Kathuria, managing director of stainless steel producer Synergy Steels.
Steel prices in India have already dropped in recent months, pressured by an influx of cheap imports, prompting smaller producers to consider job cuts, Reuters reported in December.
JSW Steel JSTL.NS, India's biggest steelmaker, reported a larger than expected decline in third-quarter profit last month, hit by lower prices, subdued demand and rising imports.
"We need to protect ourselves from other countries diverting steel to India because we do not have any safeguards," said one senior steel company executive, who did not wish to be identified because he was not authorised to talk to the media.
India, which became a net importer of steel in the 2023/2024 financial year, is investigating whether to impose a temporary tax to curb imports.
Separately, the Indian Steel Association, has sought government intervention to secure exemption from U.S. tariffs.
(Reporting by Neha Arora
Editing by Mayank Bhardwaj and David Goodman)
(([email protected];))
By Neha Arora
NEW DELHI, Feb 11 (Reuters) - India's smaller steelmakers could be forced out of business by a further surge in imports resulting from sharp tariff increases imposed by U.S. President Donald Trump, industry executives warned on Monday.
With Indian producers already facing increased competition from rising cheap imports from some of the world's leading producers, Trump has increased tariffs on steel and aluminium imports to a flat 25%.
"The increased tariffs may divert Chinese and other Asian exports to India while heightening competition, creating a downward pressure on domestic prices, and affecting small Indian producers with low-cost Chinese dumping," said Anubhav Kathuria, managing director of stainless steel producer Synergy Steels.
Steel prices in India have already dropped in recent months, pressured by an influx of cheap imports, prompting smaller producers to consider job cuts, Reuters reported in December.
JSW Steel JSTL.NS, India's biggest steelmaker, reported a larger than expected decline in third-quarter profit last month, hit by lower prices, subdued demand and rising imports.
"We need to protect ourselves from other countries diverting steel to India because we do not have any safeguards," said one senior steel company executive, who did not wish to be identified because he was not authorised to talk to the media.
India, which became a net importer of steel in the 2023/2024 financial year, is investigating whether to impose a temporary tax to curb imports.
Separately, the Indian Steel Association, has sought government intervention to secure exemption from U.S. tariffs.
(Reporting by Neha Arora
Editing by Mayank Bhardwaj and David Goodman)
(([email protected];))
India's finished steel imports from China hit 7-year high in April-Dec
By Neha Arora
NEW DELHI, Jan 27 (Reuters) - India's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April, according to provisional government data reviewed by Reuters on Monday.
China, the world's top steel producer, shipped 2.1 million metric tons of finished steel to India during April-December, up 13.3% year-on-year, the data showed.
Beijing was the top exporter of finished steel to India during the period.
Shipments from China, South Korea and Japan accounted for 79% of India's overall finished steel imports during the period.
South Korea's finished steel exports to India during April-December touched a five-year high at 2.1 million metric tons, up 7.2% year-on-year, the data showed.
Japan's finished steel exports to India touched an at least seven-year high, nearly doubling year-on-year to 1.6 million metric tons, according to the data.
India's overall finished steel imports reached a six-year high during April-December, as previously reported by Reuters.
India, the world's second-biggest crude steel producer, had turned a net importer of finished steel in the previous financial year. The trend has since continued, with shipments from China rising steadily.
India is conducting a probe to determine the need for imposition of a safeguard duty or a temporary tax to curtail unbridled steel imports.
During April-December, hot-rolled coils or strips were the most imported product during the period, the data showed.
Imports of non-flat products also rose 13.8% from last year, led by bars and rods.
Finished steel exports slumped 24.6% to 3.6 million metric tons, their lowest point in at least six years, the data showed.
Italy was the biggest exports market for India's finished steel products, although shipments fell 38.8% from levels seen last year.
Exports to Belgium, Spain and Nepal also fell.
However, exports to the United Kingdom were up nearly 20% year-on-year, the data showed.
(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
(([email protected];))
By Neha Arora
NEW DELHI, Jan 27 (Reuters) - India's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April, according to provisional government data reviewed by Reuters on Monday.
China, the world's top steel producer, shipped 2.1 million metric tons of finished steel to India during April-December, up 13.3% year-on-year, the data showed.
Beijing was the top exporter of finished steel to India during the period.
Shipments from China, South Korea and Japan accounted for 79% of India's overall finished steel imports during the period.
South Korea's finished steel exports to India during April-December touched a five-year high at 2.1 million metric tons, up 7.2% year-on-year, the data showed.
Japan's finished steel exports to India touched an at least seven-year high, nearly doubling year-on-year to 1.6 million metric tons, according to the data.
India's overall finished steel imports reached a six-year high during April-December, as previously reported by Reuters.
India, the world's second-biggest crude steel producer, had turned a net importer of finished steel in the previous financial year. The trend has since continued, with shipments from China rising steadily.
India is conducting a probe to determine the need for imposition of a safeguard duty or a temporary tax to curtail unbridled steel imports.
During April-December, hot-rolled coils or strips were the most imported product during the period, the data showed.
Imports of non-flat products also rose 13.8% from last year, led by bars and rods.
Finished steel exports slumped 24.6% to 3.6 million metric tons, their lowest point in at least six years, the data showed.
Italy was the biggest exports market for India's finished steel products, although shipments fell 38.8% from levels seen last year.
Exports to Belgium, Spain and Nepal also fell.
However, exports to the United Kingdom were up nearly 20% year-on-year, the data showed.
(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
(([email protected];))
India Steel Minister Says SAIL's Salem Steel Plant Will Be Revived
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
(([email protected];;))
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
(([email protected];;))
INDIA TO SIGN A PRELIMINARY MINING PACT WITH MONGOLIA SOON, GOVT SOURCE SAYS
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)
(([email protected];))
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)
(([email protected];))
RITES Gets Contract Valued At 697.8 Million Rupees
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
(([email protected];))
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
(([email protected];))
ANALYSIS-Indian steel mills feel crunch from cheap Chinese imports
Chinese supplies outprice Indian steel in export markets
Capacity utilisation of smaller Indian steel mills down over 30%
Small steel producers offer deep discounts, consider job cuts
Small steelmakers plan to cut production next year as well
India concerned about future steel demand to sustain growth
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)
India's imports of Chinese steel during April-August https://reut.rs/3NKamT1
(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)
(([email protected]; X.com: neha_5))
Chinese supplies outprice Indian steel in export markets
Capacity utilisation of smaller Indian steel mills down over 30%
Small steel producers offer deep discounts, consider job cuts
Small steelmakers plan to cut production next year as well
India concerned about future steel demand to sustain growth
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)
India's imports of Chinese steel during April-August https://reut.rs/3NKamT1
(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)
(([email protected]; X.com: neha_5))
John Cockerill India Enters Into MoU With Steel Authority Of India
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
(([email protected];;))
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
(([email protected];;))
India's JSW Steel, SAIL in talks with Mongolia for coking coal shipments, sources say
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)
(([email protected]; Twitter: @MayankBhardwaj9;))
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)
(([email protected]; Twitter: @MayankBhardwaj9;))
Indian steelmakers make new push for temporary tax to check cheap imports
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)
(([email protected]; Twitter: @MayankBhardwaj9;))
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)
(([email protected]; Twitter: @MayankBhardwaj9;))
India SAIL Chairman Says We Are Requesting Government To Consider Measures Against Steel Imports
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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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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India's April-Sept steel imports led by China, govt data shows
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)
(([email protected];))
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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SAIL Q2 Net Profit 8.34 Bln Rupees
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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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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India's steel ministry favours temporary tax to check imports, source says
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)
(([email protected];))
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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India's SAIL's chairman says need tariff measures on imports
Oct 9 (Reuters) - India needs to impose tariffs on imports for an even playing field for the domestic steel industry, Steel Authority of India's SAIL.NS Chairman Amarendu Prakash told Reuters on the sidelines of the FT Live Energy Transition Summit event.
(Reporting by Neha Arora, writing by Varun Hebbalalu; Editing by Sonia Cheema)
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Oct 9 (Reuters) - India needs to impose tariffs on imports for an even playing field for the domestic steel industry, Steel Authority of India's SAIL.NS Chairman Amarendu Prakash told Reuters on the sidelines of the FT Live Energy Transition Summit event.
(Reporting by Neha Arora, writing by Varun Hebbalalu; Editing by Sonia Cheema)
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India's SAIL ties up with BHP to reduce carbon emissions
Oct 7 (Reuters) - State-run Steel Authority of India (SAIL) SAIL.NS has signed a pact with global miner BHP BHP.AX to work on reducing carbon emissions at the Indian steel producer's plants that operate blast furnaces, SAIL said in a statement on Monday.
The companies are considering the use of hydrogen and biochar at SAIL's plants while also building local research and development.
"The emergent need to align the steel sector with climate commitments is non-negotiable," SAIL Chairman Amarendu Prakash said.
India, the world's third-largest emitter of greenhouse gases, has pledged to achieve a net zero carbon emission target by 2070.
India's steel industry accounts for 10%-12% of the country's total emissions, generating 2.54 metric tons of carbon dioxide for every ton of steel produced, which exceeds the global average of 1.91 metric tons.
(Reporting by Neha Arora in New Delhi and Yagnoseni Das in Bengaluru; Editing by Mrigank Dhaniwala)
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Oct 7 (Reuters) - State-run Steel Authority of India (SAIL) SAIL.NS has signed a pact with global miner BHP BHP.AX to work on reducing carbon emissions at the Indian steel producer's plants that operate blast furnaces, SAIL said in a statement on Monday.
The companies are considering the use of hydrogen and biochar at SAIL's plants while also building local research and development.
"The emergent need to align the steel sector with climate commitments is non-negotiable," SAIL Chairman Amarendu Prakash said.
India, the world's third-largest emitter of greenhouse gases, has pledged to achieve a net zero carbon emission target by 2070.
India's steel industry accounts for 10%-12% of the country's total emissions, generating 2.54 metric tons of carbon dioxide for every ton of steel produced, which exceeds the global average of 1.91 metric tons.
(Reporting by Neha Arora in New Delhi and Yagnoseni Das in Bengaluru; Editing by Mrigank Dhaniwala)
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Indian steelmaker group warns of rising Chinese imports after US tariffs
By Neha Arora
NEW DELHI, Sept 27 (Reuters) - India's leading steelmakers' group warned on Friday of a further increase in imports from China following a U.S. decision to impose 25% tariffs on Chinese steel imports.
U.S. President Joe Biden's administration this month locked in steep tariffs on Chinese imports, including 25% on steel and aluminium that kicked in from Friday.
"The increased trade remedial tariffs on Chinese steel by U.S. is further going to impact the Indian steel industry adversely with diversion directed to India," Alok Sahay, secretary general of the Indian Steel Association (ISA), told Reuters.
India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year through March 2024 and the trend has continued into the current year with imports from China surging.
Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tons.
Weak steel demand at home has encouraged China, the world's biggest producer of the alloy, to offload its surplus stocks by offering competitive prices to Indian buyers, hurting Indian producers.
"The surge in imports at predatory prices, due to diversion and due to major reduction in steel consumption in China is a double whammy for us," Sahay said.
ISA has called on the government to double tariffs on steel imports to curb the surge in cheaper steel from China, Reuters reported on Thursday.
ISA represents major steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, ArcelorMittal Nippon Steel India and state-run Steel Authority of India SAIL.NS.
As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have also sought import curbs.
India's steel minister H.D. Kumaraswamy this month said domestic steel makers were "suffering" because of cheaper imports.
A spurt in economic activity and a revamp of broader infrastructure have turned India into a bright spot for both Indian and global steel makers. Unlike India, steel demand is slowing down in Europe and the United States.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Kim Coghill)
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By Neha Arora
NEW DELHI, Sept 27 (Reuters) - India's leading steelmakers' group warned on Friday of a further increase in imports from China following a U.S. decision to impose 25% tariffs on Chinese steel imports.
U.S. President Joe Biden's administration this month locked in steep tariffs on Chinese imports, including 25% on steel and aluminium that kicked in from Friday.
"The increased trade remedial tariffs on Chinese steel by U.S. is further going to impact the Indian steel industry adversely with diversion directed to India," Alok Sahay, secretary general of the Indian Steel Association (ISA), told Reuters.
India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year through March 2024 and the trend has continued into the current year with imports from China surging.
Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tons.
Weak steel demand at home has encouraged China, the world's biggest producer of the alloy, to offload its surplus stocks by offering competitive prices to Indian buyers, hurting Indian producers.
"The surge in imports at predatory prices, due to diversion and due to major reduction in steel consumption in China is a double whammy for us," Sahay said.
ISA has called on the government to double tariffs on steel imports to curb the surge in cheaper steel from China, Reuters reported on Thursday.
ISA represents major steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, ArcelorMittal Nippon Steel India and state-run Steel Authority of India SAIL.NS.
As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have also sought import curbs.
India's steel minister H.D. Kumaraswamy this month said domestic steel makers were "suffering" because of cheaper imports.
A spurt in economic activity and a revamp of broader infrastructure have turned India into a bright spot for both Indian and global steel makers. Unlike India, steel demand is slowing down in Europe and the United States.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Kim Coghill)
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Indian steelmakers seek higher tariffs as Chinese imports surge
By Neha Arora
NEW DELHI, Sept 26 (Reuters) - India's steelmakers have called on the government to double tariffs on steel imports to curb a surge in cheaper steel shipments from China, according to a letter from an industry association seen by Reuters.
The world's second-biggest crude steel producer became a net importer of the alloy in the fiscal year through March 2024 and the trend has continued into the current year.
Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tons.
In a letter dated Sept. 2, the Indian Steel Association (ISA) called on Minister of Finance Nirmala Sitharaman to double the customs duty on steel imports to 15%.
ISA represents major steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, ArcelorMittal Nippon Steel India and state-run Steel Authority of India SAIL.NS.
"Industry is concerned about the surge in imports of steel into India at predatory prices and the threat posed by China's downturn," ISA said in the letter to Sitharaman.
The trend of cheaper steel imports is likely to continue, ISA said.
"There is an imminent threat of further surge in imports in the coming months," ISA said.
As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have sought import curbs. In the U.S., a 25% tariff on Chinese steel takes effect on Friday.
Steel minister H.D. Kumaraswamy this month said Indian steel makers were "suffering" because of cheaper imports.
In its letter, ISA also urged Sitharaman to impose an extra 25% import tax on steel.
ISA has also sought the removal of the "lesser duty rule" under which the import duty should be fixed at a level only to avoid injury to Indian producers rather than fixing the import tax at a higher rate.
The Ministry of Finance and ISA did not respond to Reuters emails seeking comment.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Christopher Cushing)
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By Neha Arora
NEW DELHI, Sept 26 (Reuters) - India's steelmakers have called on the government to double tariffs on steel imports to curb a surge in cheaper steel shipments from China, according to a letter from an industry association seen by Reuters.
The world's second-biggest crude steel producer became a net importer of the alloy in the fiscal year through March 2024 and the trend has continued into the current year.
Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tons.
In a letter dated Sept. 2, the Indian Steel Association (ISA) called on Minister of Finance Nirmala Sitharaman to double the customs duty on steel imports to 15%.
ISA represents major steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, ArcelorMittal Nippon Steel India and state-run Steel Authority of India SAIL.NS.
"Industry is concerned about the surge in imports of steel into India at predatory prices and the threat posed by China's downturn," ISA said in the letter to Sitharaman.
The trend of cheaper steel imports is likely to continue, ISA said.
"There is an imminent threat of further surge in imports in the coming months," ISA said.
As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have sought import curbs. In the U.S., a 25% tariff on Chinese steel takes effect on Friday.
Steel minister H.D. Kumaraswamy this month said Indian steel makers were "suffering" because of cheaper imports.
In its letter, ISA also urged Sitharaman to impose an extra 25% import tax on steel.
ISA has also sought the removal of the "lesser duty rule" under which the import duty should be fixed at a level only to avoid injury to Indian producers rather than fixing the import tax at a higher rate.
The Ministry of Finance and ISA did not respond to Reuters emails seeking comment.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Christopher Cushing)
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SAIL Chairman Still Assesssing Impact Of Any Retrospective Tax Demand From States
Aug 22 (Reuters) - Steel Authority of India Ltd SAIL.NS:
SAIL CHAIRMAN: STILL ASSESSSING IMPACT OF ANY RETROSPECTIVE TAX DEMAND FROM STATES
Source text for Eikon: [ID:]
Further company coverage: SAIL.NS
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Aug 22 (Reuters) - Steel Authority of India Ltd SAIL.NS:
SAIL CHAIRMAN: STILL ASSESSSING IMPACT OF ANY RETROSPECTIVE TAX DEMAND FROM STATES
Source text for Eikon: [ID:]
Further company coverage: SAIL.NS
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India's SAIL falls on Q1 profit slump
** Shares of Steel Authority of India SAIL.NS fall as much as 2.9% after co reports 61% drop in Q1 profit
** Stock last down 1.5%, on track to fall for six of last seven sessions
** Stock also set for worst week since March, down 7.5% so far
** Rival JSW Steel JSTL.NS missed Q1 profit estimates, Tata Steel's TISC.NS profit rose
** SAIL rated "sell" on avg, TISC and JSTL rated "hold" - LSEG data
** YTD, SAIL and TISC up ~9% and ~10% respectively; JSTL up ~4%
(Reporting by Varun Vyas in Bengaluru)
** Shares of Steel Authority of India SAIL.NS fall as much as 2.9% after co reports 61% drop in Q1 profit
** Stock last down 1.5%, on track to fall for six of last seven sessions
** Stock also set for worst week since March, down 7.5% so far
** Rival JSW Steel JSTL.NS missed Q1 profit estimates, Tata Steel's TISC.NS profit rose
** SAIL rated "sell" on avg, TISC and JSTL rated "hold" - LSEG data
** YTD, SAIL and TISC up ~9% and ~10% respectively; JSTL up ~4%
(Reporting by Varun Vyas in Bengaluru)
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What does SAIL do?
Steel Authority of India Limited (SAIL) is a leading steel-making company in India, operating integrated plants and special steel plants in the eastern and central regions. It produces and sells a diverse range of steel products.
Who are the competitors of SAIL?
SAIL major competitors are Tata Steel, JSW Steel, Jindal Stainless, Shyam Metalics&Ener, Sarda Energy&Min., Gallantt Ispat, Usha Martin. Market Cap of SAIL is ₹55,783 Crs. While the median market cap of its peers are ₹24,222 Crs.
Is SAIL financially stable compared to its competitors?
SAIL seems to be less financially stable compared to its competitors. Altman Z score of SAIL is 1.74 and is ranked 8 out of its 8 competitors.
Does SAIL pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. SAIL latest dividend payout ratio is 26.94% and 3yr average dividend payout ratio is 28.31%
How has SAIL allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory
How strong is SAIL balance sheet?
SAIL balance sheet is weak and might have solvency issues
Is the profitablity of SAIL improving?
The profit is oscillating. The profit of SAIL is ₹1,885 Crs for TTM, ₹3,067 Crs for Mar 2024 and ₹2,177 Crs for Mar 2023.
Is the debt of SAIL increasing or decreasing?
The net debt of SAIL is decreasing. Latest net debt of SAIL is ₹28,844 Crs as of Mar-25. This is less than Mar-24 when it was ₹34,988 Crs.
Is SAIL stock expensive?
Yes, SAIL is expensive. Latest PE of SAIL is 23.52, while 3 year average PE is 12.28. Also latest EV/EBITDA of SAIL is 7.95 while 3yr average is 5.99.
Has the share price of SAIL grown faster than its competition?
SAIL has given lower returns compared to its competitors. SAIL has grown at ~21.66% over the last 3yrs while peers have grown at a median rate of 40.65%
Is the promoter bullish about SAIL?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in SAIL is 65.0% and last quarter promoter holding is 65.0%.
Are mutual funds buying/selling SAIL?
The mutual fund holding of SAIL is decreasing. The current mutual fund holding in SAIL is 4.06% while previous quarter holding is 5.08%.