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The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated. अग्रवाल ने कंपनी की 2023-24 (अप्रैल-मार्च) की वार्षिक रिपोर्ट में कहा कि स्टील कारोबार को बेचने की योजना कंपनी के कर्ज में कटौती के प्रयासों का एक हिस्सा है। होल्डिंग कंपनी वेदांता रिसोर्सेज के कर्ज में दो साल में 3.7 अरब डॉलर की कटौती की गई है, जबकि कंपनी ने इसे 4 अरब डॉलर कम करने की प्रतिबद्धता जताई थी। उन्होंने दोहराया, “हम अगले तीन वर्षों में वेदांता रिसोर्सेज को 3 बिलियन अमेरिकी डॉलर तक बढ़ाना चाहते हैं।”

India’s ministry of steel has approved a proposal from government-run pellet producer KIOCL Limited to operationalize the Devadari iron ore mine in southern state of Karnataka, government sources said on Monday, June 17. A mining lease has been executed with Mines and Geology department of Karnataka government for extracting iron and manganese ore on 388 hectares of land for a period of 50 years. The mining operations in Devadari will offer a lifeline to the KIOCL, following the closure of iron ore mining in Kudremukh in Chikkamagaluru district in 2006 and the company has been dependent on ore from NMDC Limited’s supplies from mines in Chhattisgarh state to feed raw materials to its 3.5 million mt per year pellet plant at Mangaluru, Karnataka. KIOCL is expecting to mine estimated 3 million mt of iron ore from Devadari, sources said. Share this news on social media…

Besides these, sustained Chinese steel output is also eating into India’s share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.

The surge in imports has raised concerns among Indian steel mills, prompting calls for government intervention and safeguard measures. However, the Ministry of Steel has refrained from such actions, emphasizing the strong local demand for steel. Notably, China and South Korea emerged as top exporters of steel to India in recent months, with Indian steel producers like Tata Steel expressing apprehensions about the growing influx of Chinese imports.

India Ratings and Research (Ind-Ra) forecasts a 9-12% growth in steel demand for the ongoing 2024-25 fiscal year, driven by end-user industries like automobiles and infrastructure. Global steel demand is expected to remain steady, with China transitioning to low carbon initiatives. Domestic players are predicted to have stable credit metrics. Share this news on social media…

Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year.

Record copper prices are driven by Chinese stimulus, mine supply concerns as well as green demand. MCX and LME futures surge. The Chinese 1 trillion yuan stimulus has boosted industrial metals demand for electric vehicles, renewable energy, and power grids. Goldman Sachs predicts major copper market deficit with US manufacturing rebound. Share this news on social media…

ICRA revises FY2025 steel demand growth to 9-10% due to strong government spending and sector demand, leading to increased earnings and India remaining a net steel importer in the current fiscal. आईसीआरए ने मजबूत सरकारी खर्च और क्षेत्र की मांग के कारण वित्त वर्ष 2025 में स्टील की मांग में वृद्धि को 9-10% तक संशोधित किया है, जिससे आय में वृद्धि हुई है और भारत चालू वित्त वर्ष में शुद्ध स्टील आयातक बना हुआ है।

Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year. Share this news on social media…

MCX 04 Jun | 11:31AM LIVE METAL RATE TODAY LIVE METAL RATE TODAY AS OF 04 JUNE, 2024  Gold (Rs/10 GRMS) 72266.00.76 Expiry: 05JUN2024 Silver (Rs/1 KGS) 92020.0-0.02 Expiry: 05JUL2024 Crude Oil (Rs/1 BBL) 6141.0-0.66 Expiry: 18JUN2024 Copper (Rs/1 KGS) 880.50.01 Expiry: 28JUN2024 Natural Gas (Rs/1 mmBtu) 229.51.87 Expiry: 25JUN2024 Share this news on social media…