Steel Industry

The shares of infrastructure company Larsen & Toubro rose over 4 per cent, whereas realty major DLF rose over 3 per cent. Steel maker JSW Steel rose nearly 4 per cent, whereas the Steel Authority of India rose 5 per cent. In the cement space, Shree Cement rose 5 per cent, ULtraTech Cement 4 per cent, Ambuja Cement 4 per cent, and The Ramco Cements over 3 per cent. The stocks of Housing finance company Aavas Financiers rose 6 per cent.

The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.

The High-Level Clearance Authority, headed by Chief Minister Naveen Patnaik, gave its nod to the proposal under which the company plans to set up a 24 million tonnes per annum (MTPA) integrated steel plant at Mahakalpara block of Kendrapara, an official statement said.

The spread between India domestic and China domestic HRC prices blew out to $220/mt on November 15, the highest level since April 2017, according to Platts data. Since late 2017, there has been a close correlation between Indian and Chinese steel prices. The two prices diverged in October this year but have subsequently started to narrow again.

The import tide of stainless steel from China and Indonesia is fast turning into a deluge destroying many companies on its way, and threatening the very existence of the small, medium and micro industries in India. After all, the first half of 2021-22 witnessed a staggering 185% increase in import volumes of stainless steel flat products compared to the average monthly imports in the last fiscal.

Coking coal is one of the key inputs used in the sector. "Input cost pressures for domestic mills could moderate somewhat towards the later part of Q4 FY2022, as seaborne coking coal prices have declined by 20 per cent since the highs of mid-November 2021, the benefit of which would slowly get reflected in mill margins after a lag of two-three months," the agency said.

Accordingly, the rise in Index of Industrial Production (IIP) for September eased to 3.1 per cent from 12.03 per cent in August 2021. However, on a year-on-year basis, the September out up showed an accelerating trend from a growth of just 1 per cent reported for the corresponding period of the previous fiscal.

With this, Jindal becomes the first representative from India to serve as Chairman of the WSA. Jindal addressed the board members of WSA thanking his predecessor Yu Yong for his capable chairmanship over the last two years and noting the challenges for the global industry going forward, particularly with respect of climate change

The subsidies have created an imbalance in the Indian and international markets, and reduced the competitiveness of Indian products in the domestic industry, causing material injury and persistent financial stress for home-grown businesses. It has also forced the domestic industry to seek redressal from the concerned authorities of the government for the revocation of suspension of CVD on China and imposition of fresh CVD on Indonesia.

Aluminium is a metal of strategic importance and an essential commodity for diversified sectors, crucial for the nation's economy. Aluminium smelting requires uninterrupted and high-quality power supply for production which can be met only through in-house CPPs. Such drastic curtailment of coal supplies will bring the industry to a standstill as it has been left with no time to devise any mitigation plan to continue sustainable operations.