Market News

Malay Mukherjee new CEO of Essar Steel

September 5, 2009: Essar Group has announced the appointment of Malay Mukherjee as chief executive officer of its steel business

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CDR cell admits JSL's debt restructuring proposal

August 21, 2009: Stainless steel major JSL Ltd's application for restructuring Rs 6,500 crore of debt was admitted in the Corporate Debt Restructuring (CDR) cell, at a lenders' meet on August 11, the company informed the stock exchanges today after the lenders cleared the minutes of the meeting.

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Corus to reopen South Wales plant to meet demand

August 21, 2009: Tata Steel-owned Corus Group plans to reopen its Llanwern hot-rolled strip plant in South Wales temporarily to meet fresh demand.

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Ore firms slam new royalty scheme

August 20, 2009: Iron ore miners are protesting alleged ambiguity in the government's method for calculating the 10 percent ad valorem royalty notified on August 13.

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Posco's petition against SAIL's re-tendering dismissed

August 14, 2009: Paving the way for SAIL to go ahead with re-tendering to set up a blast furnace in Bhilai, the Durg District Court has dismissed a petition of Posco E&C, which had lost a construction order from the Indian firm due to alleged delay in signing the contract.

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New ore duty to fill Orissa coffers

August 14, 2009: Revenues from iron ore for states such as Orissa is expected to go up substantially following the decision of the Cabinet Committee of Economic Affairs (CCEA) to levy royalty on iron ore on an ad valorem basis.

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SAIL eyes iron ore licence in key state

August 14, 2009: Steel Authority of India Ltd, the country's biggest domestic steel maker, hopes to get iron ore mining licence in a key state that will help boost output, company officials said on Thursday.

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Traders seek repeal of ban on scrap imports

August 13, 2009: Faced with a huge shortage of base metal scraps due to a sudden ban on scrap imports, the Mumbai-based Bombay Metal Exchange (BME) and the Bombay Non-Ferrous Metals & Scrap Merchants Association (BNFMSMA) have urged the government to repeal the move.

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Galvanised steel makers raise prices again

August 13, 2009: Uttam Galva Steels, the value-added steel producer, has decided to increase galvanised and cold-rolled (CR) steel prices by Rs 2,000 a ton, marking the second hike this month.

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Sales, profits in steel sector decline in Q1

August 12, 2009: Steel companies' results failed to shine in the quarter ended June, despite a decent 5 percent rise in domestic sales, a 10-15 percent rise in steel prices from the recent lows and around 30-50 percent decline in costs of raw material.

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Tata Steel cuts steel prices by up to Rs 1,500 a ton

August 12, 2009: Tata Steel said that it has reduced prices of some of its products primarily consumed by the construction sector by up to Rs 1,500 per ton in view of the prevailing market scenario.

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Spot pricing of iron ore picks up

August 11, 2009: Indian iron ore miners have always shown a distinct preference for trade in the spot market rather than entering into yearly contracts with their clients on benchmark rates.

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Monsoon hits exports of lower-grade iron ore

August 11, 2009: Strong steel prices in China boosted benchmark spot prices of iron ore from India to around $115 a ton, including cost and freight, but the offers were for higher-grade ores with 63.5 percent iron content.

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Next 12-18 months will be difficult for Tata Steel: Ratan Tata

August 11, 2009: Tata Group patriarch Ratan Tata has said the next 12-18 months would likely be "difficult and challenging" for Tata Steel, but hopes that it would come out stronger from the difficult period to become a more cost- effective manufacturer of the alloy.

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Tata Steel looks to acquire mines for Corus

August 11, 2009: Tata Steel is scouting for coking coal and iron ore mines abroad, including in Brazil and Australia, to ensure raw material security for its European operations.

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Steel production grows on robust demand

August 11, 2009: Robust demand from automobile and consumer durable sectors led to increased production and consumption of steel during April-July period this fiscal.

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Iron ore royalty set to rise

August 10, 2009: The Congress-led government is increasing the royalties on non-coal minerals, including iron ore, to 10 percent, under pressure from mineral-rich states such as Orissa, Jharkhand, Karnataka and Rajasthan.

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Karnataka govt plans 300-km steel corridor

August 10, 2009: The Karnataka government is planning to develop a 300-km 'steel corridor', and the state expects this project to attract investments worth Rs 20,000 crore from steel majors. The corridor, which is expected to create 200,000 direct and indirect jobs, is planned around the iron ore-rich Bellary-Hospet area in eastern Karnataka.

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Govt plans two-phase divestment in NMDC

August 10, 2009: State-owned NMDC, India's biggest mining company, will tap the capital market in two phases.

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AP mulls jt venture with NMDC for iron ore, gold exploration

August 10, 2009: The Andhra Pradesh Government is contemplating to float a joint venture company with equal stake from Andhra Pradesh Mineral Development Corporation (APMDC) and National Mineral Development Corporation (NMDC).

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