The Reserve Bank of India (RBI) has officially announced the dates for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and May 2020. In a move to provide investors with early liquidity options, the central bank plans to redeem 30 tranches of these bonds between October 11, 2024, and February 7, 2025.

The RBI will determine the redemption price based on the average gold prices from the last three business days before the maturity date. Investors holding these bonds will have the opportunity to submit redemption requests during a 20-day window, which will be provided before each bond's maturity. Once a request is submitted, the redemption amount, along with any accrued interest, will be credited to the investor’s account within 10 days.

The first redemption period is set to begin on October 11, 2024, for SGBs issued on May 12, 2017. This window will close on November 2, 2024, with the payout scheduled for November 12, 2024.

Sovereign Gold Bonds, which are government-backed securities denominated in grams of gold, provide a secure alternative to holding physical gold. They have a maturity period of eight years, but investors have the option for premature redemption after 5, 6, and 7 years.

While many investors might choose to hold these bonds to maturity (HTM), benefitting from continued interest payments and the potential for capital gains, the premature redemption windows offer flexibility. This allows investors to exit earlier, depending on market conditions and personal financial needs.

According to the RBI press release, “It may, however, be noted that the above-mentioned dates may undergo a change in case of unscheduled holiday/s. Investors are advised to take note of the period for submission of requests for redemption of SGB, in case they choose to redeem their holdings before maturity.”

Sovereign Gold Bonds are issued by the Government of India as Government of India Stock, in accordance with Section 3 of the Government Securities Act, 2006 (GS Act 2006). Currently, these bonds offer an interest rate of 2.5%, payable semi-annually.

The interest payments will be credited directly to the holder’s bank account by the RBI. For bonds held with depositories, the interest amount will be disbursed through the depositories, which will ensure the funds are transferred electronically to the holders' bank accounts on the due date.

A boiler explosion at a steel plant in the MIDC area of Jalna, Maharashtra, on Saturday left 22 workers injured, according to police reports. Superintendent of Police Ajay Kumar Bansal stated that three of the injured workers are in critical condition.

The incident occurred around midday at the Gaj Kesari Steel Mill, a facility that has been operational for over a decade and is known for producing steel bars from scrap metal. The explosion, which is believed to have been caused by a malfunction in the boiler system, led to molten iron spilling onto the workers, resulting in severe injuries. This plant has a history of safety violations, and the current explosion has raised serious concerns about the maintenance and safety standards adhered to by the factory.

Three of the critically injured workers were transferred to a private hospital in Chhatrapati Sambhajinagar for advanced medical care, while the remaining injured are receiving treatment at local facilities. Authorities have temporarily halted operations at the plant as they conduct a thorough investigation into the cause of the explosion. The police are recording statements from the injured workers, and legal proceedings against the factory owner have been initiated.

This incident has intensified scrutiny of workplace safety within the steel industry, with labor unions calling for stricter enforcement of safety regulations. The Maharashtra Pollution Control Board (MPCB) and other regulatory bodies are expected to conduct their own inspections to assess any environmental impact and ensure compliance with safety standards. The company has not yet issued an official statement but is reportedly cooperating with authorities and providing support to the affected workers and their families.

With inputs from PTI.

New Delhi: State-owned Power Grid Corporation on Friday said it has received shareholders' approval to raise the borrowing limit to Rs 15,000 crore for the 2024-25 fiscal year.

The approval was received at its annual general meeting held on Thursday, the company said.

Based on the consolidated report of the scrutiniser, all resolutions as set out in the notice of 35th annual general meeting read with addendum to the notice dated August 12, 2024, have been duly approved by shareholders with requisite majority, according to a BSE filing.

The company said shareholders approved the resolution to enhance the borrowing limit from Rs 12,000 crore to Rs 15,000 crore, from the domestic market through the issue of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free debentures/bonds under private placement for the 2024-25 financial year, it stated.

The shareholders also approved the proposal to raise funds up to Rs 16,000 crore, from domestic market through the issuance of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free debentures/Bonds under Private Placement during 2025-26 in one or more tranches/offers, the filing said.

The members also approved the appointment of Ravindra Kumar Tyagi as the chairman and managing resolution director, not liable to retire by rotation, it added.

The Mumbai Port on Friday launched several key projects and signed investment proposals worth Rs 4,000 crore in areas including sustainability and green fuel

New Delhi: The Mumbai Port on Friday launched several key projects and signed investment proposals worth Rs 4,000 crore in areas including sustainability and green fuel.

The proposals along with several other initiatives are expected to generate 1.45 lakh person-days of employment, the port operator said in a statement.

The Memorandums of Understanding (MoUs) in this regard were signed in the presence of Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal during his visit to the port.

One MoU was signed between Mumbai Port Authority, Mumbai Port Sustainability Foundation (MPSF) and HPCL for developing a green fuel ecosystem, while the other was between Det Norske Veritas and MPSF for collaboration on emission management, decarbonisation, digitisation and safety in port and shipping operations.

The Norway-based DNV provides services related to quality management, risk assessment and sustainability.

Sonowal earlier virtually inaugurated several key projects, including the launch of testing operations for the newly-constructed 3rd chemical berth at Pir Pau jetty.

The minister during his visit to the Mumbai Port also inaugurated an automation system and programmable logic controller (PLC) at the Marine Oil Terminal as well as at the MPSF, among others.

Sonowal also laid the foundation for the shore protection and reclamation project at Jawahar Dweep.

Mumbai Port also said that it handed over land transfer documents for various leasing agreements, including leasing of two plots to Mahanagar Gas Nigam Ltd, and two plots at Pir Pau to Aegis Logistics for liquid bulk storage.
 

The renewal of leases for the Mazagaon Dock Shipbuilders, among others, were also finalised during the minister's visit to the port, it said.

The initiatives announced and agreements signed on Friday amount to a total investment of Rs 4,000 crore, which is expected to benefit the city significantly along with generation of 1.45 lakh person-days of employment, it said.

Washington: India and the United States have inked a bilateral non-binding Security of Supply Arrangements (SOSA) to ensure the mutual supply of defence goods and services and address unanticipated supply chain disruptions to meet respective national security needs.

The signing of SOSA, which took place on Thursday during the ongoing four-day visit of Defence Minister Rajnath Singh to Washington, partially eases the US’ restrictive export control regime. The Indian industry has long demanded a level playing field in defence industrial cooperation.

Negotiations for the Reciprocal Defence Procurement Agreement (RDP), are still ongoing between the two countries. Through the RDP, Indian companies will be able to service US Department of Defence (DoD) contracts and vice versa, American businesses will have to honour Indian Ministry of Defence (MoD) deals.

The two sides also signed the Memorandum of Agreement regarding the Assignment of Liaison Officers as a follow-up to the earlier mutually agreed decision to enhance information sharing between India and US.

India is said to have posted three Colonel level officers in US Commands: at the Hawai-headquartered Indo-Pacific Command (INDOPACOM), the Special Operations Command (SOCOM/USSOCOM) based in Florida and Combined Maritime Forces (CMF) in Bahrain, which is US-led multinational maritime force.

It was signed by Joint Secretary for International co-operation, Ministry of Defence Vishwesh Negi and Assistant Secretary of State for Defence for Indo-Pacific Security Affairs Dr Ely Ratner, the MoD posted on X on Friday.

Meanwhile, the SOSA was signed by Samir Kumar Sinha, MoD’s Additional Secretary and Director General (Acquisitions), and Dr. Vic Ramdass, Principal Deputy Assistant Secretary of Defense for Industrial Base Policy, representing the United States.

Through the SOSA, the United States and India agree to provide reciprocal priority support for goods and services that enhance national defense, said the US Department of Defence in a statement to the media.

This landmark agreement was formalized in the presence of Tengku Zafrul B Tengku Abdul Aziz – Minister of International Trade and Industry, Malaysia during an event in Delhi.

New Delhi: In a significant stride towards expanding its global footprint, BEML Ltd., India’s leading rolling stock manufacturer, has entered into a Memorandum of Understanding (MoU) with Malaysia’s largest rolling stock manufacturer, SMH Rail.

This landmark agreement was formalized in the presence of Tengku Zafrul B Tengku Abdul Aziz – Minister of International Trade and Industry, Malaysia during an event in Delhi.

This strategic partnership marks a historic collaboration between India and Malaysia, aiming to strengthen bilateral relations and address the growing global demand for advanced rail and metro rolling stock. Together, BEML and SMH Rail will focus on marketing, supply, and servicing of rail and metro rolling stock products, with a particular emphasis on markets in Malaysia, Southeast Asia, and Africa.

Under this MoU, BEML and SMH Rail will pool their resources to enhance capabilities in marketing, manufacturing, and maintenance, repair, and overhaul (MRO) services. The collaboration will also involve the joint design, engineering, manufacturing, and integration of rolling stock, tailored to meet client-specific requirements. Additionally, both companies will excel in sourcing rolling stock aggregates and subsystems, formulating winning strategies, and exchanging technology on a mutual basis.

Shri Shantanu Roy, Chairman & Managing Director of BEML, expressed his enthusiasm for the partnership, stating, "This historic collaboration will play a crucial role in meeting the rising global demand for urban mobility solutions, particularly in Malaysia, Southeast Asia, and Africa. We are thrilled to join hands with SMH Rail, a company that shares our commitment to excellence and quality.”

Datuk PK Nara, Chairman & Managing Director of SMH RAIL said, “India is a very significant market for SMH Rail and Malaysia. Through this collaboration, both SMH and BEML can develop new innovative rolling stock solutions to cater for the growing public transport sector in India and in Malaysia, providing cost optimization through joint research and development.

BPCL on Wednesday announced a significant afforestation initiative in Bihar, aimed at enhancing the state's green cover

New Delhi: Bharat Petroleum Corporation Limited (BPCL) on Wednesday announced a significant afforestation initiative in Bihar, aimed at enhancing the state's green cover.

The project, dubbed "Aranya," will see the deployment of 1,00,000 seedballs across three key forest regions in the state, covering an area of 50 hectares, the PSU said in a statement.

In collaboration with the Bihar government and an NGO partner, BPCL will focus its efforts on the Umga Pahadi in the Madanpur Forest of Aurangabad, the Rajauli Forest Area in Nawada, and the Brahmyoni, Dungeshwari, Pretshila, and Barabar Hills in Gaya, it said.

BPCL said the initiative, part of its Corporate Social Responsibility (CSR), will utilise aerial seeding technology through drone deployment, which will allow for efficient and effective reforestation in areas that are otherwise difficult to reach.

This approach aims to restore forest cover and promote environmental awareness while creating economic opportunities for the local communities.

BPCL's Head of CSR, Raman Malik, said, "Planting trees is one of the most impactful ways to contribute to environmental sustainability and support local communities. By engaging in afforestation projects like Aranya, we not only enhance the green cover but also foster a sense of responsibility towards nature."

New Delhi: Engineering and construction giant Larsen & Toubro (L&T) announced on Wednesday that it has secured a substantial order for an integrated infrastructure development project in Maharashtra.

The order, valued between ?2,500 crore and ?5,000 crore, has been awarded to L&T's Transportation Infrastructure vertical. The project is part of the Navi Mumbai Airport Influence Notified Area (NAINA) and covers Town Planning Schemes 2 to 7. The scope of work includes the development of 60m and 45m wide roads, the construction of various major and minor structures, as well as allied electrical works.

This infrastructure initiative involves the construction of four approach roads totaling 13.28 kilometers, featuring major structures such as three steel bridges over the Kalundre River and the Mumbai-Pune Expressway, along with minor bridges, underpasses, and other essential components. The project also includes utility works and associated electrical infrastructure.

L&T, a $27 billion multinational company, continues to lead in engineering, procurement, and construction (EPC) projects, as well as hi-tech manufacturing and services, cementing its reputation as a key player in the global infrastructure sector.

MEIL has deployed its advanced, fully automated and hydraulic 2000 HP capacity oil drilling rig at ONGC Asset, Rajahmundry, Andhra Pradesh

New Delhi: Hyderabad-based Global Conglomerate Megha Engineering and Infrastructures Limited (MEIL) has deployed its advanced, fully automated and hydraulic 2000 HP capacity oil drilling rig (C3BR1 NG 2000-5) at ONGC Asset, Rajahmundry, Andhra Pradesh. Previously, MEIL has deployed two 2000 HP capacity land drilling rigs in the same asset. This marks the 3rd rig to be established under the Rajahmundry asset of ONGC.

The Advanced new generation oil drilling rig (C3BR1 NG 2000 - 5) is unique in its functioning with the capacity of 2000 HP and can drill up to 6000 meters in high pressures and temperatures. In terms of the functioning of the oil drilling rig, it is much efficient, cost effective, automated and zero risk than the traditional rigs.

This C3BR1 rig is built with full automation in order to reduce the downtime on account of safety & maintenance. The rig is the first of its kind to be inducted in the ONGC drilling fleet. In the coming days the MEIL rigs will be the game changers in the drilling wells technology.

The inauguration ceremony of Oil drilling rig deployment was attended by representatives from MEIL and Drillmec namely Manoj Varma, VP Contracts, Marco Tozzi, Dy. CEO (Drillmec), Michele Bruzzi, COO (Drillmec), Sabir Hussain VP Installation & Commissioning (Drillmec) and ONGC officials.

The new generation fully automated oil drilling is made under the 'Make in India' and 'Atmanirbhar Bharat' initiatives, as a part of the Rs 6,000 crore value of oil drilling rigs order from ONGC. MEIL is the first private company in India to manufacture and using the oil and gas extraction rigs with indigenous technology.

MEIL has received an order for 47 rigs from the ONGC in global competitive bidding. Of the 27 land drilling rigs, two are mobile hydraulic rigs with a capacity of 1,500 HP, and 17 are AC VFD rigs with 1,500 HP capacity. Six others are AC VFD rigs having a capacity of 2,000 HP, and two others are HT VFD rigs of 2,000 HP.

Out of these 20 are workover rigs, and 27 are land drilling rigs. The 20 workover rigs include 12 of 50-MT capacity, four rigs are of 100 MT, and the remaining four have a capacity of 150 MT each. The 2,000 HP rigs can drill up to 6,000 metres.

The MEIL is manufacturing and supplying the remaining rigs to the ONGC assets in Assam (Sibsagar, Jorahat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankaleshwar, Mehasana and Cambay), Tripura (Agartala) and Tamilnadu (Karaikal).

These state-of-the-art oil rigs will have the world's best and most advanced hydraulic technology features. As the energy prices soar, the advanced rigs are very crucial for the Indian energy sector to drill the oil and gas wells faster and increase the oil and gas production for domestic use, as per MEIL sources.

According to the MEIL, this rig is equipped with blowout preventer that can operate under high pressure and high temperatures. The rig can bring down the temperature of 220 degrees Celsius from underground to the surface area. Since it is equipped with a blowout preventer with 5,000 PSA capacity, which is used for the first time in India that helps in reducing the temperature.

Besides, the rig is manufactured in India, having American Petroleum Institute (API) approved standards. With the highest level of automation, the rig reduces human intervention. Unlike other rigs, it does not require more workmen and only two men can operate the entire rig. The rig is safe and more productive with Gen-X technology and is economical compared to conventional rigs.

New Delhi: NMDC Steel Limited (NSL) on Wednesday announced a landmark achievement in its production capabilities. The company reported that its ultra-modern, state-of-the-art plant successfully produced 1 million tonnes (MnT) of Hot Rolled Coil (HRC), reaching this milestone four days ahead of the first anniversary of the commencement of HR Coil production.

"This achievement underscores NSL's position as one of the fastest and most efficient plants in the industry, characterized by its remarkable spirit, performance, and cutting-edge technology," the company stated in an official release.

This significant accomplishment builds on NSL’s earlier successes in 2024. On July 21, the company achieved the production of 1.5 MnT of Hot Metal from its Blast Furnace, and on August 11, it produced 1 MnT of Liquid Steel from the Steel Making Shop (SMS). Both milestones were reached in less than a year from the commencement of production, setting new benchmarks for industry performance.

These achievements highlight NSL’s unwavering commitment to operational excellence and innovation. The company continues to push boundaries, aspiring to be a leader in the steel manufacturing sector, with a strong focus on efficiency, sustainability, and technological advancement.

The ultra-modern 3 MTPA steel plant, established with an investment of Rs 22,900 crore, houses one of the widest Hot Strip Mills in India. It is capable of rolling HR coils of 900 mm to 1650 mm in width and 1 mm to 16 mm in thickness.

Commenting on this achievement, Amitava Mukherjee, CMD (Additional Charge) of NMDC & NSL, said, “I am incredibly proud to share that NSL has reached this significant milestone early in its production journey. Achieving 1 MnT of Hot Rolled Coil (HRC) ahead of schedule is a testament to the dedication, expertise, and hard work of our entire team. This achievement not only sets a new standard within the PSU sector but also stands strong against industry benchmarks. We remain focused on sustaining this momentum and continuing to lead with quality and efficiency.”

As Chief Minister N. Chandrababu Naidu is in New Delhi on a two-day visit to meet with Prime Minister Narendra Modi and others of the Union Government, various associations of Rashtriya Ispat Nigam Limited- Visakhapatam Steel Plant (RINL-VSP) are expecting help from the Centre.

K.V.D. Prasad, general secretary of Visakhapatnam Steel Employees Association, said that to overcome the financial crisis in the steel plant, at least ?10,000 crore is required.

“We have no funds and not enough raw materials like coal. The situation is getting worse day by day. Till now, there was little support from the governments. Only two out of the three blast furnaces are running with limited stock of materials. We have already communicated to the local representatives to facilitate a meeting with Mr. Naidu and Deputy Chief Minister Pawan Kalyan to explain our situation, but there is no response from them till August 17,” Mr. Prasad said.

According to reliable sources, around 83,000 tonnes of coal is currently stocked at Visakhapatnam Port Authority (Vizag port) and 1.4 lakh tonnes of coal is stocked at Adani Gangavaram Port, here. At least ?300 crore is urgently needed to move the coal from stocking points of the two ports to the steel plant yard.

RINL-VSP resumed the third blast furnace named Annapurna in December 2023 with financial assurance from a private company. But after two months there was no result. So, the management had to shut down one of its three furnaces. Then, it decided to shut down the furnace named Godavari.

“Yes, Godavari furnace is now closed. Only two furnaces, Krishna and Annapurna, are being operated. On August 16, we produced 11,300 tonnes of liquid iron from two furnaces against a capacity of 15,000 tonnes per day. We need at least two lakh tonnes of coal and funds to fully and efficiently operate the two furnaces for the time being,” said an official source from RINL-VSP.

Visakha Ukku Parirakshana Porata Committee (VUPPC) member V. Srinivasa Rao said that the NDA parties (TDP-BJP-JSP) also cheated the steel plant and its people by not concentrating on the current critical position of the steel plant. They made tall promises before the polls to come to the power, but now, none of them came forward to hear their voices. It is unfortunate to say that the CM’s ongoing Delhi tour did not have a meeting with Union Steel Minister Kumaraswamy as per their information. Even Mr. Pawan Kalyan is also not showing interest, he said.

VUPPC comprises 16 working unions of the steel plant.

VUPPC chairperson (one of the three chairpersons) Ch. Narasinga Rao, said “We have decided to lay siege to the CMD office of RINL-VSP on August 22. There will be a board meeting on the same day. If needed, we will also plan similar protests at the State and the Central levels. After August 22, we will chalk out future course of protests.”

According to the NSE data as of 11:00 am, top metal losers included Vedanta, Coal India, JSW Steel, Tata Steel and Hind Zinc among others.

Major metals and mining stocks including Tata Steel, NMDC, Vedanta, Hindustan Zinc and Coal India fell as much as 5 percent after the Supreme Court allowed states to levy tax and royalty on minerals, apart from Central duties, and also allowed states to collect past dues.

A nine-judge Constitution Bench of the Supreme Court on August 14 delivered a crucial judgment on tax on mining companies, ruling that states can collect previous dues on royalty and tax on mineral bearing land from April 1, 2005.

According to the NSE data as of 11:45 am, among top metal and mining losers, Coal India fell 4 percent to Rs 500; Hindustan Zinc fell 5.4 percent to Rs 549; JSW Steel was down 2 percent at Rs 890; Tata Steel fell 3.5 percent to Rs 144; and Vedanta was down 2.6 percent at Rs 412.

Tata Steel had said during its Q1 FY25 results release that it has provisioned Rs 17,300 crore as contingent liability against claims by the state of Odisha, should they apply retrospectively.

In a post-earnings interaction with CNBC-TV18, Hindalco’s management had said that they will not have any impact if the claims are implemented retrospectively. It is because there are no current pending claims, Hindalco had said.

Meanwhile, Rakesh Arora, Founder, goindiastocks.com, in an interaction with CNBC TV18 on 14 August said that all companies with mining in states such as Odisha, Jharkhand and Tamil Nadu will be impacted. “For PSUs alone, the impact could be about Rs 60,000 crore,” Arora further said. He also said that Vedanta, India Cements and Ramco are likely to be impacted by the current order by the top court.

What was the case? A brief timeline of the 25-year-old mining tax issue

In 1989, a seven-judge bench of the apex court had held that royalty was a tax. This judgment was passed in the India Cements Ltd vs Tamil Nadu case.

In 2004, a five-judge bench of the apex court ruled that there was a typographical error in the 1989 verdict and that royalty was not a tax. Subsequently, the dispute was then referred to a larger nine-judge bench.

The top court heard a batch of 86 appeals filed by mining companies, PSUs and state governments, arising from conflicting verdicts passed by different high courts on the issue.

On July 25, 2024, the nine judge Constitution bench of the Supreme Court held that the royalty payable on minerals under the Mines and Minerals (Development and Regulation) Act, 1957 is not a tax.

The property downturn and weaker factory activity in China ravaged domestic steel demand this year, prices plunged to multiyear lows and mills racked up losses

China’s steel industry is facing a crisis more serious than the downturns of 2008 and 2015, the world’s biggest producer warned, highlighting a need to preserve cash and likening conditions to a “severe winter.”

The crisis will likely be longer and “more difficult to endure than we expected,” Hu Wangming, chairman of China Baowu Steel Group Corp., told the company’s half-year meeting, according to a statement.

Hu’s comments contributed to fresh weakness across iron ore and steel markets on Wednesday. The raw material plunged to its lowest since last year, and rebar futures in Shanghai slumped more than 4% to trade at their weakest since 2017.

China’s steel market — by far the world’s largest — is flashing multiple warning signs as the property downturn and weaker factory activity have ravaged domestic demand this year, with prices plunging to multiyear lows and mills racking up losses. Baowu alone produces about 7% of the world’s steel, and Hu’s stark message will likely be a worry for rivals across Asia, Europe and North America as they grapple with a fresh wave of Chinese exports.

China’s country’s steel industry suffered devastating slumps during the Global Financial Crisis of 2008-2009, and again in 2015-2016. In both cases, the crises were ultimately resolved by massive stimulus — a prospect that looks more remote in 2024 as President Xi Jinping bids to reshape the economy.

Baowu didn’t offer much on the causes of the current downturn, focusing on how employees should respond: by preserving cash and minimizing risks.

“Financial departments at all levels should pay more attention to the security of the company’s funding,” the statement said, with a need to strengthen controls, including for overdue payments and detecting fake trades. “In the process of crossing the long and harsh winter, cash is more important than profit.”

As mills struggle, iron ore inventories are swelling, while reinforcement bar, used in construction, is cheaper than at any time since 2017. It’s increasingly unprofitable to make steel, putting mills under pressure to cut production. Meanwhile, exports are on course to top 100 million tons, the most since 2016.

The Indian government's recent anti-dumping investigation into imports of hot-rolled coil (HRC) steel from Vietnam could positively impact domestic steel companies like Tata Steel and JSW Steel. This investigation was initiated by the Directorate General of Trade Remedies (DGTR) after a petition from the Indian Steel Association (ISA), which represents major steel producers, including JSW Steel and ArcelorMittal Nippon Steel India.

The investigation focuses on whether these imports are being sold at prices that harm the Indian steel industry. If the investigation concludes that dumping has occurred, it could lead to the imposition of anti-dumping duties on these imports, potentially driving up domestic HRC prices, which have been weak since December 2020.

However, ICICI Securities notes that while this move could provide some relief, its overall impact may be limited since China, not Vietnam, is the primary exporter of steel to India. Moreover, the probe might lead to reciprocal actions, as Vietnam has also started a similar investigation into Indian steel imports. The brokerage has maintained a positive outlook on Tata Steel and JSW Steel, with target prices of ?200 and ?1,140, respectively.

Additionally, the probe is seen as part of broader concerns within the domestic industry about low-cost steel imports, especially from countries like China, which use Vietnam as a conduit under the India-ASEAN Free Trade Agreement. The DGTR's investigation will cover imports between January 1, 2023, and March 31, 2024? (The New Indian Express)? (Money Control)? (Telegraph India).

New Delhi: India has initiated an anti-dumping investigation into imports of hot rolled flat products originating from or exported by Vietnam, following allegations that these products were being sold at unfairly low prices, thereby harming the domestic steel industry.

Indian steelmakers have long expressed concerns about cheap imports from China, which are rerouted through Vietnam under the India-Asean free trade agreement, adversely affecting local steel prices. The probe was prompted by a complaint filed by the Indian Steel Association (ISA) on behalf of major domestic producers, including JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India).

The Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce issued a notification on August 14, acknowledging prima facie evidence of dumping and its detrimental impact on the domestic industry. The investigation will cover hot rolled flat products of alloy or non-alloy steel, up to 25 mm in thickness and 2100 mm in width, imported from Vietnam during the period from January 1, 2023, to March 31, 2024.

The ISA has requested the imposition of retrospective anti-dumping duties, citing significant harm to the domestic steel sector, including reduced cash profits, market share, and return on investment. This concern is particularly pressing as Indian steel producers are investing heavily in capacity expansion to meet the national target of 300 million tonnes of steel production by 2030-31.

According to recent reports, the Indian steel industry is on track to add 27.5 million tonnes of new steelmaking capacity between FY25 and FY27. However, the influx of cheap imports could jeopardize these expansion plans by straining cash flows. Notably, a CRISIL report highlighted that India became a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes, a significant shift from its status as a net exporter since fiscal 2017. Vietnam’s steel exports to India surged by 130 percent year-on-year, further intensifying the challenges faced by the domestic industry.