News

The government responded to high inflation in the economy by announcing a series of steps to cool prices and cushion the impact on the common man.

Steelmaker ArcelorMittal Nippon Steel (AMNS) India will invest an additional Rs 1,000-crore in Andhra Pradesh to expand its pellet plant capacity to 11 MTPA.

The government on Wednesday said the auction of mineral blocks has stabilised in the country as 186 mines have been put on sale so far.

T. V. Narendran, chief executive of India's biggest steelmaker by revenue, said that while Tata Steel understood the inflationary concerns, such measures can hit the steel industry over longer term By Aditya Kalra

India's imposition of higher export tax on iron ore and various intermediate products such as pellets will raise costs for steel mills, Kaustubh Chaubal, vice-president, corporate finance group, Moody's Investors Service, said on Monday.

The increase in export taxes on iron ore, announced by the Indian government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets, a mining industry body said on Monday.

The domestic steel sector has been "hit by a moving train," ratings agency Icra said reacting to the duty-related measures taken by the government.

The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.

JSW Infrastructure has started commercial operations at the Paradip East Quay coal terminal in Odisha, developed at an investment of around Rs 1,300 crore. The fully-mechanised terminal at Paradip Port has an annual handling capacity of 30 million tonnes.

Domestic copper prices, which had increased sharply over the past year, may drop gradually to average Rs 720-725 per kg in 2022-23, Crisil said on Thursday. The price of copper wire bars averaged Rs 738 per kg (ex-factory) in FY22, a 42 per cent rise year-on-year, with rates breaching Rs 800 per kg in March before retreating to Rs 790 per kg.