Announcement

Wednesday, September 30, 2009

India can do without low grade Chinese equipment - BHEL

With the government admitting the Eleventh Plan power generation target won’t be met, the country’s biggest manufacturer of power equipment Bharat Heavy Electricals Ltd has invited criticism.

Outgoing CMD Mr K RAVI KUMAR in an interview defended the company and lambasted Chinese suppliers for poor quality.

Q. What has been your experience as chairman, especially since BHEL has faced criticism for the shortfall in power generation targets?

A - Today three out of four companies are lifting equipment from BHEL. 75% of the power generated in the country comes from sets manufactured by BHEL. We have made a great contribution to the country not only in power generation and transmission but also in areas like transportation. Besides sub critical, we are also doing supercritical and advanced class gas turbines. Any set is judged by its efficiency and the auxiliary power consumption.
In terms of technical parameters, our bids are the best in the world.

Of course, there are problems in managing growth. We are growing at 30% per annum. Second, people must realize this sector has not been very good in the Eighth and the Ninth Plan. Growth has been very good for all power sector companies for the last seven to eight years, but you cannot ramp up capacity in a day. Even brownfield expansion takes a minimum of three years.

We wanted to double the capacity from 10,000 MW to 15,000 MW and further to 20,000 MW. We are already reaching 15,000 MW and we have placed orders for reaching 20,000 Mw. These machines are imported from Italy, Germany and Japan. Manufacturing of equipment does not cost much, compared to the turnover that you get. Today, for us to increase capacity from 10,000 MW to 20,000 MW it costs around INR 4,200 crore, whereas we are expecting a turnover of close to INR 30,000 crore this year.

A lot of time was wasted initially in thinking whether this capacity will be actually used or there will be a dip in demand. But I was clear that this (new planned capacity) could be written off in five years. We have tied up all the technologies, including with Siemens and Alstom for supercritical technology. So, one is organic expansion, second is technology tie ups and the third important thing is supply chain management. We had difficulties in procuring castings and forgings, but now we are thinking of an agreement with Sheffield in UK for this.

Q. Are joint ventures and tie-ups the way forward for BHEL?

A - Technology transfers are the first choice for us. If not, then joint ventures and tie-ups.

Q. You have a current order book of Rs 130,000 crore, a huge number. Does it act as a dampener for new orders, as new clients will worry that the delays, which you’re known for, will get worse?

A - The first 10 months of any order is only engineering. Our deliveries are 40-42 months, typically. So, the execution capability is also there. But you have to manage growth, which is not easy with the talent crunch. This quarter, we have grown at 25%. Managing \growth is a big issue and is a great challenge for the company.

(Sourced from www.steelguru.com)

Gyrations in ship breaking steel scrap and plate cutting prices at Alang

The ship breaking scrap prices at Indian graveyard at Alang on the Western coast of India exhibited uncanny gyrations during September in tandem with the happenings in the international shipping industry and scrap market.
Product Size 01-Sep 08-Sep 15-Sep 22-Sep 29-Sep
Plate cuttings 1” 19800 19100 20100 20400 19500
Ships Mixed 15500 15100 15700 15500 15500


Prices in INR per tonne
Excluding excise duty and VAT
Source: www.steelprices-india.com

Shipping heavyweights are keeping the market agog with a perennial supply of vessels for dismantling of more than 100,000 tonnes in September 2009. It is learnt that sizeable number of new vessels are expected to go afloat during November to January catalyzing owners to dump vessels with alacrity.

Nonetheless small ship owners are eager to park vessels rather than get it scrapped probably waiting for an improvement in the Baltic Dry Index which has maintained uncertainty.

In fact, this bipolar movement has kept the market in flux.

On the flip side, the demand for scrap has remained firm in harmony with the stable long product market prices. The future looks promising with prices slated to improve as the construction activities picks up with the unleashing of state stimulus.

International scrap prices have taken a beating by USD 30 per tonne to USD 40 per tonne during September with the collapse of Chinese citadel and holiday in Middle East. However in the ensuing month definite activity is anticipated as Middle East market opens after Ramadan with renewed vigor to replenish depleted stocks. The sustainability of this revival will however depend on the movements in China.

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)

End of steel market era at George Town in Chennai

BL reported that as the deadline of September 30th 2009 set by the Supreme Court for shifting the iron and steel market from George Town in north Chennai ended on Wednesday, several merchants were in the process of shifting their establishments to Sathangadu near Manali.

It was a race against time as Tamil Nadu Electricity Board had issued notices stating that it would cut off power supply to their shops in George Town if they did not shift all operations. The Commercial Tax Department has also issued notices sometime ago, warning them that their VAT and CST registration would be cancelled.

AS per report, barring those shops from where materials were being moved out, most of the establishments on Sembudoss Street, Jones Street and adjacent lanes and streets in George Town, the hub of the wholesale iron and steel market, were closed. There were little signs of business activity.

The report cited Mr SCM Jamaldeen president of South India Iron and Hardware Merchants Association as saying that “We respect the Supreme Court order and have requested all our members to move out of George Town despite complaints about poor infrastructure and inadequate security in the complex developed by the Chennai Metropolitan Development Authority in Sathangadu.”

He said the insistence of the State government authorities that the merchants should not even have their offices in George Town is not correct. He said “They wanted the wholesale iron and steel warehouses to be shifted with which we have complied. But it is wrong to say that we cannot have offices in George Town, it is nothing but violation of fundamental rights.”

When contacted, a senior TNEB official confirmed that the Board had issued notices to hundreds of wholesale merchants in George Town cautioning them that if they failed to shift their operations, the power supply would be cut off. He added that the TNEB was only acting as per a Madras High Court order of April 30 this year.

The State Government had issued a notification dated February 23rd 1999, designating the ‘Market area’ located in Sathangadu for wholesale iron and steel trade in Chennai Metropolitan Planning Area. The Madras High Court had directed the authorities to complete the process of shifting the iron and steel market by mid-June. The traders in turn had filed a petition in Supreme Court, which extended the deadline for shifting of the iron and steel market to September 30.

(Sourced from www.steelguru.com)

Plate cuttings price remain unchanged at Alang

Product Grade Size Change
Ship Scrap Melting Mixed 0
Plate cuttings Rolling 1" 0


Change is on September 30th as compared to September 29th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

India committed to consolidate strategic partnership with Russia

Mr Anand Sharma commerce and industry minister during his meeting with the Russian Prime Minister in Moscow reaffirmed India’s abiding commitment to nurture and consolidate the strategic partnership with Russia. In his meeting with Mr Putin, the Minister held discussions on a wide range of bilateral issues including on means to diversify and deepen the economic engagement with Russia.

Mr Sharma also held bilateral meetings with Minister for Economic development Ms E Nabiullina and launched the third India-Russia Forum on trade and investment. The forum was also addressed by Deputy Prime Minister of Russia Alexander Zhukov and attended by over 300 delegates from Indian and Russian industry.

During the delegation level talks with his counterpart, Mr Sharma impressed upon the need to diversify bilateral trade and move away from just commodity trading to high-level investments in identified sectors. The priority sectors that were mutually identified include Pharmaceuticals, Energy, IT, High technology cooperation, agro processing and gems and jewelry. The two ministers agreed that the bilateral trade between the two countries needs to have an ambitious agenda, given the strategic nature of bilateral engagement and set a target of $ 15 billion by 2012.

Later in the day the Minister held bilateral talks with Mr V Khristenko minister of Industry and Trade of Russia. Both the ministers agreed to intensify cooperation in defense and high technology sectors and to move towards an engagement based on partnership. The need to encourage joint ventures through regular business to business interaction was stressed. Minister Khristenko indicated that he would visit India by December 2009.

Sourse From: http://www.steelguru.com/news/index/2009/10/01/MTE0MTA3/India_committed_to_consolidate_strategic_partnership_with_Russia.html

Centre identifies 3 sites for second UMPP in Gujarat

In a move that will ease power supply in the state, Gujarat is set to get its second ultra mega power project soon. With the state's first UMPP project coming up at Mundra in Kutch, as many as three locations have been identified by the central government for the development of second UMPP in Gujarat.

Mr Sushil Kumar Shinde union minister of power told reporters that "Coastal area of Chhara in Junagadh, Jamnagar and Kandla have been identified as the possible sites for development of second ultra mega power plant in Gujarat.”

He said that Gujarat has already bagged 4,000 MW UMPP at Mundra, development of which is already in progress. Out of the three site one location will be selected for 4,000 MW power project. Three UMPPs are coming up in Andhra Pradesh and Gujarat soon will have two such mega power plants as well.

Referring to a pilot project regarding distribution of energy efficient water pumps to farmers, the minister revealed that the government plans provide 20 million such energy efficient pumps to farmers across the country. The ministry added that "The move is aimed at saving power. We are gathering data from various states to implement this scheme, where energy efficient pumps will be offered free of cost to farmer.”

Mr Saurabh Patel minister of state for energy and petrochemicals of Gujarat government said that "A similar project is being implemented in Gujarat on trial basis. Around 2,400 such pumps have been installed by Gujarat government at four talukas of the state.”

(Sourced from www.steelguru.com)

Siemens wins INR 360 crore order from PGCIL

Siemens has won two orders worth Rs 360 crore from PGCIL for setting up turnkey 765 kV substation each at Gaya in Bihar and Ranchi in Jharkhand.

The scope of work includes design, engineering, manufacturing, supply, installation, civil works, testing and commissioning of the complete substations on turnkey basis. PGCIL is installing these substations under the Transmission System associated with Damodar Valley Corporation and Maithon Right Bank Projects. DVC and Maithon Right Bank is the hub for power generation in Eastern India with approximate capacity of 25,000MW.

Siemens will supply the high end technology products such as circuit breakers, current transformers, capacitor voltage transformers, disconnectors, surge arrestors and substation automation including control and relay panels as well as SCADA system.

Both the substations are green field projects of PGCIL which will transmit power from DVC Right Bank and will enhance power reliability of NCR and WR of India thus helping PGCIL to support Government of India’s ambitious goal of ‘Power for All’ by 2012. These projects by PGCIL are a step ahead in their Endeavour to transmit bulk power over long distances with substantially reduced transmission losses.

Mr AK Dixit CEO Energy Sector of Siemens Ltd said “We are delighted to receive this order from PGCIL. Their confidence in our capability to deliver high quality systems and solutions has resulted in this partnership. We are partnering with our customer to provide energy efficient solutions that involves supply of high end technology products covering our high-voltage portfolio. The substations will be fully automated and are compact in design which will enable our customers to handle the plant more efficiently.”

Siemens having bagged three major packages of 765kV (Fatehpur, Gaya & Ranchi) in financial year 2009 will be the key player in contributing towards enabling PGCIL in boosting the Power transmission infrastructure of India.

Wide steel plate price falls in Indore on Sep 30

PLTS
GR B
12-20x2.5
Location Change
Mumbai 0
Chennai 0
Kolkata 0
Delhi 0
Raipur 0
Kanpur 0
Rudrapur 0
Ahmedabad 0
Indore -178
Bangalore 0


Change is on September 30th as compared to September 29th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

JSW Steel gets approval for Vijayanagar plant expansion

It is reported that JSW Steel has received the Karnataka government's nod to increase capacity at its Vijayanagar plant by 60% to 16 million tonne per annum. Addition of 6 million tonne per annum would make the facility the largest single location steel plant in India.

Mr Seshagiri Rao joint MD and group CFO told DNA Money that "We have got the approval from the Karnataka government to increase the capacity to 16 million tonne per annum. However, we are focusing only on a 10 mtpa expansion right now, which will be completed by March 2011."

Mr Rao said that the 16 million tonne per annum plan is on the drawing board. We had applied for certain clearances and we have got them but haven't decided yet when we want to start that expansion.

The company has got the land, water and environmental clearances for the expansion.

JSW Steel is at present adding a 3 million tonne blast furnace to take the Vijayanagar capacity to 10 million tonne per annum. The steel maker's target to reach 10 million tonne per annum by March 2010 was delayed due to economic slowdown.

(Sourced from www.steelguru.com)

Steel melting scrap price decreases in Mumbai on Sep 30

Melting scrap
80:20
HMS
Location Change
Mumbai -300
Chennai 0
Kolkata 0
Mandi 0
Kandla 0
Kanpur 0
Rudrapur 0
Hyderabad 0


Change is on September 30th as compared to September 29th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Know domestic steel prices in India on daily basis

A steel producer, user or trader, however big or small, is always concerned about steel prices as steel is normally a big ticket item, but there is no bench mark available to steel buyers to compare their transaction prices. Steel has been very volatile in last 11 months and has effected many users in a very severe way making it all the more important to track the prices and trends.

www.steelprices-india.com is a new portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week.

In addition, FOB levels for commonly exported steel products from major exporting nation Ukraine, Russia, Turkey and China are also available on weekly basis to give international trends.

This would assist persons, including steel makers, traders, users, analysts and others, who are connected with industry in some way to asses the steel pricing trends and utilize them in their day to day working to take considered decisions.

Benchmark products at select locations cover the entire basket of garden variety of steel products including input material for steel making and processing. The product covered include iron ore, sponge iron, pig iron, scrap, pencil ingot, billets, rebars, sections, HR, plates, CR and HDG.

The locations are Agra, Alang, Ahmedabad, Bangalore, Barbil, Bellary, Chennai, Hyderabad, Ghaziabad, Indore, Jallandhar, Kandla, Kanpur, Kolkata, Ludhiana, Mandi Gobindgarh, Mumbai, Muzzafarnagar, New Delhi, Pune, Raipur and Rudrapur.

All these features are accessible only to registered user who is provided with a login id and password after payment is received. To know more about the service, please logon to the web site and click on “Features”, “Subscription” and if you like the services on “Registration”.

This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available.

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details.

Pencil ingot price movement in major places on Sep 30

Pencil ingot
Location Change
Mumbai -200
Kolkata 0
Mandi 0
Raipur -370
Kanpur 0
Rudrapur 0
Ahmedabad -200
Ghaziabad -300
Muzzafarnagar -267
Hyderabad 0
Raigarh 0
Durgapur 0
Nagpur -185
Jamshedpur 0
Jaipur 100
Rourkela 0
Bhiwari 0


Change is on September 30th as compared to September 29th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Indian steel prices continue on downward trend on Sept 30

The Indian Long Product Price Index ILPPI went down by 23 points on September 30th 2009 whereas Indian Flat Product Price Index IFPPI went down by 1 point. The overall Indian Steel Price Index INDSPI decreased by 13 points.
Class 29-Sep 30-Sep Change %
ILPPI 6326 6303 -23 -0.4%
IFPPI 7541 7540 -1 0.0%
INDSPI 6905 6892 -13 -0.2%


IPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products
Category 29-Sep 30-Sep Change %
PI - TMT 6023 6003 -20 -0.3%
PI - WRC 6850 6822 -27 -0.4%
PI - Angle 6010 5990 -20 -0.3%
PI - Channel 6094 6073 -21 -0.4%
PI - Joist 5621 5608 -12 -0.2%


PI - Product Index

Flat Products
Category 29-Sep 30-Sep Change %
PI - Narrow Plates 7213 7213 0 0.0%
PI - Wide Plates 7296 7296 0 0.0%
PI - Hot Rolled 7368 7365 -3 0.0%
PI - Cold Rolled 8156 8156 0 0.0%
PI - Galvanized 8036 8036 0 0.0%


PI - Product Index

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

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)

SAIL DSP goes live with ERP

BL reported that Steel Authority of India Ltd’s Durgapur Steel Plant is going live with enterprise resource planning from today.

Mr V Shyamsundar MD of DSP told reporters that DSP is the second SAIL plant to implement enterprise resource planning, the first being Bhilai Steel Plant in April this year.

He said that “This is as per the decision taken by SAIL’s corporate office in 2004.”

The implementation of ERP comprising six modules cost DSP INR 35 crore and took 15 months. Hewlett Packard was the implementation partner who covered key functions such as production, planning and control, quality management, materials management, plant management and sales and distribution and finance and control.

A next-generation data centre of world standard, spread over 3,000 square feet, complete with servers and storage devices supplied by Sun Microsystems has been set up by TATA Consultancy Services in collaboration with Emerson and Honeywell. This centre would support the ERP system. The implementation consultant was MDI.

Mr SK Hazra Chowdhury GM automation and ERP project said that “We have implemented the best global practices, and the way things were being done would be changed. We hope to achieve a cost reduction of INR 3,000 per tonne of saleable steel due to cost optimization measures to be adopted as part of ERP.”

(Sourced from www.steelguru.com)

Change of guard at TATA Steel

TATA Steel has announced following appointments wef October 1st 2009
1. Mr B Muthuraman as Non Executive Vice Chairman
2. Mr HM Nerurkar as the MD of TATA Steel Limited
3. Mr Kirby Adams as MD &CEO of TATA Steel Europe Limited

TATA Steel in a filing with BSE said that “In accordance with Clause 30 of the Listing Agreement, we have to inform you that Mr B. Muthuraman, the present Managing Director of the Company will retire from his Executive position and from the Board on 30th September 2009. The Board of Directors of the Company has decided to re-appoint Mr Muthuraman on the Board as an additional director and designate him as the Non-Executive Vice Chairman of the Company with effect from 1st October, 2009.”

It added that “The Board has also decided to appoint Mr HM Nerurkar as the Managing Director of TATA Steel Limited and Mr Kirby Adams as the Managing Director and Chief Executive Officer of TATA Steel Europe Limited with effect from October 1st 2009.”

The release also said that Mr Nerurkar and Mr Adams will directly report to the Board of TATA Steel Limited.

The appointment of Mr Muthuraman as non executive vice chairman is in line with what was recently implemented in two other group companies TATA Motors and TCS. Mr Ravi Kant former MD of TATA Motors was also elevated as non executive vice chairman of the commercial vehicle maker, while Mr S Ramadorai of TCS was also given a similar role.

The appointment of Mr Nerurkar was already indicated in March.

B Tech in metallurgical engineering from the College of Engineering, Pune University, Mr Nerurkar has attended several management courses in India and overseas, including CEDEP in France. He is associated with several professional organizations, such as Indian Institute of Metals, INSDAG, AIMA Governing Council among others. He is also a member of the board of directors of TM International Logistics.

www.steelguru.com

Tuesday, September 29, 2009

Indian steel price index reflects weakness in HR steel

The Indian Long Product Price Index ILPPI went up by 11 points on September 29th 2009 points whereas Indian Flat Product Price Index IFPPI went down by 17 points. The overall Indian Steel Price Index INDSPI decreased by 3 points.
Class 25-Sep 29-Sep Change %
ILPPI 6315 6326 11 0.2%
IFPPI 7559 7541 -17 -0.2%
INDSPI 6907 6905 -3 0.0%


IPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products
Category 25-Sep 29-Sep Change %
PI - TMT 6016 6023 7 0.1%
PI - WRC 6839 6850 11 0.2%
PI - Angle 5990 6010 20 0.3%
PI - Channel 6067 6094 27 0.4%
PI - Joist 5612 5621 8 0.1%


PI - Product Index

Flat Products
Category 25-Sep 29-Sep Change %
PI - Narrow Plates 7218 7213 -4 -0.1%
PI - Wide Plates 7305 7296 -9 -0.1%
PI - Hot Rolled 7398 7368 -30 -0.4%
PI - Cold Rolled 8156 8156 0 0.0%
PI - Galvanized 8036 8036 0 0.0%


PI - Product Index

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

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)

Investors meet in Singapore for NELP VIII and CBM IV

Mr Jitin Prasada minister of state for petroleum and natural gas inaugurated the Investors’ meet for the eighth bid round of New Exploration Licensing Policy and fourth round of Coal Bed Methane Policy at Singapore on September 28th 2009.

The Investors meet was held after a series of promotional road shows organized by Government of India domestically and overseas, first at Mumbai on August 8th 2009, second at Houston on August 2009 20th, third at Calgary on August 24th 2009, fourth at London on September 8th 2009, fifth at Perth on September 22nd 2009 and sixth at Brisbane on September 24th 2009.

Mr Prasada delivered key note address at the Road-show to promote 70 exploration blocks under NELP and 10 blocks under CBM offered for global competitive bidding. The Minister invited exploration and production companies and prospective investors to avail of the highly attractive investment opportunities which are unparalleled in any other Bid Rounds and offered under NELP-VIII and CBM-IV.

Mr Prasada observed the enterprising spirit of people of Singapore and stated that he has high hopes from the investment bankers and financial community in Singapore to ensure thumping success of NELP-VIII and CBM-IV Bid rounds. He expressed the hope that the \investing community in Singapore would spread the message about significant opportunities in India’s E & P sector leading to investment which will in turn ensure energy security of our country.

He further stated that NELP VIII is being offered in the backdrop of 71 oil & gas discoveries which have already been made in 21 exploration blocks by accretion of in place hydrocarbon reserves of more than 600 Million Metric Tonne of Oil Equivalent. Total committed investment in NELP rounds for exploration so far is around 10 billion dollars and actual investment made is around 11.9 billion dollars. Mr Prasada informed the audience that the recent huge discoveries have significantly changed perception about the geological prospectivity of India’s Sedimentary Basins and this is a significant development which investors need to look at.

Some of the important E&P companies operating in India namely Oil & Natural Gas Corporation Limited, Reliance Industries Limited and Oil India Ltd made presentations to demonstrate their success stories in India’s E&P sector. They also gave an account of their perceptions of geology and hydrocarbon prospectivity in India. Directorate General of Hydrocarbons on behalf of Confederation of Indian Industry made a presentation about perception on India’s Business climate and investment opportunities.

Sourse From; www.steelguru.com

Indian Railways to set up help booths at airports

In view of ongoing Air travel disruption in the country, Indian Railways have decided to set up train passenger reservation counters and May I Help You booths at all important airports throughout the country for the convenience of stranded passengers who want to travel by trains.

Ministry of Railways has also given instructions to all its Zonal Railways to give wide publicity through all possible means including press and media for information of general public about the availability of a large number of vacant berths/seats available in important trains. Zonal Railways have also been asked to coordinate with airline officials to facilitate the movement of stranded passengers for using train travel option.

Sourse From: http://www.steelguru.com/news/index/2009/09/30/MTEzOTYw/Indian_Railways_to_set_up_help_booths_at_airports.html

Punjab to get 100 MW from West Bengal

BS reported that Punjab State Electricity Board has tied up with the West Bengal government for procuring 100 MW of power on the basis of banking arrangement a step which could ease the problem of power shortage to some extent in the state.

In addition to it, the board would also get further 100 MW of energy after getting a corridor from West Bengal.

Disclosing this spokesman said that with these arrangements, PSEB would relax the duration of power cuts from 8 to 9 hours to 4 hours in the domestic sector in the state.

The spokesman further informed that all the thermal stations of PSEB were generating power to its capacity and the repair of Lehra Mohabat Plant had also been completed.

The power availability in the state during the current year was 7.3% more than that in the last year despite odd weather conditions, whereas the demand for power increased by 31% that of the last year’s. However PSEB has received 225 MW and 75 MW lesser power from the Bhakhra Dem and Dehar Hydral Project respectively due to the scanty rainfall.

(Sourced from http://www.steelguru.com/news/index/2009/09/30/MTEzOTU4/Punjab_to_get_100_MW_from_West_Bengal.html)

Sadbhav Engineering bags highway order in Jharkhand

Infrastructure firm Sadbhav Engineering said that it has bagged orders worth INR 477 crore from Jharkhand Road Projects Implementation Company for road construction related works.

Sadbhav in a filing to the Bombay Stock Exchange said that they have bagged two orders aggregating INR 477 crore for developing a part of Ranchi ring road stretch.

(Sourced from www.steelguru.com)

India Cements to set up two power plants

India Cements said it will set up two thermal power plants of about 50 MW capacity each in Tamil Nadu and Andhra Pradesh for internal consumption.

India Cements in a filing to the BSE said that the company has decided to set up two thermal power plants of about 50 MW each in Tamil Nadu and Andhra Pradesh. As per report the company would invest INR 500 crore on the power plants. The power generated would be used for internal consumption.

Sourse From: http://www.steelguru.com/news/index/2009/09/30/MTEzOTU2/India_Cements_to_set_up_two_power_plants.html

ABG Shipyard to raise borrowing limit

BS reported that Indian shipbuilding company ABG Shipyard, has sought its shareholders' permission to raise its borrowing limit to INR 12,000 crore from the earlier borrowing limit of INR 7,500 crore.

The company in its annual report said that “Taking into consideration the requirements of additional funds to meet the cost of company's capital expenditure program and also additional working capital requirement, the consent of the shareholders is sought to enable the Board of Directors to borrow the money to the extent of INR 12,000 crore.”

The company's 24th annual general meeting will be held at Surat. The company has posted a turnover of INR 1,419.47 crore in FY 09, an increase of about 45.70% as compared to INR 974.24 crore in the previous financial year.

(Sourced from www.steelguru.com)

Macroeconomic indicators - No economic crisis in India - PM

According to Dr Manmohan Singh Prime Minister of India, there is no economic crisis in the country.

Dr Singh said that "There is no economic crisis in India. It is certainly true that as a sequel to the global economic crisis our exports have suffered that has affected the rate of growth, but even then our economy is growing at a rate of six and half per cent. Therefore there is no crisis, as such in India.”

However the Prime Minister acknowledged that in a highly interdependent world, India has a stake in the stability and growth of the world economy.

Dr Singh said that "If world economy collapses, there is obviously some effect on our country. Already the rate of our growth of our economy particularly our exports have suffered adding that this has led to decline in exports of important labor intensive products like gems and jewellery, leather goods textiles. So in an increasingly interdependent world, I think, no country by itself can ensure that all its goals of economic life can be achieved working to the exclusion of other participants in an increasingly interdependent world.”

Dr Singh observed that as such there is therefore a necessity for India to ensure that the global economic system continues to progress. He said that "We need an external environment which is conducive to the growth of our exports. We need an external environment which is conducive to an external flow of Capital in an international environment which is conducive to increased growth of technology and all these things have a bearing on the rate of growth of our economy.”

Noting that interdependence of nations is fact of life, the Prime Minister said that interdependence in a globalize world means that no country how so ever powerful it may be can take on the entire burden of economic adjustment and economic decision making that may be required to manage the global system in an orderly passion.

Dr Singh said that "It is that perception, that reality which has, I think persuaded many people in Europe and the United States that G 8 is ill equipped to handle all the global issues with the rise of Asia. With growth of India, China, Brazil, economic decision-making has to take into account the view of these countries if it is to have an optimum impact.”

Responding to a question, Dr Singh said that "As of now, inflation is not a problem, it is under control, but our options are limited and constrained.”

(Sourced from www.steelguru.com)

Wide steel plate price up by INR 178 a tonne in Raipur

PLTS
GR B
12-20x2.5
Location Change
Mumbai 0
Chennai 0
Kolkata 0
Delhi -370
Raipur 178
Kanpur 0
Rudrapur -267
Ahmedabad -185
Indore 0
Bangalore 0


Change is on September 29th as compared to September 25th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Veer Energy plans 200MW wind farm in Gujarat

Veer Energy and Infrastructure has plans to set up wind turbine generator farms with 200 MW capacity in Gujarat which would cost INR 1,000 crore to INR 1,200 crore.

Mr Ritesh Choksi Joint MD of Veer Energy said that it is confident that looking at the current energy scenario in India, the requirement for renewable energy is going to go up.

Further he added that “We are also looking at exploring new places and new projects in Tamil Nadu where wind conditions are good.”

(Sourced from www.steelguru.com)

Captain Mohan to lead panel for ship mishaps at the sea

The Shipping Ministry has set up a committee under the National Shipping Board chairman Captain PVK Mohan to suggest measures to avert mishaps at sea. The panel has to submit its report in two months.

The panel will include the Visakhapatnam Port Trust chairman, Mr Ajeya Kallam chairman of New Mangalore Port Trust, Mr P Tamilvanan deputy chairman of Paradip Port, Mr Biplav Kumar, Mr Srinivasa Naik, Director, Port Operations, Ministry of Shipping and a senior official of MMD.

Earlier there were three accidents involving iron ore laden ships. The panel will study the overall trade practices of iron ore exports because the country is getting a bad name with several ships awaiting at ports and turnaround times increasing, etc.

The questions being asked by Shipping Ministry officials are

1. Why are these ships coming and hanging around here?

2. Is it because they are not getting cargo elsewhere or are they here in the hope that they will get cargo?

3. Are all the ships fixed?

4. Are their documents in place?

5. Or is the cargo ready?

Capt Mohan disclosed that he had sought details, including the age of vessels, involved in accidents since 2008.

A cargo ship, Black Rose, carrying around 25,000 tonnes of iron ore, capsized off the Orissa coast on September 9. The vessel was operating under the Mongolian flag.

(Sourced from http://www.steelguru.com/news/index/2009/09/30/MTEzOTUx/Captain_Mohan_to_lead_panel_for_ship_mishaps_at_the_sea.html)

Punj Lloyd bags INR 257.79 crores order from Indian Oil Petronas

Punj Lloyd Ltd has announced that the Company has secured an order for a value of INR 275.79 crore from Indian Oil Petronas Pvt Ltd for design, detailed engineering, supply, construction / installation, testing and commissioning of Propane / Butane / LPG Import Terminal at Ennore, Tamil Nadu on EPCC basis.

(Sourced from http://www.steelguru.com/news/index/2009/09/30/MTEzOTUw/Punj_Lloyd_bags_INR_257.79_crores_order_from_Indian_Oil_Petronas.html)

Performance of railway production units in 5 months

It is reported that Chitranjan Locomotive Works has produced 64 electric locomotives against the target of 69 electronic locomotives and Diesel Locomotive Works produced 113 diesel locomotives against the target of 105 diesel locomotives during April to August 2009.

Rail Coach Factory produced 640 coaches against the target of 640 coaches where as Integral Coach Factory produced 515 coaches against the targets of 511 coaches during the same period.

Rail Wheel Factory produced 80550 wheels and 32347 axles during the same period against the target of 79779 wheels and 25855 axles during April-August 2009.

During the month of August 2009, CLW, DLW, ICF, RCF and RWF have produced 19 electric locomotives, 27 diesel locomotive, 112 coaches, 125 coaches, 17284 wheels and 7449 axles respectively against the target of 21 electric locomotives, 22 diesel locomotive, 108 coaches, 125 coaches, 17680 wheels and 5818 axels.

Railways have realized an amount of INR 27.63 crore approximately during the month of August 2009 through ticket checking.

http://www.steelguru.com/news/index/2009/09/30/MTEzOTQ5/Performance_of_railway_production_units_in_5_months.html

Indian melting scrap prices movement on Sep 29

Melting scrap
80:20
HMS
Location Change
Mumbai 300
Chennai 0
Kolkata 0
Mandi 554
Kandla 0
Kanpur 0
Rudrapur 0
Hyderabad 0


Change is on September 29th as compared to September 25th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Know domestic steel prices in India on daily basis

A steel producer, user or trader, however big or small, is always concerned about steel prices as steel is normally a big ticket item, but there is no bench mark available to steel buyers to compare their transaction prices. Steel has been very volatile in last 11 months and has effected many users in a very severe way making it all the more important to track the prices and trends.

www.steelprices-india.com is a new portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week.

In addition, FOB levels for commonly exported steel products from major exporting nation Ukraine, Russia, Turkey and China are also available on weekly basis to give international trends.

This would assist persons, including steel makers, traders, users, analysts and others, who are connected with industry in some way to asses the steel pricing trends and utilize them in their day to day working to take considered decisions.

Benchmark products at select locations cover the entire basket of garden variety of steel products including input material for steel making and processing. The product covered include iron ore, sponge iron, pig iron, scrap, pencil ingot, billets, rebars, sections, HR, plates, CR and HDG.

The locations are Agra, Alang, Ahmedabad, Bangalore, Barbil, Bellary, Chennai, Hyderabad, Ghaziabad, Indore, Jallandhar, Kandla, Kanpur, Kolkata, Ludhiana, Mandi Gobindgarh, Mumbai, Muzzafarnagar, New Delhi, Pune, Raipur and Rudrapur.

All these features are accessible only to registered user who is provided with a login id and password after payment is received. To know more about the service, please logon to the web site and click on “Features”, “Subscription” and if you like the services on “Registration”.

This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available.

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details.

Sourse From: www.steelguru.com

Bihar Tubes commissions first phase of Hosur project

Bihar Tubes Limited, believing in its numerous strategic strengths and ability to lead industry matrix, successfully commissioned first phase of its state of art manufacturing facilities at Hosur in Tamil Nadu.

This Greenfield project spread across 24 acres has the ability to produce 200,000 MT ERW Black Pipe, Galvanized Pipes, Hollow Sections, and Structural Tubes per annum of 1/2" to 12" as outer diameter and up to 10 mm wall thickness.

Mr Sanjay Gupta MD of Bihar Tubes said that "I along with my colleagues take pride at this inaugural moment of achieving this landmark. This mega project will enable the company to deeply penetrate in promising southern Indian market.”

Sourse; http://www.steelguru.com/news/index/2009/09/30/MTEzOTQ2/Bihar_Tubes_commissions_first_phase_of_Hosur_project.html

Pencil ingot prices scenario in major places on Sep 29

Pencil ingot
Location Change
Mumbai 300
Kolkata 0
Mandi 277
Raipur 370
Kanpur 0
Rudrapur 0
Ahmedabad -200
Ghaziabad 300
Muzzafarnagar 267
Hyderabad 0
Raigarh 462
Durgapur 92
Nagpur 0
Jamshedpur 0
Jaipur 200
Rourkela 185
Bhiwari 700


Change is on September 29th as compared to September 25th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Monday, September 28, 2009

Monday Market Monitor - India (WEEK 39) - Haunted by dragon flu

With weak demand, coupled with falling international steel price levels on Chinese aggression, Indian steel mills will have to exercise great caution in deciding their pricing policies for the month of October.

Indian steel giant Steel Authority of India Limited has already thrown a word of caution on the weekend but others like TATA Steel and JSW have brushed aside the Chinese threat. Dr JJ Irani director of TATA Sons and Mr Sheshagiri Rao joint MD and Group CFO of JSW Steel in recent interviews with CNBC TV18 have opined these sentiments.

But the offers for SS400 grade HRC at USD 510 CNF India, which translates to INT 25,687 per tonne inclusive of all duties and expenses, without MODVAT, is cheaper by more tan INR 6,000 per tonne as compared to Indian domestic prices, luring end users to resort to imports. Thus scenario for flat products in India remains bleak and only silver lining is that Indian steel mills can still capitalize the time required for imports to reach Indian shores.

On the other hand, market scenario for long products seems succulent with expected surge in demand from construction industry particularly in rural sector supplemented by the price levels having hit the deck. However the surprising fall in pencil ingots last week, leaves room for downward correction in the coming weeks.

Indian domestic steel prices exhibited weakening sentiments last week. The Indian Long Product Price Index ILPPI decreased by 48 points, after increasing for 3 consecutive weeks, whereas Indian Flat Products Index IFPPI dipped by mare 5 points, after increasing for 5 consecutive weeks. The overall price index INDSPI decreased by 27 points.
Class 18-Sep 25-Sep Change %
ILPPI 6363 6315 -48 -0.8%
IFPPI 7563 7559 -5 -0.1%
INDSPI 6935 6907 -27 -0.4%


ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products
Category 18-Sep 25-Sep Change %
PI - TMT 6088 6016 -72 -1.2%
PI - WRC 6883 6839 -44 -0.6%
PI - Angle 6021 5990 -31 -0.5%
PI - Channel 6063 6067 4 0.1%
PI - Joist 5614 5612 -1 0.0%


PI - Product Index

Flat products
Category 18-Sep 25-Sep Change %
PI - Narrow Plates 7219 7218 -2 0.0%
PI - Wide Plates 7302 7305 3 0.0%
PI - Hot Rolled 7400 7398 -2 0.0%
PI - Cold Rolled 8165 8156 -10 -0.1%
PI - Galvanized 8059 8036 -24 -0.3%


PI - Product Index

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can now get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

1. Input material -Shocker slide

Melting scrap
80:20
HMS
Location Change
Chennai 0%
Kandla 1%
Mumbai -2%
Mandi 3%
Kolkata 3%
Kanpur 1%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Alang
Product Size Change
Ships Mixed 0%
Plate cuttings 1” -2%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Pencil ingot
Location Change
Mumbai -2%
Mandi -1%
Raipur 4%
Kanpur -1%
Kolkata -2%
Ghaziabad -2%
Muzzafarnagar -2%
Ahmedabad 1%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Pig Iron
Location Change
Raipur 0%
Kolkata 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Sponge iron
Location Change
Raipur -1%
Kolkata -2%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

2. Long products -Cracking edifice

TMT
Fe 415
12mm
Location Change
Chennai 0%
Mumbai -2%
Mandi -2%
Kolkata -2%
Delhi -3%
Kanpur -1%
Ahmedabad 1%
Indore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

WRC
SWR14
5.5/6
Location Change
Chennai -3%
Raipur -1%
Kolkata 2%
Delhi 0%
Kanpur 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

ANGL
GRADE A
65X65X6
Location Change
Chennai -2%
Mumbai 0%
Mandi 0%
Raipur 0%
Kolkata -2%
Delhi 0%
Kanpur 0%
Ahmedabad 0%
Indore 1%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

CNHL
GRADE A
75/40
Location Change
Chennai 0%
Mumbai 0%
Mandi 0%
Raipur 0%
Kolkata 0%
Delhi 0%
Kanpur 0%
Ahmedabad 1%
Indore 1%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

JSTI
GRADE A
250X125
Location Change
Chennai 0%
Mumbai 0%
Mandi 0%
Raipur -1%
Kolkata 0%
Delhi 0%
Kanpur -1%
Ahmedabad 1%
Indore 0%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

3. Flat products - Forebodings of Tsunami

HRC
Tube
2.5x1250
Location Change
Mumbai -1%
Ludhiana 0%
Kolkata 0%
Delhi 0%
Ahmedabad 0%
Indore 0%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Patra
Location Change
Ludhiana -1%
Mandi 1%
Delhi 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Plates
GRADE A
8X1250/1500
Location Change
Chennai 0%
Mumbai -2%
Kolkata 1%
Delhi 0%
Kanpur 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Plates
GRADE B
12-20X2500
Location Change
Chennai 0%
Mumbai -1%
Raipur 1%
Kolkata 0%
Delhi 0%
Kanpur -1%
Ahmedabad 0%
Indore -3%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

CR
DSK
0.63x1000
Location Change
Chennai 0%
Mumbai -1%
Pune -1%
Kolkata 0%
Delhi 0%
Kanpur 0%
Ahmedabad 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

GC
100Gms
0.4
Location Change
Chennai -1%
Mumbai -1%
Kolkata 0%
Delhi 0%
Kanpur -1%
Bangalore 0%


Change is on September 25th as compared to September 18th 2009
Change is in INR per tonne

Indian Export Levels - Succumbing to Sino aggression
Item Grade Size Delivery Change
PLTS Structural 12-40x2.5 FOB Vizag 0
HDG 100Gms 0.4 FOB Mumbai 0
PPGI Standard RAL 0.4 FOB Mumbai 0


Change is on September 25th as compared to September 18th 2009
Change is in USD per tonne

Indian Import Levels - On slippery ground

It is reported that Chinese HR offers are coming at USD 510 pr tonne on CFR basis for SS 400 grades.

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details. This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available.

(Sourced from www.steelprices-india.com)

Indian cement production in August up by 18pct

Getting back its momentum, India's cement production rose by 17.6% in August over the same month last year due to robust demand from the construction sector. The output increased to 16.06 million tonnes in August from 13.66 million tonnes in the year ago period.

Mr HM Bangur president of Cement Manufacturers Association said that "This is really good to see that the Indian construction industry has got back its momentum and is witnessing robust growth. Despite the downturn, which started last year, the industry has created sufficient capacity to meet the demand.”

The sector had witnessed a growth of 16.7% in 2007-08, but its pace reduced to a mere 1.9% in the following fiscal under the impact of global economic meltdown.

Mr Bangur said that "We expect this growth to continue in the coming months also and looking for an overall increase of 10% to 12% in production of cement in this fiscal. The sector had produced about 180 million tons of cement in 2008-09s.

The cement industry maintained a consistent growth of over 11 percent in the first four months of this fiscal.

(Sourced from http://www.steelguru.com/news/index/2009/09/29/MTEzNzAz/Indian_cement_production_in_August_up_by_18pct.html)

SEZ to enjoy tax benefits even after 2011

It is reported that Indian finance ministry will shortly issue a notification, clarifying that SEZ units and their developers would continue to enjoy tax incentives including income tax benefits as guaranteed under SEZ Act of 2005 even after 2011 when the government adopts its new Direct Tax Code.

Dr LB Singhal director general of export promotion council for EOUs and SEZs while inaugurating ASOCHAM organized International Convention on SEZs said that ministry of commerce has been pursuing this issue with the Finance Ministry as its Direct Tax Code unveiled for public consumption is silent if existing tax benefits and income-tax exemptions would continue for SEZs and their developers after it becomes operative from 2011 onwards.

He said that “Positive indications have come to Export Promotion Council for EOUs and SEZs from Commerce Ministry that Finance Ministry is likely to issue a notification in this regard in next few weeks, enunciating that SEZ units and their developers would be entitled to avail tax benefits as guaranteed under 2005 SEZs Act after the government adopts its new Direct Tax Code.”

It may be mentioned that the SEZ Act of 2005 become operational from 10th of February 2006 under which SEZs units and their developers enjoy taxation and income-tax benefits.

Dr Singhal also announced that from November 2009 onwards, SEZ units and their developers would get online clearances from Ministry of Commerce to commence work in SEZ units in Mumbai. The decision has been taken recently that from April 2010 onwards, SEZ units in Delhi would get clearances for making their establishment operative and thereafter this facility would be extended to all parts of the country for SEZs units.

Dr Singhal stated that SEZ scheme has done extremely well after operationalization of SEZ Act and Rules on February 10th 2006 as in the SEZs incremental investment of INR 110,605 crore has been made and the exports from SEZs has gone up from 22,840 crore in 2005-06 to INR 99,689 crore in 2008-09 in the last year.

Sourse From: http://www.steelguru.com/news/index/2009/09/29/MTEzNzAy/SEZ_to_enjoy_tax_benefits_even_after_2011.html

Union demands removal of PPT chief Mr Raghuramaiah on MV Black Rose

BS reported that the Paradeep Port Workers Union has sought the removal of Mr K Raghuramaiah chairman of the Paradeep Port Trust.

The union held the PPT chairman responsible for sinking of MV Black Rose, an iron ore carrying vessel which capsized in the sea near the port about two weeks back, stating he was continuously allowing old vessels to enter the port for export and import of cargo.

The port workers' union has submitted a memorandum to the Prime Minister, Union minister for shipping and the Orissa chief minister, demanding removal of Mr Raghuramaiah as the chairman of PPT. They also demanded the setting up of a high level investigation committee to probe the matter.

Mr Sudhakar Mantry working president of PPT workers union said that “The PPT chairman did not take any step to retrieve oil from the sunken vessel. His frequent absence in Paradeep has been a setback to the port administration.”

The workers union alleged that some private surveyors are being allowed by the PPT to survey vessels ignoring government certified surveyors.

Moreover, the trimming work of the cargoes in the hatches of the ships is not being done in a proper manner in the absence of adequate number of cargo handling workers and deck foremen.

According to the memorandum “The loading and unloading of cargoes have unexpectedly been minimized and PPT is losing revenue up to INR 5 crore every month. The berths and plots of the Paradeep port have been damaged due to want of proper repair and maintenance. The PPT chairman has committed the gross mistake of directly taking over the responsibility of transferring the plots to the ship traders.”

The memorandum also pointed out that outsiders were being allowed to enter the prohibited areas of the port.

(Sourced from http://www.steelguru.com/news/index/2009/09/29/MTEzNzAx/Union_demands_removal_of_PPT_chief_Mr_Raghuramaiah_on_MV_Black_Rose.html)

Update on BALCO accident

Chinese workers are reported to have fled fearing attacks by locals after a under construction chimney at the plant collapsed on Wednesday, trapping many workers. So far, 40 mutilated bodies have been recovered.

The Chinese were employed in Korba by Shandong Electric Power Construction Corporation that had bagged the contract by aluminium major Balco to construct two power plants of 600 MW each.

Later, SEPCO assigned to Gannon Dunkerley and Company Ltd the task of constructing a 275 meter high chimney for the power plant.

A top sources in the Korba district administration told IANS that "Chinese nationals numbering around 70 to 80 have left Korba town amid the rising death toll. The SEPCO office is found locked.”

The under construction chimney collapsed amid heavy rain and lightning Wednesday, trapping many workers underneath. More than 75 percent of the rubble is yet to be cleared. Police said that the death toll could rise as more people are feared trapped underneath.

The district administration source told IANS that police have alerted Mana airport authorities in Raipur to not allow any employees of SEPCO to leave Chhattisgarh as their help would be needed in a judicial probe ordered by the state government into the chimney crash.

(Sourced from http://www.steelguru.com/news/index/2009/09/29/MTEzNzAw/Update_on_BALCO_accident.html)

RINL union mourns over former CMD Mr Panda death

It is reported that Visakha Steel Employees Union mourned the death of former chairman cum Managing Director of Visakhapatnam Steel Plant Mr BK Panda at Tirupati on Friday night.

Mr Panda died due to a heart attack while visiting Tirumala to witness Brahmostavams. The last rites would be held in Bhubaneswar on September 28.

He joined VSP as superintendent power in 1985 and became ED works in 1997 and became director operations in 2000 and played a key role in planning and development of the steel plant.

Mr Padi Trinadha Rao honorary president of the union at a condolence meeting held on Saturday said that Mr Panda had taken up many welfare programs for workers during his tenure as CMD during 2005-06.

(Sourced http://www.steelguru.com/news/index/2009/09/29/MTEzNjk5/RINL_union_mourns_over_former_CMD_Mr_Panda_death.html)

RINL IT department gets CMMI L 3 Certification

It is reported that Information Technology department of Visakhapatnam steel Plant was awarded Capability Maturity Model integrated level 3 certificate by Software Engineering Institute of Carnegie Mellon University of USA.

It is a prestigious certificate given to IT companies and departments following the ‘defined processes’ specified in the model. The CMMI model is to ensure structured methodology in software development processes aimed at delivering integrated and quality products to the best satisfaction of the customers and users.

The unique feature of the model is that the final assessment for certification is conducted very rigorously and all the persons involved are interviewed and the assessors look for positive affirmation from the practitioners and for 100% compliance.

In India, VSP is the first steel plant to get this certification and very few manufacturing concerns/ public sector units in India attained this honor.

http://www.steelguru.com/news/index/2009/09/29/MTEzNjk4/RINL_IT_department_gets_CMMI_L_3_Certification.html

TATA Power plans to commission Mundra units by 2012

The Hindu reported that TATA Power an India based private power producer would commission first two units of 800 MW each of the Mundra Ultra Mega Power Project at Gujarat in India by 2012.

According to the company, it would not go for new ultra mega power projects at this point of time and would bid for new UMPPs when the market conditions revive.

TATA Power said around 30% of the work at the Mundra UMPP has already been completed. It is in possession of land and has started work on putting up the main plant equipment.

Mr S Ramakrishnan ED of TATA Power told the Hindu that "We would bid for the 4000 MW ultra mega power projects only if it is not an imported coal-based project and the financial market should be good. We are already importing coal for the Mundra project. We are sourcing it from Indonesia where we have 30% stake in the coal blocks."

The 4000 MW Mundra project is expected to be fully commissioned by the end of 2013.

(Sourced from http://www.steelguru.com/news/index/2009/09/29/MTEzNjk3/TATA_Power_plans_to_commission_Mundra_units_by_2012.html)

Steel to hold current price levels - JSW MD

According to Mr Sheshagiri Rao joint MD and Group CFO of JSW Steel, the steel industry which had taken a big knock during the financial crisis is on the track of recovery.

Mr Rao said that while China has become a net exporter of steel, which may start bring down prices things were looking good on the domestic front. He said that “In India, we are seeing almost close to 6% growth in consumption of steel and at the same time we are also seeing revival in the developed economies too. So I am not very sure about the price increases whether it will go beyond where they are right now.”

Here is a verbatim transcript of Mr Sheshagiri Rao’s exclusive interview on CNBC-TV18.

Q. How do you look at the terrain going here on, do you expect that this quarter itself could see more steel price increases, is the country working to capacity?

A - We are seeing some correction in international prices particularly China where it has become net exporter of steel again in the month of August, so there will be pressure on prices internationally but what is positive is that demand is picking up. In India, we are seeing almost close to 6% growth in consumption of steel and at the same time we are also seeing revival in the developed economies too. We are seeing revival in demand where production is increasing and consumption is improving, so there are some of the positive signs and de-stocking has happened in the steel industry, so people started buying again in the market. We are also seeing revival in autos, so there are a lot of positive signs we are seeing, the production is also cut by 20% internationally across all the continents together. So I am not very sure about the price increases whether it will go beyond where they are right now.

Q. You have brought back your CAPEX plans of 10 million tonne at Vijay Nagar. Is the entire CAPEX plan now as per the original schedule?

A - We have delayed the CAPEX by six months. This project was supposed to be commissioned by October 2010, so we are commissioning now by March 2011. We have restarted our activities, so now it would be delayed by six months compared to the original schedule.

Q . What about the money raising you have bought the permission for USD 1 billion, what’s the timetable and what is the insurance?

A - We are not looking for raising anything in the market. We have already tied up the funding. As far as the QIP program is concerned, we have got an enabling resolution, and if at all we decide to raise any QIP, it would only be for debt reduction. So we haven’t yet decided anything on that.

(Sourced from http://www.steelguru.com/news/index/2009/09/29/MTEzNjk2/Steel_to_hold_current_price_levels_-_JSW_MD.html)

Indian steel makers lucrative targets for global players

News
Tuesday, 29 Sep 2009
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Indian steel makers lucrative targets for global players
Tuesday, 29 Sep 2009

A persistent demand slump that has seen steelmaking capacity idled worldwide for nearly a year is pushing top global producers to expand their footprint in India, which along with China is a rare bastion of growth. Strong local demand driven by infrastructure building and rebounding car sales has led big foreign steelmakers to seek out investments among a fragmented local industry after efforts to develop standalone projects met with delays.

Mr Rakesh Arora an analyst at Macquarie Research said that "India is on the radar of most companies given the lucrative ness of the market. India has both demand growth and cheap iron ore going for it."

Earlier this month, global leader ArcelorMittal said it would acquire a one-third stake in Indian re-roller Uttam Galva and more such deals are expected given the difficulty of going it alone in India.

Mr Nittin Johari CFO of Bhushan Steel told Reuters that "It is very difficult for someone coming from outside to set up a Greenfield project. Foreign firms have realized it's not possible to do business standalone in India."

(Sourced from www.steelguru.com)

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Indian News Stainless & Special Steel News

Andrew Yule to modernize 2 plants

According to Mr Kallol Datta CMD of Andrew Yule, Andrew Yule & Company Ltd plans to invest INR 15 crore to modernize its electrical equipment factories at Kolkata and Chennai.

Mr Datta said that Andrew Yule was also looking at producing new range of equipment at these two factories brought under a new subsidiary company Yule Electrical Ltd.

He said that “We will soon produce a high range of equipment such as transformers, capacitors switch and auto recloser in these two factories adding that Andrew Yule was reviving an earlier tie up with the Japanese company Togami for introducing the latter’s new range of products in India.”

The company was also in talks with South Korean firm International Electric Company Ltd for technical collaboration to produce 11 kV automatic voltage regulators for export to South Korea.

(Sourced from www.steelguru.com)

Government considering 15pct sale in Engineers India

Reuters reported that India is considering selling up to 15% of state run Engineers India Ltd.

The report quoted Mr Mukesh Rohatgi chairman of Engineers India as saying that a deal worth over USD 190 million at current market prices.

Mr Rohatgi said the government was considering the sale, but could not say when the actual process would happen.

He said that "There has been some talk on it, that the government has some plans.”

He added that "10% to 15% percent is what everybody is talking about."

(Sourced http://www.steelguru.com/news/index/2009/09/29/MTEzNjkz/Government_considering_15pct_sale_in_Engineers_India.html)

BHEL hopes to get orders worth INR 55,000 crore this fiscal

Bharat Heavy Electricals Ltd is hopeful of getting orders worth INR 55,000 crore within the financial year ending March 2010.

Mr K Ravi Kumar CMD of BHEL said that “Out of this INR 55,000 crore, we have booked orders worth INR 19,000 crore in the two quarters of this financial year. Our outstanding order book is at over INR 130,000 crore.”

He also added that the company expects another INR 10,000 crore worth of orders by next month. Mr Ravi Kumar said that “We have finalized the prices for further orders worth INR 10,000 crore. We are expecting the advance by October. This is mainly from private players and one order from NTPC adding that 80% of the orders bagged by the company so far in the current financial year have been placed by private companies.

Mr Kumar also assured that all the power units to be set up for the Commonwealth Games 2010 to be held in Delhi will be supplied and commissioned by BHEL on time.

(Sourced from www.steelguru.com)

UGSL mulls INR 500 crore CAPEX over two years in power sector

Mumbai based Uttam Galva Steel plans a CAPEX of INR 300 crore to INR 500 crore over the next 2 years.

Mr Ankit Miglani director of Uttam Galva Steels on the sidelines of the company's annual general meeting told reporters that "We expect to spend INR 300 crore to INR 500 crore including for setting up a 60 MW power plant.”

He said that "All our investment will go into down stream activities and for cost-reduction mechanism and the money will be raised through internal accruals and debt.”

He added that the power plant will help reduce its production cost significantly.

Mr Miglani said that the power plant would help in increasing productivity by giving better quality power and significantly reduce production cost. We will use 30 MW internally and 30 MW will be sold until we expand to consume it fully.”

Asked on its co promoter ArcelorMittal's role in future expansion plans, Mr Miglani said that "Any new expansion plan will be initiated by joint decision once the new Board is constituted. After the open offer completes on November 18th 2009 and all regulatory approvals are received, the new Board will be formed which will take future decisions.”

Mr Miglani said that “Going forward, with ArcelorMittal's support, the company will expand profitably. With the hot rolled coil back up and technology back up, we are achieving a level of raw material security and technology enhancement which will add overall value to the organization.”

(Sourced from www.steelguru.com

Welspun Gujarat Stahl to raise USD 150 million through FCCB

Metal pipe manufacturer Welspun Gujarat Stahl Rohren said that it will raise USD 150 million (INR 720.2 crore) by a foreign currency convertible bond issue.

Welspun Gujarat Stahl Rohren in a filing to the Bombay Stock Exchange said that the company has priced FCCBs at USD 130 million with an option to raise an additional amount of USD 20 million if the issue is fully subscribed.

Mr BK Goenka CMD of Welspun-Gujarat Stahl Rohren said that “This new FCCB issuance, one of the first issuance in the Indian market after almost 18 months, depicts the faith investors have in the prospects of our company.”

The filing added that FCCBs are expected to be listed on the Singapore Exchange and JP Morgan has acted as the sole book runner to the transaction.

(Sourced from www.steelguru.com)

Indian scrap importers duped by Dubai based seller - Report

ET reported that scrap importers were in for a shock when as many as 600 heavy metal scrap containers were found empty at Indian ports Jawaharlal Nehru Port Trust and Chennai.

The containers were received from a Dubai based suppliers and were shipped to India between last week of August and first fortnight of September this year.

Speaking to ET a senior officer at Mumbai Customs said that “While conducting a scan of the consignment on September 8, we found many of them lighter in weight compared to the other consignments carrying HMS. We have detained them and are awaiting filing of ‘Bill of Entry’ from the importers. If these bills are not filed within 30 days, we will have to take action against the exporter and their agent in Mumbai.”

In a warning issued to the members of BIR on September 11, Mr Ikbal Nathani the Ambassador for India in BIR wrote that “In the last fortnight 600 containers of HMS was sold by a party from Middle East through a Mumbai based Indian agent. Three months ago, the agent gave samples of HMS to many traders and actual users and offered them discounted rates. Satisfied with the material, the importers placed huge orders. However, they were duped as they have made advance payments. This fraud is worth millions of dollars.” He added that “Indian traders were induced by the discounted rates offered to them. Earlier, certain firms from South Africa and Russia had also shipped empty containers after receiving payments from the importers.”

(Sourced from www.steelguru.com)

Optimize your steel procurement to make big savings

A steel producer, user or trader, however big or small, is always concerned about steel prices as steel is normally a big ticket item, but there is no bench mark available to steel buyers to compare their transaction prices. Steel has been very volatile in last 11 months and has effected many users in a very severe way making it all the more important to track the prices and trends.

www.steelprices-india.com is a comprehensive portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week.

In addition, FOB levels for commonly exported steel products from major exporting nation Ukraine, Russia, Turkey and China are also available on weekly basis to give international trends.

This would assist persons, including steel makers, traders, users, analysts and others, who are connected with industry in some way to asses the steel pricing trends and utilize them in their day to day working to take considered decisions.

Benchmark products at select locations cover the entire basket of garden variety of steel products including input material for steel making and processing. The product covered include iron ore, sponge iron, pig iron, scrap, pencil ingot, billets, rebars, sections, HR, plates, CR and HDG.

The locations are Agra, Alang, Ahmedabad, Bangalore, Barbil, Bellary, Bhiwari, Chennai, Durgapur, Hyderabad, Ghaziabad, Indore, Jamshedpur, Jaipur, Jallandhar, Kandla, Kanpur, Kolkata, Ludhiana, Mandi Gobindgarh, Mumbai, Muzzafarnagar, Nagpur, New Delhi, Pune, Raipur, Raigarh, Rourkela and Rudrapur.

All these features are accessible only to registered user who is provided with a login id and password after payment is received. To know more about the service, please logon to the web site and click on “Features”, “Subscription” and if you like the services on “Registration”.

This is a paid service with subscription fee of INR 60,000 plus ST for 12 months. This will keep you in tune with daily happenings in Indian and global steel markets for steel prices. Tailor made package with restricted access to match your needs at lower prices are also available.

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com with contact details.

Attract more visitors to your company web site

With the ever increasing use of internet for dissemination of information, every company’s website is becoming one of most important medium, with almost zero cost, to make announcements, solicit new clients and promote products.

Company websites, which are virtual show cases, are generally designed with great zeal and efforts but do not serve the full purpose as they lack viewers. In fact they are visited mostly by only those who are specifically referred thus limiting the reach severely.

We would like to inform you of a unique opportunity to reach global steel industry and allied sectors through our platform www.steelguru.com, which is the most popular and visited English based steel portal globally with average daily page hits of 60,000+ per day. You may like to check our ranking using www.alexa.com, where it can be compared with other web sites.

We can put your advert on www.steelguru.com through an image, hyper linked to your website. This could increase the traffic to your web site and help you leverage it to your advantage.

Visit our website to know more details
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Or send a mail to adverts@steelguru.com and we would be happy to answer your queries if any

Storm in UK over bonuses for TATA Steel staff in India

The Star reported that steel union Community in UK has branded bosses of UK steel giant Corus's Indian parent company TATA Steel hypocrites after learning steelworkers in India would be receiving bonuses denied to their British counterparts.

Corus has already been accused of abandoning South Yorkshire after announcing cuts of more than 1,530 jobs at its plants in Rotherham and Stocksbridge this year.

The attack comes after representatives of three main steel unions Community, Unite and the GMB voted to ballot for industrial action over Corus's plans for changes to its pension scheme. It was prompted by news that TATA's Indian steelworkers will receive record bonuses of up to 18.5% and additional payments of 8.33% denied to UK steel workers.

Mr Michael Leahy Community Union general secretary said that "The hypocrisy is staggering as Corus have unilaterally withdrawn bonuses contrary to contracts of employment and 30 years of custom and practice. TATA Corus, it appears, will respect traditions in India but not in the UK. We are calling upon Corus to respect not only tradition but the employment laws of Britain and to pay our members the money to which they are legally entitled."

Corus said negotiations over annual and lump sum bonuses paid to UK steelworkers were under way and it would not be appropriate to comment until they had been completed.

(Sourced from www.steelguru.com)

No threat to Indian steel industry from China - Dr Irani Director TATA Sons

Dr JJ Irani Director of TATA Sons during an interview with CNBC TV 18 last week said that there is a need to decouple India from the global steel industry and that there is no threat to the Indian steel industry from China.

To read the full interview, please visit www.steelguru.com

Sharjah based Onyx Heavy Industries buys CHICO from Doosan

LBO reported that Sri Lanka's biggest rebar maker Ceylon Heavy Industries and Construction Co has been taken over from South Korea's Doosan group by an overseas based Sri Lankan firm.

A government statement said that Onyx Heavy Industries Company, a Sri Lankan owned company in Sharjah, has taken over 93.75% shares of the steel manufacturer.

It quoted chairman of Onyx Heavy Industries and its current proprietor, Mr Nandana Jayadeva Lokuwithana, as saying they will invest USD 65 million in the steel plant.

Mr Lokuwithana was also quoted as saying that he was attracted to make the investment by the end of the ethnic war.

CHICO rebar is sold under the Lanwa brand and the plant had been owned by Doosan since 1996.

(Sourced from www.steelguru.com)

Thursday, September 24, 2009

Update on Indian narrow HR steel plate prices

PLTS
GR A
8x1250


Location Change

Mumbai -693

Chennai 0

Kanpur 0

Rudrapur -267


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Gujarat NRE to raise USD 60 million

Gujarat NRE Coke said that it will raise USD 60 million by way of bonds and will issue 2.50 crore warrants to promoters.

Gujarat NRE in a filing to the Bombay Stock Exchange said that the board has approved to raise USD 60 million by issue of foreign currency convertible bonds.

The filing further added that the board has also approved to issue 2.50 crore convertible warrants to promoters. The proposal is subject to shareholders approval.

(Sourced from www.steelguru.com)

Wide plate price improves only at Raipur

PLTS
GR B
12-20x2.5


Location Change

Mumbai -277

Chennai 0

Kolkata 0

Delhi 0

Raipur 444

Kanpur -178

Rudrapur -355

Ahmedabad 0

Indore -444

Bangalore 0


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Titagarh Wagons appoints Mr Chowdhary as new CEO

Titagarh Wagons Ltd supplier of wagons and freight cars said Mr J P Chowdhary has been appointed as its MD and Chief Executive Office with effect from September 24th 2009.

Mr Chowdhary would also be the Chairman of the company.

Titagarh Wagons in a filing to the Bombay Stock Exchange said that Mr Umesh Chowdhary vice chairman & MD of the company has stepped down from the position under the restructuring cum reorganization of the company's management structure.

However, Mr Umesh Chowdhary shall continue to be a director of the company and shall primarily look after new projects to be taken by the group.

(Sourced from www.steelguru.com)

India to get Renault car made by Nissan

French car maker Renault SA, which posted a USD 3.8 billion loss in the first half of this year, has decided to use the compact car platform of its partner Nissan to launch its compact car in India.

The move will help the beleaguered company sell compact cars in India without incurring huge product development expenditures. Instead, both cars will be manufactured at the Chennai plant that is under construction and will have common production lines and component sourcing facilities.

Renault and Nissan's decision to launch their own compact cars is independent of a tie-up with Pune based motorcycle maker Bajaj Auto to develop a low-cost car that is expected to debut in 2011. A formal joint venture agreement is yet to be signed among the partners though work on the small car is progressing at a slower pace.

This will mark the first time in India that two manufacturers are using a common platform for two or more new cars for the same market.

Nissan is readying to enter the 8,85,000 units a year domestic compact car segment with the launch of a five seater compact car by the middle of next year and plans three products from the same platform by 2012. Renault India will use the platform of the same car to launch its own vehicle, which could either be a sedan, a compact car or both.

Renault SA, France's second largest car maker owns 44% in Nissan Motor Company, Japan's third largest car maker and the Japanese giant owns 15% in Renault. The two companies, through their India subsidiaries, have created a joint venture Renault Nissan Automotive India which will operate 400,000 units per year plant in Chennai at an investment of INR 4,500 crore.

(Sourced from http://www.steelguru.com/news/index/2009/09/25/MTEzMzMy/India_to_get_Renault_car_made_by_Nissan.html)

Ship breaking steel plate cuttings price dips at Alang

Product Grade Size Change

Ship Scrap Melting Mixed -100

Plate cuttings Rolling 1" -400


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

GM in pact with Reva for producing electric vehicles

US based car maker General Motors joined hands with Reva Electric Car Company to develop and produce electric vehicles in the Indian market as part of its plan to make the country a global hub for environment friendly vehicles.

Mr Karl Slym president & MD of General Motors India the Indian subsidiary of GM told reporters that “We are pleased to join hands with Reva to bring affordable small car platform based electric vehicles to the market in line with government objectives to reduce fossil fuel dependence.”

He added that GM's ability to develop platforms combined with Reva's capability in developing electric drive trains and control system will give the Indian consumer a wider choice of electric vehicles.

Mr Slym said that “We are going to work closely with the central and state governments in India to develop infrastructure for electric vehicles charging and providing specific financial benefits to consumers, who make the choice to adopt an environment friendly mode of personal transport.”

Mr Chetan Maini said deputy chairman & chief technology officer of Reva said that “Each of the partners will use their strengths, with the aim of making India a global hub for the development and manufacturing of electric vehicles and related technologies.''

He added that the two companies have already started the feasibility study of GM's vehicle platforms to produce electric cars and are expected to announce the details in the near future.

(Sourced from www.steelguru.com)

Ennore Coke chalks out INR 700 crore expansion

Ennore Coke Ltd is looking for a private equity fund to support its investment plan of around INR 700 crore over the next three years. The plan includes acquisition of coal mines overseas and sick units in India besides enhancing the production capacity.

Mr Ganesh Natarajan president & CEO of Ennore Coke said that “We are looking at investing around INR 700 crore over the next three years in expansion and acquisitions. This would help the company reach its target of around INR 2,000 crore turnover by 2011-12.”

The company would increase the total capacity to one million tonne by 2010-11 from the current 520,000 tonne at its facilities in Haldia, Orissa and Gujarat. This apart, it would enter into more contract manufacturing arrangements.

Mr Natarajan said they would require 1.4 million tonne coal by 2010-11, for which the company is planning to acquire coal mines in Australia and at Virginia in the US. He added that “The acquisition cost would be around USD 50 million (INR 240 crore).”

The proposed investment will be funded through debt and equity. He added that “We are looking at diluting up to 25% to the private equity fund.” He declined to disclose the quantum of money that would be raised. “It would vary from project to project. We are yet to take a call on the value and percentage.”

Mr Natarajan said the company would focus on small and large medium enterprises, the segment which is currently catered by Chinese manufacturers. He added that “For this, we have appointed stockiest in Belgaum, Kolaphur, Bangalore and Coimbatore which are the major foundry clusters. Customers can now buy minimum 500 kg to maximum 200 tonnes of coke.”

(Sourced from www.steelguru.com)

Indian steel melting scrap price scenario on Sep 24

Melting scrap
80:20
HMS


Location Change

Mumbai -300

Chennai 0

Kolkata 0

Mandi 739

Kandla 0

Kanpur 89

Rudrapur -89

Hyderabad 185


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

Larsen and Toubro wins INR 2,000 crore order from GMR

Larsen & Toubro has received an order valued over INR 2000 crore from GMR Energy Limited, a GMR Group company, for setting up a 2 x 384 MW gas based power plant at Vemagiri near Rajamundry in Andhra Pradesh on a lumpsum turnkey basis.

L&T’s scope includes design, detailed engineering, supply, installation and commissioning of the plant on a turnkey basis.

L&T-Sargent and Lundy, a subsidiary of L&T will carry out the plant integration and detailed engineering, using propriety technology of Sargent & Lundy LLC, USA. L&T will design and manufacture critical equipment for the plant, like heat recovery steam generators, deaerators, condensers, cooling towers, switchgear, and valves.

The plant will incorporate advanced class gas turbines and high efficiency steam turbines which will be procured by L&T. Construction, installation, commissioning and project management will also be carried out by L&T.

The project will be executed on fast track and completed in the 11th plan.

www.steelguru.com

Steel rebar (TMT) price movement in India on Sep 24

TMT
Fe 415
12mm


Location Change

Mumbai -225

Chennai 0

Kolkata 0

Delhi -540

Mandi 0

Kanpur -200

Rudrapur -300

Ahmedabad 0

Hyderabad 300

Indore -200

Bangalore 0


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

IIL to spend INR 2,600 crore on expansion - Report

BL reported that Ispat Industries Ltd proposes to spend INR 2,600 crore in the next two years on various projects.

These include a 1 million tonne coke oven plant in a joint venture, a 2 million tonne iron ore pellet project, 110 MW captive power plants, all at the Dolvi steel complex, and an iron ore mining project at Damkodwadi in Maharashtra.

Giving this information to newspersons after the company’s annual general meeting Mr Pramod Mittal chairman said that an estimated INR 480 crore would be spent on the captive power units, another INR 1,100 crore on the coke oven plant, about INR 600 crore on the pellet plant and the balance INR 400 crore on the mining operation. He expected the projects to be commissioned by 2011-12.

He said that Stemcore of the UK will be the partner for the coke oven project while it is an Indian firm for the pellet project. The financial closure for the coke oven project will be completed by November.

Mr Mittal conceded that raw material security was a major concern, more so because globally also the demand for coal and iron ore would steadily increase in coming years. Right now, the company requires 3.6 million tonnes annually of iron ore sourced entirely from National Mineral Development Corporation’s mines.

The move initiated recently would reduce dependence on NMDC mines to 1.6 million tonne within the next two to three years. The commissioning of the one million tonne coke plant will make the company virtually self sufficient in coke.

He however pointed out that the company was also in the process of acquiring stakes, not exceeding 40% in an iron ore mine project in Brazil and coking coal projects in Colombia and Mozambique. The company had been allotted areas in Damkodwadi, Bhamragarh in Maharashtra for prospecting for iron ore. The mining operation there should start by the end of 2010.

He added that a coal block too had been allotted in Madhya Pradesh. The steel and power projects in various States for which MoUs had been signed with respective Governments were at various stages of development.

(Sourced from www.steelguru.com)

Indian government considering SAIL FPO - Report

Reuters reported that Indian government is considering a follow on public offer for shares of state run Steel Authority of India Ltd.

The repot cited a senior official as saying that “It is going on, under consideration of the government.”

He declined to provide any other details

(Sourced from www.steelguru.com)

Pencil ingot price movement in major places on Sep 24

Pencil ingot


Location Change

Mumbai -350

Kolkata -277

Mandi -370

Raipur -185

Kanpur 267

Rudrapur -178

Ahmedabad -200

Ghaziabad -100

Muzzafarnagar -533

Hyderabad 0

Raigarh -185

Durgapur -231

Nagpur 0

Jamshedpur -277

Jaipur -450

Rourkela 0

Bhiwari -300


Change is on September 24th as compared to September 23rd 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 29 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.com)

RINL inaugurated continuous casting machine

BL reported that Mr AP Choudhary director projects of Rashtriya Ispat Nigam Limited inaugurated the bloom continuous casting machine 2 in Steel Melt Shop I of Visakhapatnam Steel Plant.

Mr TP Rao ED works of RINL, Mr SK Paulose ED projects of RINL and Mr Bob Freely of Corus and other senior officials of VSP and consortium were present.

It is designed, supplied and executed by a consortium of Corus Processing engineering of UK and TATA Projects Ltd.

The machine is made with state-of-the-art technology to meet the customers’ quality requirements. The caster has been provided with electro-magnetic stirring system and auto-mould level control.

With this VSP will be able to produce more value added steel including spring steel, corrosion resistant steel, tyre cord steel and forging quality to serve automotive sector.

It will also enable VSP to produce larger quantities because of accelerating casting speed.

(Sourced from www.steelguru.com)

Indian steel price index slides down by 15 points on Sept 24

The Indian Long Product Price Index ILPPI dropped by 15 points on September 24th 2009 whereas Indian Flat Product Price Index IFPPI went down by 14 points. The overall Indian Steel Price Index INDSPI decreased by 15 points


Class 23-Sep 24-Sep Change %

ILPPI 6333 6318 -15 -0.2%

IFPPI 7573 7559 -14 -0.2%

INDSPI 6924 6909 -15 -0.2%


IPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products


Category 23-Sep 24-Sep Change %

PI - TMT 6047 6025 -22 -0.4%

PI - WRC 6850 6839 -11 -0.2%

PI - Angle 5996 5988 -8 -0.1%

PI - Channel 6075 6065 -10 -0.2%

PI - Joist 5616 5611 -5 -0.1%


PI - Product Index

Flat Products


Category 23-Sep 24-Sep Change %

PI - Narrow Plates 7234 7218 -17 -0.2%

PI - Wide Plates 7307 7305 -2 0.0%

PI - Hot Rolled 7412 7398 -14 -0.2%

PI - Cold Rolled 8179 8156 -23 -0.3%

PI - Galvanized 8045 8036 -10 -0.1%


PI - Product Index

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

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)

Indian steel price index reflects down trend for longs

The Indian Long Product Price Index ILPPI went down by 20 points on September 23rd 2009 whereas Indian Flat Product Price Index IFPPI remains flat. The overall Indian Steel Price Index INDSPI decreases by 10 points.



Class 22-Sep 23-Sep Change %

ILPPI 6353 6333 -20 -0.3%

IFPPI 7573 7573 0 0.0%

INDSPI 6934 6924 -10 -0.2%


IPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products


Category 22-Sep 23-Sep Change %

PI - TMT 6042 6047 6 0.1%

PI - WRC 6902 6850 -53 -0.8%

PI - Angle 6017 5996 -21 -0.4%

PI - Channel 6073 6075 2 0.0%

PI - Joist 5612 5616 3 0.1%


PI - Product Index

Flat Products


Category 22-Sep 23-Sep Change %

PI - Narrow Plates 7234 7234 0 0.0%

PI - Wide Plates 7307 7307 0 0.0%

PI - Hot Rolled 7412 7412 0 0.0%

PI - Cold Rolled 8179 8179 0 0.0%

PI - Galvanized 8050 8045 -4 -0.1%


PI - Product Index

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

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)

Attract more visitors to your company web site

With the ever increasing use of internet for dissemination of information, every company’s website is becoming one of most important medium, with almost zero cost, to make announcements, solicit new clients and promote products.

Company websites, which are virtual show cases, are generally designed with great zeal and efforts but do not serve the full purpose as they lack viewers. In fact they are visited mostly by only those who are specifically referred thus limiting the reach severely.

We would like to inform you of a unique opportunity to reach global steel industry and allied sectors through our platform www.steelguru.com, which is the most popular and visited English based steel portal globally with average daily page hits of 60,000+ per day. You may like to check our ranking using www.alexa.com, where it can be compared with other web sites.

We can put your advert on www.steelguru.com through an image, hyper linked to your website. This could increase the traffic to your web site and help you leverage it to your advantage.

Visit our website to know more details
http://steelguru.com/advertise

Or send a mail to adverts@steelguru.com and we would be happy to answer your queries if any

http://www.steelguru.com/news/index/2009/09/24/MTEzMTcx/Attract_more_visitors_to_your_company_web_site.html

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