SAIL set to bag Chhattisgarh iron ore reserve

Steel Authority of India Ltd (SAIL) is set to bag a 2,028-hectare block in the Rowghat iron ore mine deposits in Chhattisgarh to feed its flagship unit, the Bhilai Steel Plant, as it has obtained the final clearance from the environment and forest ministry.

“Bhilai Steel has obtained the final clearance from the ministry early this month for the Rowghat project,” an official told media today, adding that company had been seeking the deposit since 1983.

The Bhilai plant, located 30 km west of capital Raipur, has been desperately looking for alternative deposits as its lone existing source of iron ore at Dalli Rajhara in Durg district is expected to run dry in three-four years.

The Rowghat F block deposits, located 185 km south of Bhilai, is spread out in the districts of Narainpur and Kanker and has estimated reserves of 511 million tonnes.

The final clearance came earlier this month. (IANS)

Source:http://www.headlinesindia.com

India terminates AD probe into HR steel

Friday, 21 August’2009.

It is reported that Chinese ministry of commerce through Indian Embassy in China received a letter from Indian Chamber of Commerce & Industry on August 18 saying that Indian anti dumping authority has stopped from August 11 the anti dumping probe into HR steel products shipped from fifteen countries including China, Indonesia, Iran and Japan.

This decision was made after assessment on the requirement submitted August 6th by Indian domestic steel industry community, asking for abnegate the anticipation.

Indian anti dumping authority launched the probe November 28 2008 into HR steel products sourced from 15 countries.

(Sourced from mysteel.net)

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Steel prices to drop soon, says Tisco MD

Tata Steel [ Get Quote ] Managing Director B Muthuraman has hinted that steel prices in the domestic market would stabilise in the coming months despite a record surge in the consumption during the first four months of the current fiscal year (2003-04).

“Prices could dip and stabilise in the next six months when the supply-demand ratio will be rationalized with more steel production from new small and medium plants,” Muthuraman told the media in Bangalore on Wednesday.

Disclosing that in the first 4 months of the current fiscal, the steel consumption in the Indian market had shot up by a record 50 percent over the corresponding period of last fiscal (2002-03), Muthuraman said the demand would continue to be on the upswing, thanks to the increasing housing/industrial construction activity and the ongoing quadrilateral/national highway infrastructure projects.

“Demand is also coming from the automobile / two-wheeler sectors and greater consumption of steel for consumer and industrial appliances,” Muthuraman stated.

Admitting that the prices were still on the high, Muthuraman said prices for the flat steel products would, however, continue to remain at the current level due to the demand from infrastructure and industrial sectors being more than the supply in the market.

“In the long run, prices will stabilise for the flat products too,” he added.

Source:http://www.rediff.com/money/2003/sep/10steel1.htm