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[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 2
SRMA STEEL NEWSLETTER
SRMA
Steel Re Rolling Mills Association of India
www.sram.co.in
Steel Re-Rolling Mills Association of India www.srma.co.in Email : [email protected]
Sl. No, Name
1. Shri B.M. Beriwala, Chairman
2. Shri Jagmel Singh Matharoo, Vice Chairman
3. Shri Ramesh Kumar Jain, Treasurer
4. Shri Sanjay Jain Committee Member
5. Shri Kailash Goel “
6. Shri Om Prakash Agarwal “
7. Shri Sushil Sharda “
8. Shri Sandip Agarwal “
9. Shri S S Sanganeria “
10. Shri Sanjay Surekha “
11. Shri R P Agarwal “
12. Shri S S Bagaria “
14. Shri Girish Agarwal “
15. Shri Goutam Khanna “
16. Shri Suresh Bansal “
17. Shri Rajiv Jaiodia
“
18. Shri Bhusan Agarwal
“
19. Shri Mahesh Agarwal
“
20. Shri Sita Ram Gupta
“
21. Shri G P Agarwal
“
22. Shri Suresh Goyal
“
23. Shri Hari Mohan Beriwala
“
24. Shri Sitaram Agarwal “
25. Shri Sonal Mittal
“
26. Shri Avinash Bagla
“
27. Shri Shankar Lal Agarwal
“
28. Shri Dipak Agarwal
Sp. Invitee
29. Shri Vivek Adukia
“
[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 3
SRMA STEEL NEWSLETTER
SRMA
Steel Re Rolling Mills Association of India
www.sram.co.in
SRMA Steel News is a division of Steel Re-Rolling Mills Association of India and takes due
care in preparing this news. Information has been obtained by SRMA from sources, which it
considers authentic. However, SRMA does not guarantee the accuracy, adequacy or
completeness of any information and is not responsible for any errors or omissions or for the
results obtained from the use of such information. SRMA is not liable for investment decisions,
which may be based on the views expressed in the News. SRMA especially states that it has no
financial liability whatsoever to the subscribers/users/transmitters/distributors of this News. And
no part of this news may be published/reproduced in any form without SRMA’s prior written
approval.
[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 4
SRMA STEEL NEWSLETTER
SRMA
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Executive Summary
Glorious Present and Splendid future of Indian Steel
Industry
Environment & Safety
Taxation & Legal
Events
Latest Steel News
CONTENTS
[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 5
SRMA STEEL NEWSLETTER
SRMA
Steel Re Rolling Mills Association of India
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Over the last three years, domestic iron ore production declined continuously and the trend has been continuing in
the current year as well on account of various restrictions in key iron ore producing states. While the Supreme Court
has allowed Category A and B mines in Karnataka to resume mining operations in the state, the requirement of
fulfilling various conditions has resulted in only a limited number of mines commencing operations till now, leading
to a significant supply shortage in the state. Mining in the state of Goa continues to be banned, while the report of
the Shah Commission on the status of iron ore mining industry in Odisha has been submitted to the Central
Government, and the outcome is awaited.
Moreover, any major restriction imposed on mines in Odisha may at least partially offset potential gains from
resumption in mining in Karnataka going forward. Despite falling supplies, domestic iron ore prices nevertheless
declined over the last one year, notwithstanding an increase effected by National Mineral Development Corporation
Limited (NMDC) in October and December 2013 by a cumulative Rs. 300/ tonne. It is to be observed that despite
such increase, domestic lump ore prices are ruling at levels which are 10-15% lower than the rates one year back.
This is because of the ongoing downturn in the steel industry, leading to a nominal production growth for steel
players without captive iron ore mines, thus keeping the demand for iron ore from merchant miners under check.
Steel production growth during April-December 2013 has been primarily driven by a production growth from two
large integrated steel players with captive iron ore mines.
International coking coal contract prices too have declined by over 8% during the first 9 months of FY14, but the
depreciation in the INR vis-à-vis the USD has largely offset the benefit from the same for Indian steelmakers
importing coking coal. However, a further 6% decline in contract prices of coking coal for Q4FY14 is likely to have
a positive bearing on their margins. On the other hand, while international prices of ferro chrome have witnessed a
decline, domestic prices have seen a small increase on account of the depreciation of the rupee. The prices of
manganese alloys have, however, declined even in the domestic market.
Domestic players producing steel through the blast furnace route to benefit from the continuing weakness in
international coking coal prices, a trend which has already been observed in the financial results posted by a number
of companies in the first quarter of 2014-15. Coking coal prices have declined by around 16 per cent in the first
quarter of 2014-15 (Q1FY15) over the previous quarter, and the same contract prices have been rolled over in
Q2FY15. This followed a 13 per cent decline in coking coal prices over the whole of FY'14.
With the exchange rate remaining largely stable in FY'15 till date, the price decline has provided a relief to the blast
furnace operators in the country, which import coking coal for producing steel.
Domestic iron ore production, however, continues to suffer in spite of the lifting of bans from mines in Karnataka
and Goa. The continuing short supply situation in the country has been further aggravated by the recent closure of
iron ore mines in Odisha, although temporarily. While some of the mines, which were initially under the purview of
this ban, have been allowed to commence operation subsequently, production is yet to resume at the other merchant
mines, which had accounted for around 15-20 million tonnes of iron ore production in FY14 in the state.
India is an important producer of iron ore in the world contributing more than 7% of the production and ranking
fourth in terms of quantity produced following China, Brazil, and Australia. India stands at 8th position with 9,800
million tons of iron ore resource out of 37,000 million tons of ore resource in the world. Production of iron ore
during 2009-2010 was 260 million tons in India standing in 4th position as compared to 2,400 million tons in the
world. Government focused approach and interventions are facilitating fast track growth. Contribution of PSU was
regularly decreasing in crude steel production as compared to private sectors over the years. Private sectors
contribution was double the production of PSU Steel producers have signed 222 MoUs with various states (Orissa,
Jharkhand, Chhattisgarh ,West Bengal, Karnataka, Gujarat And Maharashtra ) for a planned capacity of about
488.66 million tones. Initiatives for simplification of procedures related to development of mining activities in India
are in progress. In view of the ever increasing demand of steel and associated raw material
[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 6
SRMA STEEL NEWSLETTER
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Steel Re Rolling Mills Association of India
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Glorious Present and Splendid future of Indian Steel Industry
The Indian steel industry has recorded remarkable performance in
recent years. The industry is now capable of producing high quality
materials to stringent international specifications for high end
applications in sectors like construction, engineering, automobile and
infrastructure. Indian steel products have been well accepted in the
global market and the country’s export of finished steel crossed the 5
Mt mark in Fy’04 at 5.22 Mt. which was about 14.4 percent of its
total domestic production. Higher production of value-added
products, capacity expansion, up gradation of production process
achieve cost effective production in an environment friendly manner,
have been the major thrust areas of the Indian steel producers in the
recent times.
PRODUCTION
Crude Steel - In the last five years, domestic crude steel production grew at a compound annual
growth rate of 7.9 per cent. Such an increase in production was driven by 9.8 per cent growth in
crude steel capacity, high utilisation rates and a 7 per cent growth in domestic steel consumption.
India ranked as the fourth largest crude steel producer in the world during 2013 after China,
Japan and USA. During the last fiscal, the country had produced 81.54 million tonnes of crude
steel clocking a four per cent increase over 2012-13. Today, India is the 4th largest crude steel
producer of steel in the world.
In 2013-14, production for sale of total finished steel (alloy + non alloy) was 87.67 mt.
Production for sale of Pig Iron in 2013-14 was 7.95 mt.
India is the largest producer of sponge iron in the world with the coal based route accounting for
88% of total sponge iron production in the country.
Last five year's production for sale of pig iron, sponge iron and total finished steel (alloy + non-
alloy) are given below:
Indian steel industry : Production for Sale (in million tonnes)
Category 2009-10 2010-11 2011-12 2012-13 2013-14
Pig Iron 5.88 5.68 5.371 6.870 7.950
Sponge Iron 24.33 25.08 19.63 14.33 18.20
Total Finished Steel (alloy +
non alloy)
60.62 68.62 75.70 81.68 87.67
Source: Joint Plant Committee
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Imports and Exports
Total steel exports by India during the last fiscal stood at 5.59
million tonnes (MT), as against imports of 5.44 MT, joint plant
committee (JPC), a unit of the steel ministry report. . India, now the
world’s fourth largest steel maker, had been a net steel importer
since 2007-08 and the trend continued till 2012-13 with 7.9 MT of
imports and 5.2 MT of exports. Before 2007-08, India’s exports
were more than its imports. About 4.1% higher exports and 31.3%
decline in imports helped India become net exporter of steel. While
higher exports were driven by volatility of rupee and mismatched
demand-supply situation in the country; imports were lower mainly
due to slowdown in the domestic economy. India’s steel
consumption grew by just 0.6% in 2013-14, its lowest in four years,
to 73.93 MT, impacted by a slower expansion of the domestic
economy and lower imports. “The low growth rate in domestic
steel consumption indicated that base level demand conditions
continued to be weak during 2013-14. Construction sector accounts
for around 60% of the country’s total steel demand while the
automobile industry consumes 15%.
India’s steel imports may go up by more than eight times to 50 million tonnes to make up for the anticipated 200
million tonnes demand by 2020. Steel imports may be 40-50 million tonnes by 2020 as the demand is likely to go
up to 200 million tonnes against 150 million tonnes of domestic production. India had imported around six million
tonnes of steel in the 2011-12 fiscal. The imports, mainly from China, Japan, South Korea, the US and Europe, are
mostly flat products which find application in the automotive and fast—moving consumer durable (FMCG) sectors.
Around 200 million tonnes steel production was earlier envisaged by the government by 2020, production will fall
short by around 50 million tonnes due to delays in land acquisition and environmental issues. Steel demand is likely
to go up to 90.6 million tonnes by 2015-16 and the consumption for both long and flat products would be almost
equal.
Import/Export Duty in Steel Sector (2014-15)
Sr.
No.
Item CTH No. Existing Custom Duty
2014-15
1 Pig iron 72.01 5%
2 Semis 72.07 5%
3 Bars & Rods 72.13 5%
4 Structurals 72.16 5%
5 HR Sheets/plates (Non Alloy) 72.11 7.5%
6 HR Coils (Non Alloy) 72.08 7.5%
7 CR Coils/sheets (Non Alloy) 72.09 7.5%
8 GP/GC Sheets (Non Alloy) 72.10 7.5%
9 HRGO/HRNGO (Non Alloy) 72.08 72.11 7.5%
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10 HR/CR alloy steel (flat rolled) other
than items of Headings No. 72253090,
72254019, 722550 and 72259900
5%
11 Flat Rolled Alloy products of heading
7225 3090, 72254019, 722550 and
72259900
7.5%
12 Tinplates W/W and TFS seconds 72.10 72.12 10%
13 Defectives CR/coils 72.09 10%
14 Stainless steel HR coils for coin blanks 72.19 7.5%
15 Melting scrap (iron, steel & stainless steel) 72.04 2.5%
16 Re-rollable scrap 72.07 2.5%
17 Ships for breaking 89.08 2.5%
18 Iron ore 26.01 2.5%
19 Coking coal of ash content below 12% 27.01 2.5%
20 Coking coal of ash content above 12% - 2.5%
21 Steam Coal 27.01 2.5%
22 Metcoke 27.04 2.5%
The private sector of the Steel Industry is currently playing an important role in production and growth of steel
industry in the country. The private sector units consist of both major steel producers on one hand and relatively
smaller and medium scale units such as Sponge Iron Plants, Mini Blast Furnace Units, Electric Arc Furnaces,
Induction Furnaces, Re-rolling Mills, Cold-rolling Mills and Coating Units on the other. They not only play an
important role in production of primary and secondary steel, but also contribute substantial value addition in terms
of quality, innovation and cost effectiveness. 5.2 The major steel producers including Public Sector Plants who are
already in the process of capacity expansion and adding new capacities are:-
Sl.
No.
Investor Existing
Capacity
Brownfield
Proposed
Expansion
Capacity
upto 2017-18
Greenfield
Proposed
Capacity
Total
Capacity
(1) (2) (3) (4) (3+4)
1 SAIL 12.84 21.40 5.6 27.00
2
RINL
2.90
7.00
-
7.00
3 NMDC Ltd. -- -- 3.00 3.00
4
Tata Steel Limited
6.8
9.70
23.50
33.20
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5
Essar Steel Limited
10.00
10.00
--
10.00
6
JSW Steel Limited
11.00 12.00
--
12.00
7
Jindal Steel & Power Limited
3.50
4.25
7.00
11.25
8
JSW Ispat Steel Limited
3.30
4.50
--
4.50
9
Bhushan Steel Limited
3.26
5.20
--
5.20
10 Bhushan Power & Steel Ltd 2.80 2.50 -- 2.50
11 Monnet Ispat& Energy Ltd 0.30 1.50 3.50 5.30
12 Electrosteel Steel Ltd. -- -- 2.51 2.51
13 Visa Steel Ltd. 0.50 2.50 3.75 6.25
14 Posco India Project -- -- 12.00 12.00
15 Arcelor Mittal India -- -- 30.00 30
Secondary Small & Medium Steel Sector Electric Arc Furnace Industry - Presently, there are 47 Electric Arc Furnace based steel plants working in the
country with an aggregate capacity of 25.76 million tonnes per annum, out of which, there are ten units which are
casting units. Production of Ingots/Concast Billets by EAF units, which reported their production to Joint Plant
Committee during 2011-12 (prov.) was 18.93 million tonnes as compared to 16.89 million tonnes during 2010-11,
registering a growth of 12.1%. This sector continued to be under constraint of rising cost of inputs, increasing power
tariffs, shortage of power & resource crunch.
Induction Furnace Industry - During 2011-12 (prov.), it is estimated that 1321 Induction Furnace(IF) units with a
capacity of 31.02 million tonnes were in operation. The total production of induction furnace units registered a
growth of 4.34% during 2011-12 (prov.) producing 23.94 million tonnes against a production of 22.94 million
tonnes in 2010-11
Production : The Production of Electric Arc Furnace units as reported to Joint Plant Committee are as under:-
Category
Production of EAF units (in million tonnes)
2009-10 2010-11 2011-12 (prov.)
Mild Steel 12.29 12.79 14.73
Medium/High Carbon Steel 2.01 2.45 1.85
Alloy Steel 0.84 0.90 1.15
Stainless Steel others 0.14 0.50 0.90
Total Reported 0.69 0.25 0.30
Grand Total 15.97 16.89 18.93
Source: JPC 15.97 16.89 18.93
[27th Issue Steel Re Rolling Mills Association of India visit www.srma.co.in Page 10
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SAFE IRON- AND STEEL-MAKING OPERATIONS
Industry-specific prevention and protection
Hazards and health
The choice and the implementation of specific measures for preventing workplace injury and ill health in the
workforce of the iron and steel industry depend on the recognition of the principal hazards, and the anticipated
injuries and diseases, ill health and incidents. Below are the most common causes of injury and illness in the iron
and steel industry:
(i) slips, trips and falls on the same level;
(ii) falls from height;
(iii) unguarded machinery;
(iv) falling objects;
(v) engulfment;
(vi) working in confined spaces;
(vii) moving machinery, on-site transport, forklifts and cranes;
(viii) exposure to controlled and uncontrolled energy sources;
(ix) exposure to asbestos;
(x) exposure to mineral wools and fibres;
(xi) inhalable agents (gases, vapours, dusts and fumes);
(xii) skin contact with chemicals (irritants (acids, alkalis), solvents and
sensitizers);
(xiii) contact with hot metal;
(xiv) fire and explosion;
(xv) extreme temperatures;
(xvi) radiation (non-ionizing, ionizing);
(xvii) noise and vibration;
(xviii) electrical burns and electric shock;
(xix) manual handling and repetitive work;
(xx) exposure to pathogens (e.g. legionella);
(xxi) failures due to automation;
(xxii) ergonomics;
(xxiii) lack of OSH training;
(xxiv) poor work organization;
(xxv) inadequate accident prevention and inspection;
(xxvi) inadequate emergency first-aid and rescue facilities;
(xxvii) lack of medical facilities and social protection.
SAFETY & HEALTH GOALS
The following goals have been established for XYZ Manufacturing Company:
(1) Provide workers with a safe work environment.
(2) Conduct routine/regular workplace inspections.
(3) Provide Personal Protective Equipment.
(4) Develop and implement safe work procedures and rules.
(5) Provide on-going safety training
(6) Enforce safety rules and appropriate discipline.
(7) Provide on-going property conservation practices.
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TAXATION NEWS
Trade Circular No. 15/2014
Date: 05.09.2014
Sub: Change in procedure for issuance of Central Declaration Forms E-I, E-II & H
Central Declaration Forms C & F have been dematerialised w.e.f. 01.07.2010 when online return submission was
made mandatory for all dealers. Central Declaration Forms E-I, E-II & H are, till presently, issued manually from
pre-printed stationery. Presently, there are two ways of issuing such forms:-
(a) Certain dealers selected by Commissioner are allowed to apply online for such forms through a web-link for ‘e-
Application’ in the website. These applications are processed manually and physical forms from pre-printed
stationery are sent from Central Form Issue Section to dealer’s registered place of business by post.
(b) Dealers, who are not selected for ‘e-Application’, apply manually for such forms at Charge using paper
application, which are processed by Assessing Officer and forms from pre-printed stationery are physically issued to
the dealer by hand from Declaration Form Section of the Directorate.
Considering problems of simultaneous running of two different processes and also for augmenting e-service from
time to time, the Directorate has decided to introduce a new process for issuing E-I, E-II & H forms based
completely on online system for all dealers, whether selected or not selected.
There would be no manual application. Dealer will have facilities of online application, online disposal and online
generation of forms. The concerned assessing officer would dispose of applications as per rule and thus may require
verification of documents and/or books of a/cs.
The process includes application for current period as well as any previous period, applications for which are either
not made or are pending at CFPC (e-application)/ Charge (manual application). Through this application, dealers can
apply any number of times for the same quarter, subject to offline verification by the Assessing Authority each time.
Process will be as follows:-
Applicant dealer should download a blank JAR file for filling up his requirement through a link provided in the web
site having user login. One JAR file shall contain requisitions for all 3 types of forms for a particular quarter. Dealer
is able to upload requisition for one type of form one at a time for any quarter.
Next, he should upload the requisition through the same link in the website. On successful upload, system generates
an Acknowledgement No. and shows an Acknowledgement Slip confirming the upload, which the applicant should
print and submit the signed copy physically before Assessing Officer at the time of hearing. This document should
contain a unique ‘Acknowledgement Number’ for a particular dealer and a particular quarter.
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The dealer should appear on call and the Charge receives the application through IMPACT using Acknowledgement
No., which makes the application ready for disposal.
The AO should then check applicant’s books of a/cs and/or available documents physically for verification of
applicant’s claims. Through a separate link in IMPACT, the AO then disposes the application by either granting or
rejecting the application, either fully or partially. Any of such actions has to be made online [with reason(s) for
rejection] and each action shall be followed by a system-generated e-mail to applicant’s registered e-mail id
confirming the action.
Once the application is granted, the applicant dealer logs in the given web link to generate dematerialised forms as
allowed by the Officer.
With introduction of the new application, the e-application facility for such forms at CFIS is done away with. Also,
manual application for such Forms at Charge is stopped from now on except in cases where both the purchaser
and seller are dealers in West Bengal.
Sd/-05.09.2014
(Binod Kumar)
Commissioner, Commercial Taxes,West Bengal.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 8th September, 2014
S.O. 2255(E).—In exercise of the powers conferred by sub-section (1) of Section 8 read with sub-section
(1) of Section 10 of the Competition Act, 2002 (12 of 2003), the Central Government hereby appoints
Shri U. C. Nahta as Member of Competition Commission of India from the date of his assumption of
chrage of the post for a period of five years or till he attains the age of sixty five years or until further
orders, whichever is the earliest.
[F. No. 5/24/2013-CS]
MANOJ KUMAR, Jt. Secy.
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EVENTS
From 28-30 October 2014, Messe Duesseldorf India with its parent company, Messe Duesseldorf GmbH {organiser
of wire and TUBE Duesseldorf, GIFA,
METEC, THERMPROCESS and NEWCAST (GMTN)} and MESSE ESSEN GmbH (organiser of Schweissen &
Schneiden), will organise 4 leading trade fairs for the metals industry in India. They are Metallurgy India 2014, Wire
& Cable India 2014, Tube India International 2014 and INDIA ESSEN WELDING & CUTTING 2014 in
halls 1, 5 and 6 at the Bombay Convention & Exhibition Center, Goregaon (East), Mumbai.
Middle East Steel Conference(MESC) 2014
Date : 21st – 23rd October, 2014
Venue : Inter Continental, Festival City, Dubai, UAE
Sustainability and Efficiency in Core Sectors Date: 13 - 14 September 2014
Location: MECON Community Hall, Ranchi, India. Organised by Bengal Engineering &
Science University Alumni Association, Ranchi Chapter
A conference addressing issues related to important core industrial sectors such as steel, coal,
mining, power, oil, gas, infrastructure, communication and transport.
The event will focus on technological advancements in sustainable industrial operations and the
challenges and opportunities presented by green technologies.
For further information, email [email protected] or [email protected]
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STEEL NEWS
Steel demand in India largely dependent on industrial sector behavior
(Follow @steelguru on Twitter for important updates)
Noted steel expert Mr Sushim Banerjee, also DG of INSDAG, wrote in Financial Express article that while assessment and
forecasting of demand for any commodity is an integral part of business strategies of any manufacturing unit, for a commodity
like steel that serves as the primary raw material for a host of other sectors in construction, infrastructure, communication,
transport and other processing industries, the analysis of demand must look at all major economic factors that influence the health
and behaviour of these end-using sectors.
He wrote “For instance, capital formation as a proxy for investment, disposable income of the household, interest rate movement
impacting the personal loan market, inflation rate, industrial production and specifically manufacturing production, output of
machinery and equipment’s and consumer durables all are important macro factors that need to be considered to evaluate
aggregate demand for the metal.”
He added “An aggregate assessment of demand for finished steel is essential for capacity planning (always expressed in terms of
crude steel), investment needs, raw material support, logistic requirement and market share analysis.”
He said “As a country’s GDP summarises the activities of all other macro indicators in the economy, the aggregative forecast of
steel demand is traditionally based on the inter-relationship of steel consumption and GDP growth to work out the elasticity and
utilise the same for forecasting steel demand with different scenarios of GDP growth. The same methodology is applied for all
other commodities, including oil and power. With the development of the Indian economy, particularly in the last three or four
decades, the composition of GDP and not GDP growth alone has significantly influenced demand for commodities, depending
which major sectors impact the growth of the particular commodity.”
He also wrote “Of major sectors, agriculture, forestry and fishing hardly consume steel, tertiary sectors comprising financing,
trade, hotels, insurance, community, social and personal services, transport, communication, real estate and business services are
much less steel-intensive as construction activity of hotels, real estate, transport (auto, rail) and communication (tower etc) is
captured under construction grouped under the secondary sector.”
He said “Demand for steel is largely dependent on the behaviour of the secondary sector that consists of mining and quarrying,
manufacturing, electricity, gas and water supply and construction. The rate of growth of the secondary (industry) sector and share
of this sector in GDP are the two most important determinants of steel demand in India. We have been experiencing a stagnant
share of the secondary sector at 26% and of manufacturing at 15% for the last few decades compared to 45% and 32% share of
industry and manufacturing in China.”
He wrote “This fact largely explains the slower growth of steel consumption in the country compared to the potential that exist in
steel intensive sectors that could have been unleashed by higher investment in infrastructure, moderation of interest rate to boost
corporate investment and domestic spending.”
He added “As a case in point, the economy grew by 9.5% in FY06 when the share of industry and manufacturing at 28% and
15.3%, respectively, was higher compared to other years and rate of growth of steel consumption was also higher at 13.9%. In the
following year, GDP growth was 9.6%, contributed by 28.7% and 16% share of industry and manufacturing sectors which got
reflected in higher growth in steel consumption at 12.9%. Next year, corresponding rates in GDP’s share of industry and
manufacturing were 9.3%, 28.7% and 16.1%, respectively, and steel consumption grew by 11.4%. In FY14, GDP growth
slumped to 4.7% with industry and manufacturing shares falling to 26.1% and 14.9% only and steel consumption growth
nosedived to 0.6%.”
Source – Financial Express
Get latest updates through Twitter – Follow @steelguru
(www.steelguru.com)
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Indian steel price index on September 8 reflects downtrend
(Follow @steelguru on Twitter for important updates)
The Indian Long Product Price Index ILPPI has declined by 7 points, whereas Indian Flat Product price index IFPPI
has also declined by 7 points. The overall Indian Steel Price Index INDSPI has gone down by 7 points.
Class 05/Sep 08/Sep Change %
ILPPI 8937 8930 -7 -0.10%
IFPPI 9121 9114 -7 -0.10%
INDSPI 9032 9025 -7 -0.10%
ILPPI – Long Product Price Index
IFPPI – Flat Product Price Index
INDSPI – Indian Steel Price Index
Long Products
Category 05/Sep 08/Sep Change %
PI - TMT 8864 8862 -2 0.00%
PI - WRC 9205 9193 -12 -0.10%
PI - Angle 8613 8609 -4 0.00%
PI - Channel 8689 8685 -4 0.00%
PI - Joist 7949 7945 -4 -0.10%
PI – Product Index
Flat Products
Category 05/Sep 08/Sep Change %
PI - Narrow Plates 8597 8593 -4 0.00%
PI - Wide Plates 8912 8912 0 0.00%
PI - Hot Rolled 8659 8659 0 0.00%
PI - Cold Rolled 9816 9803 -13 -0.10%
PI - Galvanized 9779 9758 -21 -0.20%
PI – Product Index
These indices have base of 10,000 as on July 1st 2008
To know more about these indices please visit
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Source - Steel Prices India, Steel Guru
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