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 5916 61

PI - Joist 5480 5491 11



PI - Product Index

Flat Products
Category 28-Aug 31-Aug Change

PI - Narrow Plates 6946 6968 22

PI - Wide Plates 7002 7020 18

PI - Hot Rolled 7141 7161 20

PI - Cold Rolled 7736 7809 73

PI - Galvanized 7542 7687 145



PI - Product Index

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(Sourced from www.steelprices-india.com)

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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 Line that “All these plans are in developmental stages as we are holding talks with the various State governments depending on our needs.”

Captain Sharma said that “The idea of this drive on ports development is to enhance control of our logistics as well as raw materials supply chain for the steel, power and other downstream businesses.”

JSW Jaigarh port a wholly owned company under JSW Infrastructure. which was inaugurated recently, will cater to the total coal requirements of JSW Energy’s 1,200 MW power plant.

(Sourced from Business Line)

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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.com)

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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 to 10,862 people.

The biggest of them all is a INR 15,131.7 crore project by JSW Steel for expansion of its integrated steel plant from 10 million tonnes per annum to 16 million tonnes per annum and a 600 MW captive power plant in Bellary district.

(Sourced from Business Line)

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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 Co and MICCO were present on this occasion.

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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 has been permitted to extract limestone from the Arki region of Solan district last year by the Himachal Pradesh government. This is one of the biggest mining projects in the state with an investment of more than INR 5 billion. An annual royalty of INR 110 million will be provide to the state government and NMDC will generate direct and indirect employment for more than 5,000 people.

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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.com)

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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 increase to more than 9 million tonnes from the present 7million tonnes annually at Noamundi.

According to official sources, the expansion program of the Joda mines has three components, namely, the purchase of equipment such as excavators, drill machines and dumpers, establishment of a 4million tonnes per annum capacity new dry circuit plant for the sizing of friable ore not requiring beneficiation and stepping up logistics facilities.

At Noamundi also, there will be a dry circuit plant of the same capacity, bedding blending plant with rapid loading system and acquisition of new equipment. However, unlike Joda, at Noamundi there will be de bottlenecking projects for the existing washery.

TATA Steel’s Jamshedpur plant requires 10 million tonnes to 11 million tonnes of ore annually to meet the current level of production of about 7 million tonnes of crude steel and the requirement is met almost entirely by Joda and Noamundi mines. The requirement, it is estimated, will rise to 16 million tonnes to 17 million tonnes when the plant will be ready for production of 10 million tonnes crude steel annually from 2011.

(Sourced from Business Line)

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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. The complete X-Pact® electrical and automation equipment including the technological process models is part of the order as well. Prior to commissioning which is scheduled for the beginning of 2011, the entire automation system will be subjected to a Plug & Work test.

SMS Mevac UK Ltd of England has received an order for the supply of a 250 tonne twin vacuum degasser as part of the package, too.

By using this secondary metallurgy facility, highly-sophisticated steel grades can be produced. The electric steelmaking plant thus covers a wide product spectrum ranging from structural steels to high grade steels. With this investment, Jindal Steel and Power Ltd will be starting steel production at Angul in the federal state of Orissa.

The company already operates two 100 tonne electric arc furnaces from SMS Siemag at Raighar steelworks. These furnaces were successfully put into operation in 2005.

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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 would grow 6 percent “with an upward bias” in the year to March 31, the weakest pace since 2003. It also raised its inflation forecast to 5% from 4% by the end of the financial year. The key wholesale price inflation index fell 0.95% in the week to August 15th 2009.

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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 - Joist 5382 5431 50



PI - Product Index

Flat Products
Category 25-Aug 26-Aug Change

PI - Narrow Plates 6893 6905 11

PI - Wide Plates 6969 6997 28

PI - Hot Rolled 7086 7141 54

PI - Cold Rolled 7702 7736 34

PI - Galvanized 7515 7542 27



PI - Product Index

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(Sourced from www.steelprices-india.com)

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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) of TATA Steel told ET that “With growth in traditional equipment slowing down to 2% to 3 % a year we were faced with a choice whether to allow our oldest brand wither or revive it. That’s when we took a conscious decision to infuse new life into TATA Agrico. In the past five years, the brand turnover has doubled. We are targeting a turnover of INR 300 crore from TATA Agrico by FY12.”

(Sourced from www.steelguru.com)

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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) of TATA Steel told ET that “With growth in traditional equipment slowing down to 2% to 3 % a year we were faced with a choice whether to allow our oldest brand wither or revive it. That’s when we took a conscious decision to infuse new life into TATA Agrico. In the past five years, the brand turnover has doubled. We are targeting a turnover of INR 300 crore from TATA Agrico by FY12.”

(Sourced from www.steelguru.com)

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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 Kindly note that this is a paid service

(Sourced from www.steelprices-india.com)

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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 of FIIs limit to 35%.

(Sourced from www.steelguru.com)

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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 supply of rear view mirrors for use in their cars.”

He said the orders will be supplied from SMR's European plants, including the one at Hungary. He added that “We will start delivering the orders by 2011 and the deal is for a period of 5 to 6 years. It will mean a business of EUR 80 million to EUR 90 million annually.”

(Sourced from www.steelguru.com

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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 prospectus for INR 3,000 crore public offering with market regulator Securities and Exchange Board of India. The company plans to dilute 10% of its equity through fresh issue to the public.

Mr SS Rao said that “Of the INR 14,048 crore requirements for the projects under implementation, the company has tied up for INR 9,900 crore debt so far. Two lenders’ consortiums have already disbursed INR 4,038 crore till June this year. About INR 5,000 crore will be disbursed within the next 15 to 18 months, as the projects progress.”

He added that the remaining INR 4,148 crore will be generated internally as contribution towards equity, consisting of roughly equal contributions from the equity raising issue and internal accruals.

It is also looking to offer about one per cent stake to its group employees’ trust in a pre IPO placement. At present, the promoters and promoter group companies, including listed companies JSW Steel and JSW Holding, are jointly holding 92% stake in the company. The remaining eight per cent is with Mauritius-based companies Steel Traders Ltd and Indus Capital Group Ltd.

(Sourced from Business Standards)

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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.com)

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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 expansion touched 7.8%

A contraction of 14.4% in petroleum refinery products against 11.8% growth in the year ago period dragged the six key industries in July.

The core sector comprises petroleum refinery, crude oil, coal, electricity, cement and finished steel. They together account for 26.68% in industrial production.

Crude oil at lower rates improved a bit but remained in the negative zone at 0.4%. In the comparable period, it had declined by 3%. However coal expanded by 9.7%, electricity 3.3%, cement 10.6% and finished steel 1.2%. The expansion in steel is lackluster compared to 6% in the same month in 2008.

Mr DK Joshi Principal Economists CRISIL said that "One month drop or pick-up cannot lead to any conclusion adding there was a volatility in the industrial production.”

(Sourced from www.steelguru.com)

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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 and Panchayat Samiti member have started indefinite hunger strike since August 22nd at the industrial complex area.

The state government, with a view to promote industrialization had granted the Saruabil chromite mine in Sukinda chromite valley to Misrilal Company to put up a ferrochrome plant in Kalinga Nagar steel hub.

As many as 50 families of Nimapalli, Badasudi, Baghabahali, Pankapala, Ragadi and Hanumanta Patana had given up 67 acres of their fertile cultivable land to make way for the proposed project.

It is alleged by the agitating land losers that mining is being carried out and the materials are being sold without any signs of a plant coming up in the area.

This apart, earlier, an assurance had been given by the company to give employment to the people whose lands were acquired for the plant construction. Besides, better health care, qualitative education, safe drinking water, electricity and good road were promised to the to the people whose lands were acquired for the plant by the company.

But, the plant is yet to see the light of the day. This has angered the land losers and local people. A land looser said that “We gave up our land with a hope to see the project come up. But the company shelved it. Hence the government should return the land to the land losers.”

Mr Bhabani Purty Sarpanch of Pingal who is leading the agitation said that “Earlier the land losers were called for talks with Mr MK Patra, personnel manager of the company. But he expressed his inability to sort out the issue and assured them that he would intimate his higher authorities who would be present to settle the matter on 10 August. But no talks were held on the scheduled date as no one of the company was present.”

Mr Purty said that "Unless steps are taken by the district administration we will intensify our agitation.”

(Sourced from thestatesman.net)

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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.com)

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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 every aspect and did not find sufficient reasons for safeguard duty on imports of key steel and aluminium products.”

DGS had recommended the duty imposition after examining the industry's demand. In its revised draft, the DGS had reached a benchmark of INR 27,000 a tonne. The difference between the landed cost of the imported consignment and the benchmark should have been the safeguard duty on flat steel products like hot rolled coils. The DGS had also recommended 10 per cent duty on imports of certain aluminium and its waste and scrap.

(Sourced from PTI)

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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 From: http://www.steelguru.com

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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.com

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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 three stocks we would be looking at trading positively during the September series."

(Sourced from CNBC TV18)

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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.com)

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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.com

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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.com

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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.com

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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.com

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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.com)

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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 carried were under Export Credit Guarantee Corporation of India cover which provides a range of credit risk insurance covers to exporters against loss in shipments of goods and services.

(Sourced from Business Standard)

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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 term."

The ministry promising to continue reforms in various sectors of the economy said that the process which began in the early 90s will continue in the right earnest so that the economy is back on the path of 9% growth at the earliest.

Having grown by 9% during the three years ending March 2008, India's economic growth rate slipped to 6.7% during 2008-09 mainly on account of the impact of the global financial crisis.

With 246 districts out of a total of about 600 facing drought, the growth rate is estimated to decelerate further to little over 6%. The Reserve Bank of India in its first quarterly review of the credit policy projected 6% growth rate for the current fiscal with upward bias.

(Sourced from Financial Express)

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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.com)

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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 by the end of the 11th Plan, it has to transport an additional 100 million tonnes of freight traffic each year for two years and this poses a big challenge for the Railways.”

Earlier Mr Harsh Pati Singhania president of the Federation of Indian Chambers of Commerce and Industry suggested that while the Railways should explore ways and means to generate more resources to fund its various projects, it should desist from taking measures such as the out-of-the-Budget hike in freight rates by changing the classification.

(Sourced from Exim News Service)

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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

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(Sourced from www.steelprices-india.com)

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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 fly ash for the construction of the boundary wall and other civil constructions of the Kalinganagar steel plant.”

He said that if talks succeed, there will be tripartite agreement between TATA Steel a cement manufacturing company and a fly ash generating company.

(Sourced from Business Standard)

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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

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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 5761 18

PI - Joist 5363 5382 18



PI - Product Index

Flat Products
Category 24-Aug 25-Aug Change

PI - Narrow Plates 6893 6893 0

PI - Wide Plates 6969 6969 0

PI - Hot Rolled 7086 7086 0

PI - Cold Rolled 7702 7702 0

PI - Galvanized 7505 7515 10



PI - Product Index

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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 ensuring 2700 million tonnes and 7000 million tonnes of non coking coal for captive use by the steel industry.

He said that only 4 coal blocks have been made functional and that it a matter of concern. He urged the industry to expedite the opening of coal reserves concurrent with commissioning of their steel production unit. He said, the union cabinet has recently approved the rehabilitation program of Jharia coal fields, where nearly 12 billion tonnes of coking coal reserve is available.

The Steel Secretary urged steel producers to give their feedback on the draft National Mineral Policy circulated by the Ministry of Mines. He said the priority allocation of mines for the steel producers and value adders should remain an important criterion in the new Act.

Representatives of the Ministries of Mines, Shipping, Environment and Forests and Railways attended today’s meeting, besides a number of primary and secondary steel producers including ArcelorMittal, TATA, SAIL, RINL, NMDC, Essar and Ispat Industries. During the discussion, the producers pointed out that delay in Environment and Forest clearance, allotment of iron ore mines and coal blocks, lack of infrastructure, insufficient railway rakes and law and order issues in the eastern region as the primary reasons for delay in the projects. The Steel Secretary assured them that the law and order issue will be taken up at the appropriate forum.


Source From: www.steelguru.com

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