July 2009 ~ Steel Guru

Thursday, July 30, 2009

SAIL registers PAT of INR 1326 crore in Q1

10:06 PM Unknown No comments

SAIL registers PAT of INR 1326 crore in Q1 In spite of input cost pressures and price realizations being far below the significantly high levels obtained in the first quarter of FY ’09, Steel Authority of India Limited recorded profit before tax of INR 2,005.91 crore lower by 28% YoY and profit after tax of INR 1,326.09 crore lower by 27.7% YoY during Q1 of the current financial year. The company’s net turnover at INR 8,950.64 crore was lower by 16.5% YoY. These unaudited financial results of SAIL were taken on record here today by...

Indian Steel Price Index reflects lull on July 30

10:05 PM Unknown No comments

Indian Steel Price Index reflects lull on July 30 The domestic Indian Steel prices remained stagnant on July 30th 2009.The Indian Long Product Price Index ILPPI remained unchanged whereas Indian Flat Product Price Index IFPPI drops by mare 3 point the overall Indian Steel Price Index INDSPI decreases by 1 point Class 29-Jul 30-Jul Change ILPPI 6037 6037 0 IFPPI 6993 6990 -3 INDSPI 6492 6491 -1 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 29-Jul 30-Jul...

Mr Mittal committed to steel projects in India

10:04 PM Unknown No comments

Mr Mittal committed to steel projects in India PTI cited Mr LN Mittal chief of ArcelorMittal as saying that he will not give up his India projects because of the delays in securing regulatory approvals for steel plants in the country. Mr Mittal said “He was disappointed by the progress made so far. But we are not going to give up. I think we are in constant dialogue with all the government authorities and bureaucrats. Whenever I have a chance I apprise them of the progress that we are making.” He said "We are losing opportunity of participating...

JSPL announces Q1 results

10:04 PM Unknown No comments

JSPL announces Q1 results Jindal Steel & Power Limited has announced the following unaudited results for the quarter ended June 30th 2009. It has posted a net profit of INR 3000.6 million for the quarter ended June 30th 2009 as compared to INR 4023.0 million for the quarter ended June 30th 2008. Total income has decreased from INR 19027.4 million for the quarter ended June 30th 2008 to INR 15926.6 million for the quarter ended June 30th 2009. The consolidated results are as follows The Group has posted a net profit of INR 9884.7...

BSL Q1 profit higher at INR 171.87 crore

10:03 PM Unknown No comments

BSL Q1 profit higher at INR 171.87 crore Bhushan Steel Ltd has announced the Unaudited financial results for the quarter ended June 30th 2009. The Company has posted a net profit of INR 1718.7 million for the quarter ended June 30, 2009 as compared to INR 1326.8 million for the quarter ended June 30th 2008. Total Income has increased from INR 13213.5 million for the quarter ended June 30th 2008 to INR 13374.9 million for the quarter ended June 30th 20...

SAIL chairman gives cautious outlook on steel prices

10:03 PM Unknown No comments

SAIL chairman gives cautious outlook on steel prices Reuters reported that Steel Authority of India Limited does not expect steel prices to fall but is cautious on prospects of improvement in prices. Mr SK Roongta chairman of SAIL told reporters after the company reported a 28% drop in June quarter net profit that 'We do not see any pressure on prices at this moment but we have to be cautious when we are talking of improvement in prices also.” (Sourced http://www.steelguru.com/news/index/2009/07/31/MTA0ODA4/SAIL_chairman_gives_cautiou...

Pollution board directs TATA Steel to submit coke battery closure plan

10:02 PM Unknown No comments

PTI reported that Indian government’s Central Pollution Control Board has asked TATA Steel to submit the schedule for closing one of its coke oven batteries, which is exceeding the emission norms. Mr A Sai Prathap minister of state for steel said in a written reply to a question in the Lok Sabha informed that the Central Pollution Control Board has asked TATA Steel to submit the closure schedule of the battery at the earliest, He added that “One coke oven battery No 3 of TATA Steel is exceeding the stack emission norms of particulate ...

BHP exits venture with Usha Martin

10:01 PM Unknown No comments

BHP exits venture with Usha Martin The Telegraph reported that BHP Billiton has pulled out of the mining JV with Usha Martin, which was inked in early 2006 for mining and downstream activities in Jharkhand. Consequently, Usha Martin now owns 100% of Bharat Minex Pvt Ltd, JV formed with BHP Minerals Holdings Pty Ltd, a subsidiary of BHP Billiton. Mr Rajeev Jhawar MD of Usha Martin announced that BHPB sold its holding to Usha Martin earlier this year. He said that “The decision followed the global economic meltdown in October. It was a...

Indian LPG cylinder units face HR coils shortage - Report

9:59 PM Unknown No comments

Indian LPG cylinder units face HR coils shortage - Report BS reported that the manufacturers of LPG cylinders across the country are a harried lot due to short supply of low carbon hot rolled coils to these units by the Indian steelmakers. Industry sources said “SAIL and TATA Steel, the 2 leading steel producers in the country are the major suppliers of low carbon HR coils to the cylinder manufacturing units.” Sources said, however, supplies have trickled down significantly over the last couple of months, jeopardizing the operations of...

KEC International Q1 profit up by 50pct to INR 38.23 crore

9:58 PM Unknown No comments

PTI reported that power transmission and engineering company KEC International net profit increased by 50% to INR 38.23 crore for the Q1 ended June 30th 2009, over the same period last year. KEC International in a filing to the BSE said income from operations increased to INR 732.85 crore in the latest quarter, against INR 610.04 crore in the same quarter previous fiscal. (Sourced from http://www.steelguru.com/news/index/2009/07/31/MTA0ODEy/KEC_International_Q1_profit_up_by_50pct_to_INR_38.23_crore.ht...

Indian domestic long product prices continue southward march

9:55 PM Unknown No comments

Indian domestic long product prices continue southward march The domestic Indian steel prices for longs dived further on July 29th 2009.The Indian Long Product Price Index ILPPI decreased by 24 points whereas Indian Flat Product Price Index IFPPI also dropped by 6 point the overall Indian Steel Price Index INDSPI decreases by 15 point Class 28-Jul 29-Jul Change ILPPI 6061 6037 -24 IFPPI 6999 6993 -6 INDSPI 6508 6492 -15 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products ...

TATA Steel announces Q1 results - Down by 46pct YoY

9:54 PM Unknown No comments

TATA Steel announces Q1 results - Down by 46pct YoY TATA Steel Ltd has announced the following Audited results for the quarter ended June 30th 2009: The Company has posted a net profit of INR 7898.3 million for the quarter ended June 30th 2009 as compared to INR 14884.0 million for the quarter ended June 30th 2008. Total Income has decreased from INR 61651.4 million for the quarter ended June 30th 2008 to INR 56618.9 million for the quarter ended June 30th 2009. Mr B Muthuraman MD of TATA Steel said, “In the last quarter both raw material...

RNL CMD Mr Bishnoi takes charge as non executive chairman of Bird Group

9:54 PM Unknown No comments

RNL CMD Mr Bishnoi takes charge as non executive chairman of Bird Group Mr PK Bishnoi CMD of Rashtriya Ispat Nigam Limited INL has taken charge as Non Executive Chairman of Boards of Various Companies popularly known as Bird Group of Companies. The ‘Bird Group of Companies’ consist of 1. Orissa Mineral Development Company Limited OMDC 2. Bisra Stone Lime Company Limited BSLC 3. Eastern Investments Limited EIL 4. Karanpura Development Company Limited KDCL 5. Scott & Saxby Limited SSL The Orissa Mineral Development Company is having...

Sponge iron price slides down in Raipur

9:53 PM Unknown No comments

Sponge iron price slides down in Raipur Sponge iron Location Change Kolkata 0 Raipur -300 Change is on July 29th 2009 as compared to July 28th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from www.steelprices-india.c...

Merger of Hooghly Met Coke & Power Company Limited with TATA Steel

9:53 PM Unknown 2 comments

Merger of Hooghly Met Coke & Power Company Limited with TATA Steel TATA Steel announced that the board of directors of TATA Steel and Hooghly Met Coke & Power Company Limited approved the scheme of amalgamation of HMPCL with TATA Steel and TATA Steel at present holds 100% of the paid up equity share capital of HMPCL. The release said that “The Scheme is subject to and conditional upon requisite approvals and sanctions being received thereof including approval of the shareholders of both the companies and sanctions of the Hon'ble...

TATA Steel submits INR 25 crore to BIFR for INCAB

9:52 PM Unknown 1 comment

TATA Steel submits INR 25 crore to BIFR for INCAB TATA Steel announced that in accordance with the order of hon’ble Board for Industrial and Financial Reconstructions on July 22nd 2009, all bidders for Indian Cable Company needed to deposit INR 25 crore. It said that TATA Steel has deposited INR 25 crores with the operating agency, State Bank of India, Kolkata, for the process of revival of INCAB. Source From: TATA Steel submits INR 25 crore to BIFR for IN...

Wide plate price drops in Raipur on July 29

9:51 PM Unknown No comments

Wide plate price drops in Raipur on July 29 PLTS GRB 12-20x2.5 Location Change Mumbai 0 Chennai 0 Kolkata 0 Delhi 0 Raipur -444 Kanpur 0 Rudrapur 0 Ahmedabad 0 Indore 0 Bangalore 0 Change is on July 29th 2009 as compared to July 28th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from Wide...

JSW Steel sees sluggish prices and demand for long steel

9:51 PM Unknown No comments

JSW Steel sees sluggish prices and demand for long steel Reuters reported that JSW Steel sees prices and demand for long steel to remain sluggish for now. Mr MVS Seshagiri Rao CFO of JSW Steel on the sidelines of a news conference said "In long product there is some softness, prices and demand are sluggish." Mr Rao at the launch of its branded retail showroom said that “The Company, this month lowered prices for long steel, used in construction, due to weak demand.” Mr Rao however added that “The push on infrastructure by the government...

Record discharge of imported steel billets at Vizag Port

9:50 PM Unknown No comments

Record discharge of imported steel billets at Vizag Port BL reported that the Visakhapatnam Port established a record on July 27th 2009 by discharging 5,349 tonnes of steel billets in a day with a gang shift output of 446 tonnes from a vessel. The cargo was imported by SKS Ispat and Power Ltd. K Ramabrahmam & Sons Pvt Ltd was the stevedores and Spanoceanic Services Pvt Ltd the steamer agent for the vessel. (Sourced from Record discharge of imported steel billets at Vizag Po...

Wire rods prices decrease in India on July 29

9:50 PM Unknown No comments

Wire rods prices decrease in India on July 29 WRC SWRC14 5.5/6 Location Change Chennai 0 Kolkata 0 Delhi -185 Raipur -444 Kanpur 0 Rudrapur 0 Change is on July 29th 2009 as compared to July 28th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from www.steelprices-india....

Indian domestic long product prices continue on downward trend

10:33 PM Unknown No comments

Indian domestic long product prices continue on downward trend The domestic Indian steel prices remained static on July 28th 2009.The Indian Long Product Price Index ILPPI decreases by 13 points whereas Indian Flat Product Price Index IFPPI increases by 17 point the overall Indian Steel Price Index INDSPI increases by 1 point Class 27-Jul 28-Jul Change ILPPI 6074 6061 -13 IFPPI 6982 6999 17 INDSPI 6507 6508 1 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category...

TATA Steel raises USD 500 million GDR offering in London

10:32 PM Unknown No comments

TATA Steel raises USD 500 million GDR offering in London The London Stock Exchange welcomed TATA Steel Limited on to its professional securities market. On admission TATA Steel raised USD 500 million, the largest ever Indian global depository receipt offering in London and one of the biggest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months. Mr B Muthuraman MD of TATA Steel said "The equity raising exercise and the listing on the London Stock Exchange marks a significant...

GAIL approves INR 8000 crore pipeline projects

10:32 PM Unknown No comments

GAIL approves INR 8000 crore pipeline projects PTI cited Mr UD Choubey chairman of GAIL as saying that the GAIL board has approved INR 8,000 crore pipeline projects to be implemented by 2012. Mr RK Goel director (finance) of GAIL said “GAIL will raise INR 2,000 crore from the domestic market this fiscal, INR 5,000 crore next fiscal mostly through external commercial borrowing and INR 10,000 crore in 2011-12.” (Sourced from GAIL approves INR 8000 crore pipeline projec...

Rebar (TMT) prices crash by INR 1300 in Delhi on July 28

10:31 PM Unknown No comments

Rebar (TMT) prices crash by INR 1300 in Delhi on July 28 TMT Fe 415 12mm Location Change Mumbai 0 Chennai 0 Kolkata 0 Delhi -1309 Mandi -208 Kanpur 0 Rudrapur 0 Ahmedabad 0 Hyderabad -200 Indore -300 Bangalore 0 Change is on July 28th 2009 as compared to July 27th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a...

Slowdown signs - Growth of some major ports in India dips

10:31 PM Unknown No comments

Slowdown signs - Growth of some major ports in India dips Mr GK Vasan union minister of shipping in written reply to a question in Lok Sabha that some major ports including Visakhapatnam Port have been affected by the economic recession. The growth rate of traffic handled by major ports has come down to 2.13 % during 2008-09 as compared to 11.97% during 2007-08 against previous year. Similarly, the growth of the traffic at Visakhapatnam during 2008-09 was -1.07% as compared to 14.56% during 2007-08 against previous year. Economic recession...

Pencil ingot prices decrease in North India on July 28

10:30 PM Unknown No comments

Pencil ingot prices decrease in North India on July 28 Pencil ingot Location Change Mumbai 0 Kolkata 267 Mandi -554 Raipur 0 Kanpur 0 Rudrapur 0 Ahmedabad 0 Ghaziabad -300 Muzzafarnagar -444 Hyderabad 400 Change is on July 28th 2009 as compared to July 27th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced...

Steel ministry favors iron ore mining leases on merit

10:29 PM Unknown No comments

Steel ministry favors iron ore mining leases on merit Arguing that the current practice of granting mining leases on a first come first serve basis is complicated, cumbersome and impedes value addition, the steel ministry recently made out a case for devising a new formula in the new version of the MMDR Act being drafted by the mines ministry to ensure captive mines to the meritorious end users. Delving on the need to expressly ensure captive raw material security for the steel sector, Mr PK Rastogi steel secretary held the practice of...

Punj Lloyd announces Q1 financial results

10:28 PM Unknown No comments

Punj Lloyd announces Q1 financial results Punj Lloyd Group has announced its financial results for the Q1 of FY 2010. The performance and developments during the review period are a reflection of the Group’s strong and proven capabilities especially in the infrastructure and oil and gas segments. Q1 FY 2010 results 1. Revenues increased by 12% to INR 2,979 crore as compared to INR 2,658 crore in Q1 FY 2009 2. EBIDTA up by 40% to INR 309 crore as compared to INR 221 crore in Q1 FY 2009 3. PAT up by 27% to INR 125 crore as compared to...

Ship scrap price further drops in Alang on July 28

10:28 PM Unknown No comments

Ship scrap price further drops in Alang on July 28 Alang Product Grade Size Change Ship Scrap Melting Mixed -100 Plate cuttings Rolling 1" 0 Change is on July 28th 2009 as compared to July 27th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from www.steelprices-india....

BGR Energy bags 2 orders worth USD 80 million from Iraq

10:27 PM Unknown No comments

BGR Energy bags 2 orders worth USD 80 million from Iraq PTI reported that BGR Energy Systems has bagged an order worth USD 80.5 million from State Company for oil projects, Iraq for development of 2 gas fields. The filing said it has received the contract in the international competitive bidding process. The scope of work includes engineering, procurement and supply of key utilities. (Sourced fromBGR Energy bags 2 orders worth USD 80 million from Ir...

Indian flat product prices dive further on July 27

11:43 PM Unknown No comments

The domestic Indian steel prices dived further on July 27th 2009. The Indian Long Product Price Index ILPPI decreases by 23 points whereas Indian Flat Product Price Index IFPPI dropped by 2 point the overall Indian Steel Price Index INDSPI decreases by 13 points Class 24-Jul 27-Jul Change ILPPI 6097 6074 -23 IFPPI 6984 6982 -2 INDSPI 6520 6507 -13 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 24-Jul 27-Jul Change PI - TMT 5725 5695 -30 PI - WRC 6739 6717...

Invitation for 2009 China Steel International Trade Summit

11:41 PM Unknown No comments

SteelGuru as official media partnership is proud to announce the ‘2009 China Steel International Trade Summit’ which is organized by CBI at Radisson Hotel Shanghai Hong Quan on September 9th to September 10th 2009. China exported 60.52 million tonnes of steel in 2008 down by 12.4% YoY. Export 2008 2007 Change Semi Steels 1.29 6.43 -79.90% Finished Steel Products 59.23 62.65 -5.50% Total 60.52 69.08 -12.40% Quantity in million tonnes But 5 million tonne per month of finished steel product on an average by Chinese steelmakers resulted...

Jindal SAW Limited Q2 PAT up by 94pct

11:40 PM Unknown No comments

Jindal SAW Limited has today announced the unaudited financial results for the Q2 ended June 30th 2009. The net turnover has jumped 47% to INR 1,500.22 crore from INR 1,017.54 crore, EBITDA up by 48% to INR 238.12 crore from INR 161.34 crore, PBT is higher by 93% at INR 180.31 crore from INR 93.45 crore during the same quarter in the previous year. The PAT is up by 94% at INR 135.99 crore from INR 70.20 crore. It was recorded all round improvements in the financials. The higher profitability has been achieved by the company as a result of improved...

Rebar (TMT) prices decline overall in India on July 27

11:39 PM Unknown No comments

TMT Fe 415 12mm Location Change Mumbai -225 Chennai 0 Kolkata 0 Delhi 0 Mandi -520 Kanpur -300 Rudrapur -500 Ahmedabad -225 Hyderabad 0 Indore -200 Bangalore 0 Change is on July 27th 2009 as compared to July 24th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from www.steelprices-india.c...

SAIL to maintain prices of flats but cut longs in August

11:39 PM Unknown No comments

PTI reported that Steel Authority of India Limited does not plan to raise prices of flat product in August but may consider reducing prices of long products. Mr SK Roongta chairman of SAIL on the sidelines of a CII function told reporters that “SAIL does not plan to raise prices of flat products but the company will take a call on cutting prices of long products on August 1.” (Sourced from http://www.steelguru.com/news/index/2009/07/28/MTA0MDYz/SAIL_to_maintain_prices_of_flats_but_cut_longs_in_August.ht...

Pencil ingot prices decreases in India on July 27

11:38 PM Unknown No comments

Pencil ingot Location Change Mumbai -500 Kolkata 0 Mandi -277 Raipur 0 Kanpur -355 Rudrapur -178 Ahmedabad -100 Ghaziabad -400 Muzzafarnagar 0 Hyderabad 0 Change is on July 27th 2009 as compared to July 24th 2009 Change is in INR per tonne To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com Please note that this is a paid service. (Sourced from www.steelprices-india....

SAIL to raise INR 6,500 crores from banks for CAPEX

11:34 PM Unknown No comments

PTI reported that Steel Authority of India Limited announced plans to raise long term debt of INR 6,500 crore from various banks to fund its CAPEX plans for the current fiscal. Mr SK Roongta chairman of SAIL on the sidelines of a CII function told reporters that “We will raise up to INR 6,500 crore from various investment banks this year. We have already raised INR 3,000 crore.” He said that "The rate of interest, at which we are borrowing, is below 9%. Whatever debt we are raising will be used for funding CAPEX plans.” SAIL has already...

Monday Market Monitor - India (WEEK 30) - Slide retards

10:42 PM Unknown No comments

Indian Steel Prices Index reflected weakness in Indian domestic steel market during last week.. The Indian Long Product Price Index ILPPI and Indian Flat Products Index IFPPI slid by 11 points. As a result, the overall price index INDSPI also dipped by 11 points. Class 17-Jul 24-Jul Change ILPPI 6108 6097 -11 IFPPI 6996 6984 -11 INDSPI 6531 6520 -11 ILPPI - Indian Long Product Price Index IFPPI - Indian Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 17-Jul 24-Jul Change PI - TMT 5744 5725...