Indian domestic steel prices continues to improve on August 31

The Indian Long Product Price Index ILPPI improved by 58 points on august 31st 2009 whereas Indian Flat Product Price Index IFPPI gained 40 points whereas the overall Indian Steel Price Index INDSPI improved 50 points Class 28-Aug 31-Aug Change ILPPI 6215 6273 58 IFPPI 7246 7286 40 INDSPI 6706 6755 50 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 28-Aug 31-Aug Change PI - TMT 5880 5953 73 PI - WRC 6820 6869 49 PI - Angle 5775 5841 67 PI - Channel 5854...

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JSW group to develop ports in India and abroad

BL reported that JSW Group has drawn up aggressive plans to develop a slew of ports, both in India and overseas as part of its backward integration initiative. This will include four ports along the Indian coast and one each in Mozambique and Chile. According to a company official, the Mozambique port project will see JSW teaming up with the local Government in a 51:49 JV. On the other hand, the Chile initiative is likely to be completed without any local partner. Captain BVJK Sharma joint MD & CEO of JSW Infrastructure Ltd told Business...

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Pencil ingot prices improves at all locations in India on August 31

Pencil ingot Location Change Mumbai 500 Kolkata 444 Mandi 462 Raipur 178 Kanpur 444 Rudrapur 444 Ahmedabad -200 Ghaziabad 1000 Muzzafarnagar 444 Hyderabad 0 Change is on August 31st as compared to August 28th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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Karnataka clears 11 projects worth INR 40,000 crore

It is reported that a total of 11 projects worth about INR 40,000 crore were cleared at a high level clearance committee meeting on Monday. Mr Murugesh Nirani Karnataka’s Large and Medium Industries Minister said the the meeting was held under the chairmanship of the Mr BS Yeddyurappa CM of Karnataka. He said that these projects, with an investment of INR 40,336.43 crore would provide employment to about 30,352 people. Of the 11 projects cleared six are in the iron and steel sector at an investment of INR 28.594.39 crore providing employment...

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RINL CMD inaugurates erection of LD gas holder for SMS 2

Mr PK Bishnoi CMD of Rashtriya Ispat Nigam Limited inaugurated erection of 80,000 cubic meter LD gas holder in Steel Melt Shop 2 of 6.3 million tonnes per annum expansion project on August 31st 2009. Design, engineering, supply, erection and commissioning of LD gas holder have been ordered on consortium of MICCO of Kolkata and Motherwell Bridge International Ltd of UK. Mr AP Choudhary director projects, Mr KS Shankar director finance, Mr Umesh Chandra director operations and Mr CG Patil director commercial and senior officials of VSP, Dastur...

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NMDC to ink MoUs with steel makers for Arki limestone

Mr Virbhadra Singh union minister for steel disclosed that MoUs will be signed between the steel companies and National Mining Development Corporation for supply of limestone. Mr Singh told that " NMDC will soon sign MoUs with end users, especially steel plants, as the limestone to be extracted in the Arki region is a vital raw material for making steel.” He added that "NMDC has already reached an agreement with Gujarat Ambuja Cements Ltd to supply limestone to its cement plants. Similar, agreements would be signed with other companies too.” NMDC...

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TMT prices improves at all locations in India on August 31

TMT Fe 415 12mm Location Change Mumbai 563 Chennai 0 Kolkata 1082 Delhi 540 Mandi 416 Kanpur 500 Rudrapur 500 Ahmedabad -450 Hyderabad 0 Indore 300 Bangalore 0 Change is on August 31st as compared to August 28th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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TATA Steel to undertake expansion of iron ore mines at Joda and Noamundi

BL reported that TATA Steel has embarked upon a INR 1,100 crore program to augment capacity of its iron ore mines at Joda in Orissa and Noamundi in Jharkhand. The increased production will go to meet the larger ore requirement of the company’s Jamshedpur plant. An estimated INR 600 crore is being spent on capacity expansion of the Joda mines discovered 100 years ago and the balance INR 500 crore on Noamundi mines. On completion of the work, expected in two years, the production of Joda mines will double to 8 million tonnes annually and it will...

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JSPL orders X Melt electric steelmaking plant with hot DRI charging

Jindal Steel and Power Ltd has placed an order with SMS Siemag Germany for the supply of an X Melt® electric steelmaking plant including auxiliary equipment. The steelworks will process up to 100% DRI and have an annual production of around 1.5 million tonne of liquid steel. The scope of supply of SMS Siemag comprises a powerful 250 tonne ARCCESS® electric arc furnace with a 200 VA transformer, the material handling system and a 250 tonne ladle furnace. Part of the supply is also a gas cleaning system for fulfilling the environmental restrictions....

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Macroeconomic indicators - Indian GDP accelerates in Q1

India’s economic growth accelerated for the first time since 2007, indicating the global recession’s impact on economy is waning. The Central Statistical Organisation announced that Indian GDP expanded 6.1% last quarter from a year earlier after a 5.8% rise in the previous quarter, However, India’s recovery may stall as drought threatens to reduce harvests and spur food inflation, making it harder for the central bank to judge when to raise interest rates. Before the rains turned scanty, the Reserve Bank of India on July 28 forecast the economy...

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Indian domestic steel prices improve on August 26

The Indian Long Product Price Index ILPPI improved by 44 points whereas Indian Flat Product Price Index IFPPI improved by 41 points whereas the overall Indian Steel Price Index INDSPI improved 42 points Class 25-Aug 26-Aug Change ILPPI 6126 6170 44 IFPPI 7200 7241 41 INDSPI 6638 6680 42 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 25-Aug 26-Aug Change PI - TMT 5760 5809 49 PI - WRC 6766 6801 35 PI - Angle 5682 5732 50 PI - Channel 5761 5812 51 PI...

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TATA Steel Agrico plans mega growth

ET reported that TATA Steel is turning to the oldest brand in its stable TATA Agrico to fork lift its share in the fast growing market for mechanized farm equipment. The company is also diversifying the TATA Agrico portfolio into newer product segments from traditional farm equipment in a bid to breathe new life into the vintage brand. TATA Steel is also poised to take the brand overseas by launching garden tools under TATA Agrico brand in Europe and the US by the end of this year. Mr Sarvesh Kumar chief (Agrico business & retail initiatives)...

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TATA Steel Agrico plans mega growth

ET reported that TATA Steel is turning to the oldest brand in its stable TATA Agrico to fork lift its share in the fast growing market for mechanized farm equipment. The company is also diversifying the TATA Agrico portfolio into newer product segments from traditional farm equipment in a bid to breathe new life into the vintage brand. TATA Steel is also poised to take the brand overseas by launching garden tools under TATA Agrico brand in Europe and the US by the end of this year. Mr Sarvesh Kumar chief (Agrico business & retail initiatives)...

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Structural Steel prices shows handsome gains in India

Product ANGL CHNL JSTI Grade GR A GR A GR A Size 65x6 75/100 250x125 Mumbai 0 0 0 Chennai 300 300 300 Kolkata 0 0 0 Delhi 832 1040 1040 Mandi 416 416 416 Raipur 208 312 208 Kanpur 400 400 200 Rudrapur 400 400 400 Ahmedabad 450 225 728 Indore 400 400 400 Bangalore 0 0 0 Change is on August 26th as compared to August 25th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details...

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Prakash Industries to raise up to INR 500 crore

Steel maker Prakash Industries said that its shareholders have approved to raise INR 500 crore by various fund raising routes from domestic and international markets. Prakash Industries in a filing to the BSE said that the company would raise the fund from domestic market by private placement of shares with Qualified Institutional Buyers and from international market through an issue of Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds. The filling added that the shareholders have also approved raising...

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Motherson Sumi bags mega deals from German car makers

Motherson Sumi System Ltd, a flagship company of the Samvardhana Motherson Group, has bagged a contract worth EUR 500 million from a group of German car makers for supply of rear view mirrors for six years. The contract has been bagged through Samvardhana Motherson Reflectec, a subsidiary of Motherson Sumi System Ltd, and the delivery is slated to begin from 2011. Mr Vivek Chaand Sehgal chairman of Motherson Group told PTI that “We have bagged contracts worth EUR 500 million from a group of German auto majors, including BMW and Volkswagen for...

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JSW Energy to raise INR 9,000 crore in next 18 months

BS reported that JSW Energy will borrow around INR 5,000 crore in the coming year and a half in addition to around INR 4,000 crore to be raised from the market and through internal generation, for building 3,000 MW of generation capacity transmission infrastructure and mining projects. A top company official said that JSW Energy aims to generate 11,390 MW in the country by 2015. The company has tied up with two consortiums of lenders led by IDBI Bank and State Bank of India respectively for the loans. It had recently filed a draft red herring...

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Pencil ingot prices improves at all major locations

Pencil ingot Location Change Mumbai 500 Kolkata 0 Mandi 554 Raipur 444 Kanpur 89 Rudrapur 89 Ahmedabad 200 Ghaziabad 400 Muzzafarnagar 355 Hyderabad 0 Change is on August 26th as compared to August 25th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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Macroeconomic indicators - Indian infrastructure output in July up by 1.8pct

Hopes of industrial recovery bit dust as core industries slipped to the fiscals lowest level of 1.8% in July as petroleum refinery products skidded into negative terrain and steel lost its sheen. Experts however cautioned against drawing conclusion in haste and said that one month drop or pick up is not an indicator. Industrial production had grown by a surprise 6.8% in July raising hopes of economic recovery. Core industries grew by 5.1% in July last year. The sector which grew by 6.8% in June had helped the overall recovery as the industrial...

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Angry Kalinga Nagar wants back lost land

SNS reported that land related problems continue to create trouble in Kalinga Nagar, the area touted to be the steel hub of India. As per report, while a few steel plant projects have been delayed due to people’s resistance movements, even those who had given their land have now started demanding them back. The people, who lost their land to the Misrilal Company Ferrochrome project at Kalinga Nagar in Jajpur district in 1992, want back their land following non establishment of the project. Significantly the land losers led by local Sarpanch...

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Rebar (TMT) prices improves across India

TMT Fe 415 12mm Location Change Mumbai 563 Chennai 300 Kolkata 0 Delhi 267 Mandi 416 Kanpur 100 Rudrapur 300 Ahmedabad 338 Hyderabad 0 Indore 600 Bangalore 0 Change is on August 26th as compared to August 25th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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India rejects demand for safeguard duty on HR steel and aluminium

Press Trust of India reported that the Indian government has turned down a demand for imposition of safeguard duty on imports of certain steel and aluminium products, saying the domestic industry is not being hurt by imports. The Standing Board on Safeguard headed by commerce secretary Mr Rahul Khullar and comprising of steel secretary Mr PK Rastogi, among others, rejected the recommendations of Directorate General of Safeguards for imposition of the duty on the imports. Mr Rastogi after the meeting of the board told PTI that "We have considered...

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India domestic HRC supply tight

Traders claimed that India's domestic supply of HRC is at reduced levels and that Indian HRC price is still lower than the price in international market. The report cited a HR user as saying that India has restricted the HRC import which coupled with shut down of HSM by an Indian manufacturer and one mill not working at full capacity have all led the reduction in HRC availability. The price of the imported HRC is USD 620 per tonne CFR and the delivery time is after November. The price at that time is a doubt so the risks are very high. Source...

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BSL announces change in Directorate

Bhushan Steel Ltd has informed that Mr M V Suryanarayana nominee director of Life Insurance Corporation of India on the Board of the Company has been withdrawn as Nominee Director from the Board of the Company wef August 13th 2009. Source From: http://www.steelguru....

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ICICI Securities cautious on steel space

Mr TS Harihar senior VP of ICICI Securities is little cautious on steel space because the demand in price story seems to have possibly played out. Mr Harihar told CNBC TV18 that "We have a mix view on the metal space. As far as steel stocks are concern principally TATA Steel and SAIL, we are little cautious because we believe that the demand in price story seems to have possibly played out. He added that “What we are little more positive on is the aluminium-copper space, which would be stocks like Sterlite, Hindalco and NALCO so these are the...

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Patra prices falls in Delhi

Location Change Delhi -185 Mandi 0 Ludhiana 0 Change is on August 25th as compared to August 24th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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GMR Energy Chhattisgarh power likely to be delayed - Report

It is reported that construction of a 1,200 MW power project in Chhattisgarh by GMR Energy Ltd a unit of GMR Infrastructure will be delayed as land acquisition has not yet been completed. Mr Satish Batra GM (corporate relations) of GMR Energy for Chhattisgarh project said that the power Source From: http://www.steelguru....

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Adani Power may commission 2nd unit at Mundra soon

Adani Power Ltd is likely to commission its second 330 MW unit at Mundra towards the end of September or early October. According to sources, the generation from the existing 330 MW unit was stabilized at full capacity last week. The unit was brought on stream in May. However the existing Source From: http://www.steelguru....

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Naxals blow up Sundergarh district railway station

ET reported that in a fresh strike on railway establishments, suspected Maoists on Tuesday blew up a railway station and abducted three employees in Sundergarh district. Police said that around 50 armed ultras stormed Roxy railway station bordering Jharkhand early morning and exploded the Source From: http://www.steelguru....

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ABB bags INR 128 crore power project from PGCIL

Power and automation technology provider ABB said that it has bagged an order worth INR 128.3 crore from state run Power Grid Corporation of India for setting up a sub-station in Gujarat. ABB in a filing to the Bombay Stock Exchange said that it has won INR 128.3 crore order from PGCIL for Source From: www.steelguru....

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Scrap prices show minor correction at Mandi

Melting scrap 80:20 HMS Location Change Mumbai 0 Chennai 0 Kolkata 0 Mandi 92 Kandla 0 Kanpur 0 Rudrapur 0 Hyderabad 0 Change is on August 25th as compared to August 24th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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Steel ministry seeks CBI probe into MSTC gold deal to Dubai

It is reported that steel ministry has sought a CBI probe into default of payment for exports of gold worth INR 600 crore to Dubai last year by the state owned trading firm MSTC. A senior official said that "Steel ministry has recommended a CBI inquiry into the MSTC transaction. The ministry wants every minute detail of the suspected scam out." The official said that “The ministry also wants CBI to ascertain role of certain top company officials in the transactions.” MSTC exported gold worth about INR 600 crore in fiscal 2008-09. The exports...

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Macroeconomic indicators -9pct growth will require longer time - FM

Faced with the impact of the global downturn as well as drought, the government said it would take longer time for the country to achieve the 9% growth as witnessed before the financial crisis hit the world in September 2008. Mr Pranab Mukherjee finance minister participating in a function organized by a private TV channel said that "To achieve 9% growth will require little longer time.” He said that this fiscal we will have 6 per cent plus growth. Whether that will be 6.5 or 6.2% I cannot say. To achieve 7% to 8% will be possible in the short...

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Wire Rod Prices improves in Raipur

WRC SWR14 5.5/6 Location Change Chennai 0 Kolkata 0 Delhi 0 Raipur 267 Kanpur 0 Rudrapur 0 Change is on August 25th as compared to August 24th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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Indian Railways may carry even iron ore in BOBR wagons

Mr Sri Prakash member traffic of Railway Board has hinted that even iron ore may be carried in BOBR wagons that are now being used only to transport coal. Modifications in the wagon investment scheme were also under consideration. Mr Prakash held an interactive meeting with the captains of industry. Mr Prakash indicated that the originating freight target for the current fiscal had been set at 882 million tonnes but the Railways would try to achieve 900 million tonnes. He said that "If the Railways are to achieve the targeted 1,100 million tonnes...

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Plate cutting prices improve further at Alang

Product Ship Scrap Plate cuttings Grade Melting Rolling Size Mixed 1" Alang 0 200 Change is on August 25th as compared to August 24th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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TATA Steel plans to use fly ash in Orissa plant

In a gesture to promote the use of fly ash, TATA Steel which is setting up a 6 million tonne green field steel project at Kalinganagar in Orissa is exploring the possibility of using fly ash in the construction of the boundary wall and other civil construction works. It is in talks with the some cement and fly ash generating companies in this regard, though no final decision has been taken so far. Mr BK Singh VP in charge of Orissa projects of TATA Steel told Business Standard that “The proposal is in a preliminary stage but we intend to use...

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Pencil ingot prices improve at all major locations

Pencil ingot Location Change Mumbai 0 Kolkata 0 Mandi 92 Raipur 267 Kanpur 267 Rudrapur 267 Ahmedabad 300 Ghaziabad 300 Muzzafarnagar 222 Hyderabad 0 Change is on August 25th as compared to August 24th 2009 Change is in INR per tonne To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service (Sourced from www.steelprices-india.c...

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Indian domestic steel prices show firmness on August 25

The Indian Long Product Price Index ILPPI improved by 19 points whereas Indian Flat Product Price Index IFPPI remained unchanged with an increase of 1 point the overall Indian Steel Price Index INDSPI improved 10 points Class 24-Aug 25-Aug Change ILPPI 6107 6126 19 IFPPI 7199 7200 1 INDSPI 6627 6638 10 ILPPI - Long Product Price Index IFPPI - Flat Product Price Index INDSPI - Indian Steel Price Index Long Products Category 24-Aug 25-Aug Change PI - TMT 5736 5760 24 PI - WRC 6750 6766 16 PI - Angle 5674 5682 8 PI - Channel 5743...

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India steel demand growth to cross 10pct - Mr Rastogi

Mr PR Rastogi steel secretary has said that the growth steel demand in India will soon cross 10% as soon as the effects of global economic slowdown are over. Mr Rastogi while speaking at the third meeting of the inter ministerial group on steel said that consumption grew by 8.9% in July and production grew by 5.9%. During April to July 2009 production grew by 3.8% while consumption grew by 5.8%. Emphasizing the need for raw material security, Mr Rastogi said that government has so far allocated 12 coking coal and 51 non coking coal blocks, thereby...

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