Domestic Steel Makers

SAIL, India's largest domestic steel maker, on Monday reported a standalone net loss of Rs 1,230.93 crore for the quarter ended March 30, 2016, hit by challenging market conditions and a decline is sales realisation.

The surging trend of coal imports in recent times snapped in January as shipments fell by 20 per cent over the previous month due to lower demand from domestic steel makers, data from Mjunction showed.

JSW Steel Ltd, India's No. 3 maker of the alloy, said it expects to increase imports of iron ore by up to 80 per cent to 900,000 tonnes a month due to a domestic shortage and a slump in international prices.

State-run iron ore miner National Mineral Development Corporation (NMDC) has kept price of key steel-making raw material unchanged for July as global prices nosedived.

The Vizag-based state-owned steel maker, which is in the final stages of commissioning its capacity expansion to 6.3 million tonnes per annum from 2.9 million tonnes, said the funds would be raised by way of loans from domestic banks and discussions are on with potential lenders.

Steel Authority of India Ltd (SAIL), the country's largest domestic steel maker, said on Thursday that it will stick to its coal import target for fiscal year 2013-14 (FY14) despite a weaker rupee which inflates import costs.

Barclays says it turns positive on Tata Steel based on early signs of a demand rebound in Europe, flexibility in the steel maker's domestic capital spending plans, the sale of non-core assets and improving domestic volume growth.

Countrys largest steel maker SAIL has said it expects the domestic demand for the metal to grow by 7-8 per cent this year, although prices may hover at the current level.

Private steel maker Essar Steel is planning to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms by September with a view to reduce interest costs, which in turn will help it to improve the margins, a top company official said.

The Steel Ministry has shot down domestic manufacturers' plea for hiking import duty on the alloy, saying there is no need to initiate such an action right now as imports have not reached an alarming level.

Domestic steel manufacturers want government to hike duty on its imports to rein in dumping of the alloy into the country. "In order to protect interests of the domestic industry, Budget needs to revisit last year's hike in excise duty and take steps to discourage dumping of products," Tata Steel's managing director, H M Nerurkar, said in his Budge...

SAIL, India's largest domestic steel maker, on Monday reported a standalone net loss of Rs 1,230.93 crore for the quarter ended March 30, 2016, hit by challenging market conditions and a decline is sales realisation.

The surging trend of coal imports in recent times snapped in January as shipments fell by 20 per cent over the previous month due to lower demand from domestic steel makers, data from Mjunction showed.

JSW Steel Ltd, India's No. 3 maker of the alloy, said it expects to increase imports of iron ore by up to 80 per cent to 900,000 tonnes a month due to a domestic shortage and a slump in international prices.

State-run iron ore miner National Mineral Development Corporation (NMDC) has kept price of key steel-making raw material unchanged for July as global prices nosedived.

The Vizag-based state-owned steel maker, which is in the final stages of commissioning its capacity expansion to 6.3 million tonnes per annum from 2.9 million tonnes, said the funds would be raised by way of loans from domestic banks and discussions are on with potential lenders.

Steel Authority of India Ltd (SAIL), the country's largest domestic steel maker, said on Thursday that it will stick to its coal import target for fiscal year 2013-14 (FY14) despite a weaker rupee which inflates import costs.

Barclays says it turns positive on Tata Steel based on early signs of a demand rebound in Europe, flexibility in the steel maker's domestic capital spending plans, the sale of non-core assets and improving domestic volume growth.

Countrys largest steel maker SAIL has said it expects the domestic demand for the metal to grow by 7-8 per cent this year, although prices may hover at the current level.

Private steel maker Essar Steel is planning to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms by September with a view to reduce interest costs, which in turn will help it to improve the margins, a top company official said.

The Steel Ministry has shot down domestic manufacturers' plea for hiking import duty on the alloy, saying there is no need to initiate such an action right now as imports have not reached an alarming level.

Domestic steel manufacturers want government to hike duty on its imports to rein in dumping of the alloy into the country. "In order to protect interests of the domestic industry, Budget needs to revisit last year's hike in excise duty and take steps to discourage dumping of products," Tata Steel's managing director, H M Nerurkar, said in his Budge...