On February 1, Union Finance Minister Nirmala Sitharaman is scheduled to deliver the interim budget for 2024–25. Although the final budget won't be known until after national elections and a new administration has taken office, the mining and metals sector has set its sights on more infrastructure spending and changes to stop Chinese dumping.

"The government should continue the focus on increasing the spend on infrastructure. It should also work on further improving the cost of doing business and the ease of doing business,"  said Tata Steel Managing Director TV Narendran.

"Rising imports are a concern and should be tracked closely as dumping of steel in India can hurt the profitability and hence the investment plans of steel industry,” Narendran added.

At its Port Talbot steelworks in Wales, Tata Steel announced on Friday that it would close its two blast furnaces in the United Kingdom by the end of the year, potentially displacing up to 2,800 workers.  
The closures are a component of India-owned Tata Steel's ambition, supported by 500 million pounds ($634.10 million) in government funding, to convert its losing UK steelmaking operation to lower carbon electric arc furnaces. 

About 2,500 positions are expected to disappear over the next 18 months, affecting 2,800 employment total, according to Tata Steel. As part of the reorganisation, it would begin a consultation process and stated that it would want to maximise voluntary layoffs.

In the first nine months of the fiscal year to the end of March, India's imports of steel reached a five-year high, making the nation a net importer of completed steel, according to preliminary government statistics obtained by Reuters on Tuesday.

India has been a bright spot for steel producers, both domestically and internationally, thanks to a surge in economic activity and an overhaul of the country's infrastructure. The demand for steel is declining in Europe and the US, in contrast to India.

According to the data, India imported 5.6 million metric tonnes of completed steel between April and December, a 26.4% increase from the same period last year.

Steel producers anticipate that the 2019 interim budget will continue to prioritise infrastructure expenditure, support domestic manufacturing, and take steps to curb growing imports. Union Finance Minister Nirmala Sitharaman proposed a capex of Rs 10 lakh crore for infrastructure development in the 2023–24 Budget.

"The government should continue the focus on increasing the spend on infrastructure. It should also work on further improving the cost of doing business and the ease of doing business," Tata Steel CEO & MD T V Narendran told PTI.

The industry also expects the government to take some measures to check rising imports as dumping of steel in India can hurt the profitability of players and the investment plans of the steel industry, he said.

According to top officials who spoke with Moneycontrol on January 29, Prime Minister Narendra Modi is expected to unveil projects in Odisha valued at close to Rs 69,000 crore in February, of which at least Rs 58,000 crore will be dedicated to coal and electricity projects alone.

On February 3, the Prime Minister is expected to travel to Sambalpur, Odisha, to officially open the IIM Sambalpur permanent campus. The PM is also expected to lay the cornerstones for at least four 5,570-megawatt (MW) thermal power projects during the visit.

Within the energy sector, the PM is anticipated to introduce projects valued at about Rs 29,000 crore, which will involve breaking ground on NTPC's Talcher-III Thermal Power Project (two units of 660 MW each). Additionally, he will officially open the two 800 MW Darlipali Super Thermal Power Projects by NTPC and the one 250 MW Rourkela Power Plant-II Expansion Project by NSPCL (NTPC-SAIL Power Company Limited).

In comparison to the previous year, the amount of crude steel produced worldwide in 2023 was 1888.2 million tonnes (mt), down from 1888.7 mt in 2022. In contrast, the amount of crude steel produced worldwide in December 2023 decreased by 5.3% to 135.7 mt from 143.3 mt in the same month the previous year. During the January-December period, the 71 countries that make up 98% of the global steel output reported a 0.1% decrease in production to 1849.7 million metric tonnes.

State-owned Coal India Ltd on Thursday said it has emerged as successful bidder for a solar power project in gujrat. . "In the e-auction held on January 25, 2024, Coal India Limited  bagged 300 MW capacity of Gujarat Industrial Power Corporation Ltd, RE park of 600 MW capacity at Khavda, grid-connected SPV Project", the Maharashtra  firm said in a statement.  

For the purpose of purchasing 600 MW of grid-connected solar power projects, GUVNL invited proposals. The Gujarat Industries Power Company (GIPCL) solar park in Khavda, Gujarat is where these projects will be situated.
GUVNL and Coal India Ltd. will sign a 25-year power purchase agreement. REGISTER NOW. Within fifteen months of the power purchase agreement's date of signing, the order must be completed.

On Wednesday, Union Minister R K Singh gave stakeholders the assurance that, should it be necessary, more money would be set aside for the National Green Hydrogen Mission to decarbonise the steel industry.
According to an official release, Singh presided over a gathering of industry and government representatives involved in the iron and steel sector to talk about pilot projects related to the mission.

Participants in the discussions included representatives from the iron and steel industry as well as officials from the Ministries of New and Renewable Energy and Steel.
The Union Power and New & Renewable Energy Minister stated that the technology for integrating hydrogen into steel production should be developed using the money made available by the mission.
In the steel industry, some producers have already started experimenting with green hydrogen. The purpose of this discussion is to determine the best ways to allocate monies in order to expedite this transition, while simultaneously addressing any necessary technological gaps through an open and transparent selection process," he continued.

The largest steel producers in India are requesting government intervention to regulate the cost of raw materials, namely iron ore and coking coal.Mills has allegedly urged the government to advocate for a "more realistic" price discovery system after pointing out problems with the way that foreign players are determining the price of coking coal. 

Steel producers have demanded intervention and action regarding two important price indexes, Platts and Argus Indexation, which "remain subjective" in determining the price of coking coal. These demands have been made through the Indian Steel Association (ISA), which is made up of AM/NS India, JSW, Tata Steel, Jindal Steel & Power, and PSUs like SAIL and RINL. 

TV Narendran, MD & CEO, Tata Steel, says the India business "will be challenging but it is sustainable because demand is strong. But prices are still a bit fragile reflecting what is happening in the international markets. Narendran expects a little bit more stability in China going forward and either they will cut production or reduce exports because the prices they are selling at is not sustainable. The Chinese steel industry is not making money at these prices."

As it gets ready for a green transition in steel production to address the issues of carbon taxes, particularly Europe's Carbon Border Adjustment Mechanism (CBAM), India is taking into consideration a plethora of incentives, including concessional credit and long-term loans for steel companies.
A senior government source informed ET that a comprehensive paper containing the suggestions of specialised task forces established to examine steps required to decarbonise the domestic steel industry will shortly be made available for review. "The recommendations from the 13 task forces have been released. Their suggestions will be combined into a single, comprehensive document and made available for public stakeholder engagements, the official stated. In order to discuss, deliberate, and recommend the necessary steps for the decarbonisation of the steel sector, the Ministry of Steel established 13 task forces in 2023 with representatives from the industry, academia, think tanks, scientific and technology bodies, other ministries, and other stakeholders.

The largest steel producers in India are requesting government intervention to regulate the cost of raw materials, namely iron ore and coking coal.

Mills has allegedly urged the government to advocate for a "more realistic" price discovery system after pointing out problems with the way that foreign players are determining the price of coking coal. 

Steel producers have demanded intervention and action regarding two important price indexes, Platts and Argus Indexation, which "remain subjective" in determining the price of coking coal. These demands have been made through the Indian Steel Association (ISA), which is made up of AM/NS India, JSW, Tata Steel, Jindal Steel & Power, and PSUs like SAIL and RINL. 

Anti-dumping (AD) tariffs on imports of stainless steel bars from India, Japan, and Spain will be lifted by South Korea after nearly 20 years.

The tariffs will expire on January 22, 2024, having been in force since July 30, 2004. South Korea's imports of stainless steel bars from the aforementioned nations have drastically decreased since the application of AD levies, and internal and external initiatives have helped the home industry's competitiveness to recover.

For India, the range of tariff removal for stainless steel bars was 3.51%–15.39%, while for Japan and Spain, it was 15.39%.
 

In an effort to reduce India's dependency on coal, Prime Minister Narendra Modi's administration is collaborating with France to create small modular nuclear reactors. According to people familiar with the plans who asked not to be named because the details are private, Electricite de France SA and India's Department of Atomic Energy are expected to finalise a preliminary agreement to collaborate on the technology, which has not yet received much traction, during French President Emmanuel Macron's visit to New Delhi this week.

An email requesting response was not answered by India's Atomic Energy Department. Both the nation's Ministry of External Affairs and an EDF spokesman declined to comment. According to a French official, Macron is travelling with a group that includes the utility's CEO, Luc Remont. 
India, the third-largest carbon dioxide emitter in the world, plans to quickly increase its nuclear power usage over the next ten years in an effort to fulfil rising energy demand and decarbonise. Data provided by BloombergNEF indicates that in 2022, nuclear plants generated less than 3% of the total electricity generated. 

On Tuesday, recycling company Vikas Ecotech Ltd. (VEL) announced that it had paid Rs 160 crore to acquire Shamli Steel. According to a regulatory filing, it has also invested an initial working capital of Rs 15 crore in Shamli Steel and intends to invest an additional Rs 35-50 crore during the first three to six months after taking over the plant's operations. "Vikas Ecotech acquires 100 per cent equity of Shamli Steel at an enterprise value of Rs 1600 million (Rs 160 crore) in a share swap deal," it said. The acquisition is capable of contributing to the gross revenue of the company by an additional Rs 900 crore and will provide an edge to the company while expanding its footprint in the regional markets.