HEADLINES

  • Schnitzer Steel reports profit of $7.3 million in September quarter
    Others | Steel | 30th October 2014

    In a turnaround, Schnitzer Steel Industries Inc. reported that its fourth-quarter net income attributable to the company was $7.25 million ($0.27 per share), compared to a loss of $289.23 million ($10.82 per share) in the same quarter last year.

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  • POSCO starts construction on Thailand automotive steel sheet plant
    Others | Steel | 30th October 2014

    South Korean steel maker POSCO has started construction on an automotive steel sheet plant in Thailand which is expected to be completed by 2016. The plant will be producing galvanized steel sheet for automotive applications and the plant will have a production capacity of 450,000 tons per year...

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  • Government relaxes FDI norms for construction and real estate sector
    India | Steel | 30th October 2014

    In a boost to cash-starved real estate industry, government on Wednesday relaxed rules for FDI in the construction sector by reducing minimum built-up area as well as capital requirement and easing the exit norms. The proposal to amend the FDI policy in construction development sector was approved...

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  • Indian steel offers move sideways
    India | Steel | 30th October 2014

    Looking at the price trend this morning, the spot steel prices depicted marginal sideways movements in the semi steel segment as the offers moved marginally higher. Secondary steelmakers have become inactive in terms of procurement activities, while major consumption zones across the country...

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  • China reports record steel output, while the prices touch decade low
    China | Steel | 30th October 2014

    Chinese steel companies produced a record amount of crude steel in the first nine months, despite the government's efforts to thin the sector, according to an industrial report on Wednesday. China made over half of the world's crude steel from January to September, with total crude steel output up...

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  • Sesa Sterlite posts INR 1,619 crores profit in second quarter
    India | Iron ore | 30th October 2014

    On Wednesday, Sesa Sterlite reported INR 1,619 crores of consolidated net profit in July-September quarter this fiscal on the back of INR 19,448.14 crores net sales, as per the company filing with BSE. The metal, mining and oil and gas major had reported INR 2,394 crores net profit after tax,...

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  • BDI shows more upsides on capes and panamaxes
    Others | Freight | 30th October 2014

    Dry bulk freight markets moved higher once again on Wednesday, as Baltic Dry Index (BDI) found more support from increments in capesize and panamax rates, while the marginal downfall in the smaller segments continued. Main index closed 33 points higher at 1,428 points. Good interest in the Pacific...

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  • Adani’s Australian coal project updates
    Others | Coal/Coke | 30th October 2014

    Adani named Parsons Brinckerhoff as its project management contractor for the USD 15 billion Carmichael mine, rail and port project in Australia. Brinkerhoff, a project management and infrastructure consulting firm, will be Adani’s PMC partner for the Phase 1 contract encompassing Adani...

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  • Coking coal prices remained range-bound
    Others | Coal/Coke | 30th October 2014

    Sea-borne coking coal prices traded in a tight range as the buyers seemed to very reluctant from trading. Market participants have kept very conservative approach as the sellers want the prices to go up but import cargoes are plentiful. This has resulted in the widened spread between the bids and...

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  • Sea-borne thermal coal trading near 5 year low
    Others | Coal/Coke | 30th October 2014

    Looking at the sea-borne thermal coal markets, the prices in the Asia Pacific region held steady but traded near the multi-year lows primarily due to weak demand and the prevailing supply glut. Chinese interest was marginal due to increased domestic production and availability of hydropower....

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  • Ensure Anpara power plant's first unit functional by March 2015
    India | Coal/Coke | 30th October 2014

    Expressing displeasure over slow pace of construction of 1,000 MW Anpara D thermal power plant, Uttar Pradesh Minister of State for Power Mr. Yasir Shah directed the officials of Rajya Vidyut Utpadan Nigam to ensure that its first unit is functional by March 2015. The minister issued these...

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  • JSPL to invest $2 billion for capacity expansion in Oman plant
    India | Steel | 29th October 2014

    On Tuesday, Jindal Steel and Power Ltd. indicated that it will invest around $2 billion to raise capacity of its Oman-based wholly-owned subsidiary Shadeed Iron and Steel LLC by 2.5 million tons per annum over the next 3-4 years. JSPL had bought Shadeed Iron and Steel LLC (Jindal Shadeed) in July...

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  • Indian steel prices trend slightly lower again
    India | Steel | 29th October 2014

    Indian steel markets saw the semi steel and long steel prices moving lower during the initial session of trade on Wednesday. Overall steel demand is still sluggish, while the cheaper imports continued to hurt the domestic markets, while restricted growth in country’s steel consumption have...

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  • Steel Minister asks SAIL to monitor expansion projects
    India | Steel | 29th October 2014

    Steel Minister Mr. Narendra Singh Tomar has recently asked SAIL to ensure that its modernization and expansion projects are not delayed any further. At a performance review meeting of Steel Authority of India Ltd (SAIL), Mr. Tomar said investments in modernization and expansion should be reflected...

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  • China’s daily crude steel output fell 2.25 percent in mid October
    China | Steel | 29th October 2014

    As per the recently released data from China Iron and Steel Association (CISA), the country’s large and medium sized steel mills (its members) produced 1.763 million tons of crude steel a day between the period of 11 October to 20 October, depicting a decline of 2.25 percent from the previous...

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  • Vedanta optimistic of getting bauxite mines in 3-4 months
    India | Iron ore | 29th October 2014

    Optimistic of getting raw material linkage in Odisha for its refinery at Lanjigarh in three-four months, Chairman of London-headquartered Vedanta Resources Mr. Anil Agarwal said it was painful to see only 25 percent capacity utilization of its plants in the state. "The Chief Minister assured...

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