CR steel price movement on May 25

CR
DSK
0.63


Location Change

Ahmedabad 0

Bangalore 0

Chennai -635

Delhi 0

Kanpur 0

Kolkata 907

Ludhiana -181

Mumbai 0

Pune 0

Rudrapur 0


Change is on 25th May as compared to 24th May 2011
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Oil ministry urges RIL to meet contracted gas supplies to priority consumers

FE reported that the petroleum ministry has passed a fresh order asking Reliance Industries to fully meet the contracted gas supplies to priority consumers in sectors like fertilizer, LPG, power and city gas distribution in spite of the fall in gas production from the D6 field in the Krishna

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Larsen Toubro announces market outlook

LYT release said that “While completion of the several expansion projects underway will strengthen the company's position of pre eminence in its various businesses, intense competition and spiraling input costs may exert some pressure on the operating margin going forward.”


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Larsen Toubro announces FY 2011 results

Larsen & Toubro has reported gross sales of INR 15213 crore for the quarter ended March 31st 2011, registering a growth of 13% YoY. Gross sales for the full year at INR 43886 crore grew by 19% YoY.

An impressive growth of 27% in order inflow achieved during the quarter ended March 31st 2011


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Pratibha Industries JV bags INR 4 billion work order under DMRC

Pratibha Industries has secured a contract of design and construction of tunnel between Central Secretariat and Mandi House for underground works under Delhi MRTS Project from Delhi Metro Rail Corporation in New Delhi.

The project is secured in JV with China Rail First Group Company. Total


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Steel angle prices scenario on May 24

ANGL
GR A
65X6


Location Change

Ahmedabad -115

Bangalore 700

Chennai 0

Delhi 0

Indore 0

Kanpur 200

Kolkata 0

Ludhiana 0

Mandi 0

Mumbai -115

Raipur 0

Rudrapur 0


Change is on 24th May as compared to 23rd May 2011
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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SC denies iron ore relief to steel producers in Karnataka

DHNS reported that association of iron and steel manufacturers of Karnataka failed on Tuesday to get any relief from the Supreme Court on its plea apprehending closure of their operations if the miners were not allowed to continue mining without a panel giving report on any alleged


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Germany coal prices surge with rail at full capacity

Rail routes linking European ports with German power plants are operating at full capacity, as low river levels impede barge deliveries, driving up coal prices for end users.

The coal and freight analyst with a large German utility told Montel said that “Companies without long-term

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Koreans pay USD 120 for steam coal in latest tender

Coal Portal reported that a spot tender for thermal coal issued by Korea Midland Power Co was awarded at around USD 120 FOB on NAR 6080 kcal/kg basis.

Glencore and Flame will each deliver 125,000 tonnes of coal to the Boreyong thermal power station between July and December 2011.

The

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Aluminum Association welcomes new member Harsco Metals

The Aluminum Association announced its newest company member, Harsco Metals.

Harsco Metals, based in Harrisburg, Pennsylvania, provides specialized solutions in resource recovery, logistics and product quality for the global metals industry. With operations at more than 160 locations in

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Global copper production down 8pct in Q1 2011

Reuters reported that early indications of Q1 mined copper output point to a softening trend of mine supply growth this year that should keep global production deficits firmly in place through 2011.

Declining ore grades and adverse weather conditions at operations of 11 of the biggest

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Japan mulling solar panels on all new buildings

AFP reported that Japan is considering a plan that would make it compulsory for all new buildings and houses to come fitted with solar panels by 2030.

As per report, the plan, expected to be unveiled at the upcoming G8 Summit in France, aims to show Japan's resolve to encourage

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Moody warns shipping firms of uncertain times ahead

It is reported that rating agency Moody has cautioned shipping firms to be wary of uncertain times ahead, although it remains optimistic about improvements in container carrier credit, rates recovery and better show in the second and third quarters.

According to Moody's senior credit


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US weekly raw steel production continues on upward trend

American Iron & Steel Industries reported that, in the week ending May 21st 2011, US domestic raw steel production was 1.821 million tons while the capability utilization rate was 74.5%. Production was 1.808 million tons in the week ending May 21st 2010, while the capability utilization then


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Fitch upgrades MMK credit rating

The international ratings agency Fitch has upgraded Russian steelmaker Magnitogorsk Iron and Steel Works' long term credit rating from BB to BB+ with a stable outlook.

According to the national scale, the company's long term credit rating was increased from AA- to AA.

Fitch stated that

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Chinese domestic galvanized steel HDG price on May 24

HDG
0.5mm


Location In CNY In USD

Shanghai 0 0

Hangzhou 0 0

Fuzhou 0 0

Nanchang 0 0

Guangzhou 0 0

Wuhan 0 0

Zhengzhou 0 0

Beijing 0 0

Tianjin 0 0

Shenyang 0 0

Harbin 0 0

Chongqing 0 0

Xian 0 0

Boxing 0 0

Average 0 0


Change is on 24th May as compared to 23rd May 2011
Change is per tonne
USD:CNY = 6.50

To know exact prevailing steel prices in China on daily basis, subscribe to services of www.steelprices-china.com by registering or sending a mail to admin@steelprices-china.com. Please note that this is a paid service.

(Sourced from www. steelprices-china.com)

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Macroeconomic indicators - Russia unlikely to reach GDP goals in near future - EBRD

RIA Novosti cited Mr Erik Berglof chief economist at the European Bank for Reconstruction and Development as saying that Russia is unlikely to attain its declared gross domestic product growth target of 4.5% in the next few years.

Mr Sergei Storchak deputy finance minister of Russia that

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Jiangsu Province to face worst power gap in 2011 - Report

Estimates show industrial province Jiangsu in eastern China may witness the largest shortage this summer at 11GW, though a large number of regions across the country may suffer a combined deficit of 40GW.

It is predicted that situations in Henan, Zhejiang, Guangdong, Hunan and Beijing could


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CR steel price movement on May 24

CR
DSK
0.63


Location Change

Ahmedabad 0

Bangalore 872

Chennai 0

Delhi -265

Kanpur 174

Kolkata 0

Ludhiana 0

Mumbai 0

Pune 0

Rudrapur 0



Change is on 24th May as compared to 23rd May 2011
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Power shortages in China could lead to shutdowns

Reuters reported that electricity supplies to industrial users will be cut further this summer as capacity shortages, coal supply problems and declining hydropower output combine to produce the worst power crunch in years.

Mr Shuai Junqing vice GM of State Grid Corporation of China said

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Iran discovers USD 14 billion light oil reserve

Reuters reported that Iran has discovered a deposit of light oil offshore of an estimated in place reserve of 756 million barrels valued at USD 13.6 billion.

The oil reserve was found at Khayyam field off the Gulf shore in Hormuzgan province. It was originally discovered in 2010 but was

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MENA unrest - Libya oil minister no longer working for Gaddafi

Reuters reported that Mr Mouldi Kefi foreign minister of Tunisia believed Mr Shokri Ghanem oil minister of Libya is no longer working for the Gaddafi regime.

The whereabouts of Mr Ghanem, a central figure in the government of Muammar Gaddafi have been a mystery since Libyan rebels said that

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Scooters India jumps on stake sale buzz

My Iris reported that shares of Scooters India are trading at INR 38.40, up by INR 1.8 or 4.92% at the Bombay Stock Exchange.

Media reports quoted the government will consider selling its entire stake in the company.

The scrip has touched an intra-day high of INR 38.40 and low of INR

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GAIL announces Q4 and FY 2011 consolidated results

GAIL (India) has posted growth of 20.82% in its FY 2011 consolidated net profit at INR 40.21 billion as against INR 33.28 billion in FY 2010.

Total income of the company on consolidated basis has increased by 29.15% at INR 356.64 billion for FY 2011 as against INR 276.15 billion for FY

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Cornerstone laid for Ninewa gas power station

Aswat Aliraq reported that the Iraqi Ministry of Electricity laid the cornerstone for Ninewa's gas power station in Qayara area at a total cost of USD 388 million and a capacity of 750 MW.

Mr Mohammed Abdulla al-Jubori head of the Power and Services Commission in Ninewa's Provincial

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Triveni Engg expects listing of turbine arm by June or July

PTI reported that Triveni Engineering & Industries Limited expects to list its demerged turbine business, Triveni Turbine Limited, by June 2011 end or early July 2011.

The company, which will hold a nearly 22% stake in the new entity, said that its steam turbines business already has an

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Tantia Constructions announces Q4 and FY 2010 results

Tantia Constructions Limited has announced the financial results for the period ended March 31st 2011. The company has reported net sales income from operations of INR 270.78 crores for the quarter ended March 31st 2011 as compared to INR 215.11 crores for the quarter ended March 31st

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Indian steel price index reflects weakness in market

The Indian Long Product Price Index ILPPI dropped by 5 points on May 23rd 2011 whereas Indian Flat Product Price Index IFPPI went down by 7 points. The overall Indian Steel Price Index INDSPI went down by 6 points.


Class 20-May 23-May Change %

ILPPI 8277 8272 -5 -0.1%

IFPPI 8665 8658 -7 -0.1%

INDSPI 8462 8456 -6 -0.1%


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

Long Products


Category 20-May 23-May Change %

PI - TMT 8286 8275 -11 -0.1%

PI - WRC 8537 8537 0 0.0%

PI - Angle 7915 7911 -4 -0.1%

PI - Channel 7968 7964 -4 -0.1%

PI - Joist 7425 7418 -7 -0.1%


PI - Product Index

Flat Products


Category 20-May 23-May Change %

PI - Narrow Plates 8197 8219 22 0.3%

PI - Wide Plates 8576 8604 28 0.3%

PI - Hot Rolled 8338 8322 -16 -0.2%

PI - Cold Rolled 9621 9596 -25 -0.3%

PI - Galvanized 9370 9370 0 0.0%


PI - Product Index

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SFIO accuses Sesa Goa of serious financial irregularities

ET reported that the Serious Fraud Investigation Office has accused Sesa Goa of serious financial irregularities, primarily in the period when it was controlled by Japan's Mitsui & Co.

Sesa Goa, now a unit of Vedanta Resources, said that it had a stellar track record and that the

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Resource super profit tax - Royalties increase in WA budget

The announcement by West Australian Treasurer, Mr Christian Porter that the state government will increase the royalty it levies on iron ore will put him on a collision course with Federal Treasurer Wayne Swan.

Treasurer Porter announced the royalty increase on what are known as 'iron ore

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Rio Tinto places ECP braking order

It is reported that Wabtec is to supply Rio Tinto with electronically controlled pneumatic braking equipment for an initial six heavy haul locomotives and 3 600 iron ore wagons under a USD 21 million contract announced on May 9.

The equipment is to be delivered in 2011-12 for retrofitting

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Mr Clive Palmer presses go on Resourcehouse float

Despite the recent shakedown in commodity prices, Australia's fifth richest person, the billionaire Clive Palmer, has finally pushed the button for the float of his Resource-house coal and iron ore group, with the aim of pulling in as much as USD 3.6 billion.

Shares from the on, off and

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Indian copper futures down over 1pct on global cues

PTI reported that India copper prices fell by over 1% to INR 406.75 per kilogram in futures trade as speculators indulged in off loading their positions on the back of a weakening trend at the London Metal Exchange. Also, subdued demand for the metal in domestic markets kept pressure on the

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Copper likely to be bearish in near term

A report last Friday showing US jobless claims fell in the week ended May 14 and sovereign debt issues in the Euro zone are likely to underpin a stronger dollar which may be bearish for dollar priced assets like copper in the near term. A stronger dollar makes assets priced in that currency

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Peru mining unions plan to strike before election

Reuters reported that Peru's federation of mining unions plans to hold a nationwide strike starting on May 30th 2011 just days before the June 5 presidential run off vote, to pressure the government to improve benefits.

Mr Luis Castillo head of the federation said that workers want

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Nalco wants to foray into steel and ferroalloys

The National Aluminum Company, in its bid to foray into steel and ferro alloys making will soon submit detailed project reports for acquisition of stakes in Idcol Kalinga Iron Works and Idcol Ferro chrome Alloys the two Orissa based units owned by state owned IDCOL.

Nalco has evinced

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Emcor back on track for AED 1 bilion project

Gulf News reported that Emcor Facilities Services is on track to achieve a project backlog worth AED 1 billion in the Q2 of this year. The firm also launched a new logo and brand entity to mark its recently launched operations in India and Egypt along with its expanding footprints across the

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New DRI plant launched in Iran

Ghadir Iranian direct reduced iron plant has been launched in the central Iranian city of Ardakan with a ceremony attended by Mr Mahmoud Ahmadinejad president of Iran. The annual production capacity of the plant is reported to be 800,000 tonnes. Construction of Ghadir Iranian plant began 5

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Steel joist I Beam prices scenario in major places on May 19

JSTI
GR A
250X125
Location Change
Ahmedabad 0
Bangalore 0
Chennai 0
Delhi 0
Indore 0
Kanpur 0
Kolkata 0
Ludhiana -209
Mandi 0
Mumbai 0
Raipur 0
Rudrapur 0
Change is on 19th May as compared to 18th May 2011
Change is in INR per tonne

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Pig iron price update on May 19

Pig iron
Foundry Grade
Location Change
Agra 272
Jallandhar 272
Kolkata 453
Ludhiana 0
Raipur 453
Change is on 19th May as compared to 18th May 2011
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or

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Usha Martin net drops 27pct for March quarter

Usha Martin has announced a steep drop in standalone net profit for the quarter ended March 2011.

During the quarter, the profit of the company declined 27.79% to INR 330.30 million from INR 457.40 million in the same quarter previous year.

Net sales for the quarter for the quarter rose

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Indian steel price index reflects calm on May19

The Indian Long Product Price Index ILPPI dropped by 1 point on May 19th 2011 whereas Indian Flat Product Price Index IFPPI up by 2 points. The overall Indian Steel Price Index INDSPI surged by 1

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Dry Freight Rates dip further on vessel glut

The Baltic Exchange's main sea freight index, which tracks shipping rates, fell for a sixth session on Tuesday as a record sized Brazilian ore freighter entered service, highlighting the market's oversupply. The index fell 1.33% or 17 points, to 1,274 points Tuesday. Traders said that dry

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Equatorial Resources update on Mayoko -Moussondji iron project

Equatorial Resources Limited advised that it has signed a drilling contract with Wallis Drilling Pty Ltd for a minimum of 28,000m of reverse circulation and diamond core drilling at the Company's 100% owned Mayoko-Moussondji Iron Project in the Republic of Congo.

The contract with Wallis

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BDI to average 1500 in H2 - Poll

The main global freight index will rebound in the second half of this year to average 1,500 points, driven by a recovery in Australian coal exports and strong shipping demand.

Industry experts said that dry bulk freight rates have slowly inched up from a two-year low in February as major

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Konnoco begins development of its Konkola Copper Mine in Zambia

Konnoco Mining Limited commenced development of its Konkola North Copper Mine in Zambia with plans to produce more than 2 million tonnes of copper ore upon commencement of production next year as it focused to employ 1,500 people.

Mr Timothy Musonda commissioner of Chililabombwe district

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Lease agreement of Saindak copper project to be extended

The News reported that the Saindak Metal Limited and Metallurgical Corporation of China will sign an addendum to the agreement between the two sides for extending the lease agreement of Saindak copper project for another 10 years.

Dr Zafar Iqbal Qadir additional secretary confirmed that the

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25 candidates nominated for Norilsk board election

Bloomberg reported that Norilsk Nickel's various owners nominated 25 candidates for next month's election of the board.

Billionaire Mr Vladimir Potanin's Interros Holding, with about 30% of Norilsk, proposed seven directors. United Company RusAl, owning 25% and controlled by rival

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Port Hedland April iron ore tonnages up by 8pct

The Port Hedland Port Authority said that shipments of iron ore from Australia's Port Hedland, the world's largest port for the commodity, rose 8.9% on the year in April to 15.8 million tones.

The port said that compared to last month, when 17.8 million tonnes was shipped, shipments fell

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Mount Burgess Mining identifies Tsumkwe rare earth elements project at Namibia

Further mineralogical test work has been conducted on drill chips obtained from holes drilled into the Company’s REE target at Tsumkwe in NE Namibia.

X - Ray Diffraction analysis conducted on extracted grains from thin section has established that the predominant mineral that hosts


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Ess Dee Aluminum Board to consider dividend for 2010-11

A meeting of the Board of Directors of Ess Dee Aluminum Limited will be held on May 27th 2011 to consider and take on record the Audited Financial Results of the Company for the year ended March 31st 2011 and also to consider recommendation of dividend if any on the shares of the Company for

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Zambia defends MCM under declaration of profits and copper production

The discrepancies in tax returns and copper production attributes to leading commodity trader, Glencore AG Intl, in Zambia maybe attributed to slight delays in settling of taxes for financial years.

Mr Maxwell Mwale mines minister of Zambia said that while some players might have detected

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World Bank launches 10 year strategic plan to improve infrastructure and fight poverty

Zambia has given thumbs up to global lender, World Bank for its 10 year development program for Africa that will also assist the Southern African nation among other efforts, fight poverty and improve infrastructure as part of its growth program.

In 10 year program for Africa, the World Bank

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Broner selected for Gerdau AEB steel projects

Broner Metals Solutions, worldwide specialist provider of integrated MES, supply chain and scheduling solutions, designed uniquely for metals producers, announced that it has been selected by Gerdau Group, to provide an enterprise wide, multi plant, supply chain planning & scheduling

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Gerdau Ameristeel supplies 1200 tonnes of steel for Panama Canal expansion

It is reported that one of the world's most vital shipping paths, the Panama Canal, is undergoing major improvements, and a Petersburg steel mill is playing a role.

Steel sheet piling produced by Gerdau Ameristeel's mills in Petersburg and in Midlothian is being used in the USD 5.25

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US steel exports up by 19pct MoM in March - AIIS

According to preliminary government reports, the American Institute for International Steel said that steel exports increased in March 2011 by 19% MoM over February 2011.

Total steel exports in March 2011 were 1.132 million tons as compared to 951,000 tons in February 2011, a 19% increase,

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Uraltrubprom receives licence to use API monogram for casing and tubing

Russian pipe maker Uraltrubprom has received a license for the right to use the official monogram of the American Petroleum Institute for pipes made to API 5CT. The license gives the right to use the API monogram with a unique individual number 5CT-1337 for casing and tubing for the oil and

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PetroChina widens refining loss to more than CNY 5 billion in April

Caijing reported that refining losses of PetroChina widened to more than CNY 5 billion in April 2011, following a net loss of CNY 6.132 billion in refining in the first quarter.

Though international oil prices are in decline, with WTI plunged below USD 100 a barrel, refining losses


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Benxi Steel successfully produces nitralloy 38CrMoAl

It is reported that China's Benxi Steel successfully produced nitralloy 38CrMoAl through vacuum production. The technology has reached the advanced level and has been successfully applied for national invention patent.

It is known that 38CrMoAl is high nitrogen steel, with high surface

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Kobe Steel acquires 44pct stake in Wuxi Compressor Co Ltd

Kobe Steel Limited announces that it has acquired a 44.3% equity share in Wuxi Compressor Co Limited, after reaching agreement with parent company Wuxi Victor Group Co Limited. The investment will enable Kobe Steel to help meet rising demand for process gas (non standard) compressors in

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NIOC explores gas reserves in Oman Sea

Shana reported that exploration and estimation of gas hydrate reserves are the most important targets of the National Iranian Oil Company in Oman Sea.

Mr Mahmoud Mohaddes manager for exploration affairs of NIOC said that comprehensive seismic and exploratory operations have been conducted

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