This phase of pain and difficulty has also been a period of innovation and transformation.
The bold moves undertaken by the Ministry of Steel and industry to promote steel usage and generate demand from different sectors of the economy have opened numerous opportunities – new demand patterns, innovative sales channels via digital mode, valued added products and many more.
Delivering the welcome address at inaugural session of Indian Steel Markets Conference 2021 on February 25, Vinaya Varma, Managing Director, mjunction services ltd said, “There has been very significant developments that have taken place in the last few months which will have far-reaching implications on the steel markets in the next few years.”
There has been a significant recovery in steel production, demand and prices in the third quarter and current quarter as well.
The announcement of ‘Atmanirbhar Bharat Abhiyaan’, focused on boosting indigenous industrial capabilities in steel and other sectors is a welcome step. The focus is on fostering steel usage in housing, construction, aviation, defense, oil and gas, automotive, railways, rural and agricultural sectors.
The industry realised that one of the ways to address challenges during pandemic is by adopting smart digital solutions to improve efficiency of production & supply chain systems.
Recent measures announced in the Union Budget on infrastructure-led economic revival, with increased capex spending in a number of projects under the National Infrastructure Pipeline is expected to boost steel demand.
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Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
“Five enablers: way forward to sustainable cleaner steel”
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
