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Canada President Justin Trudeau Talks to UAE over Nijjar's Killing

Canada President Justin Trudeau Talks to UAE over Nijjar’s Killing

by Industrial FrontOctober 9, 2023

Israel War Update: Over 1000 Killed and Thousands of People Injured

Israel War Updates: Over 1000 Killed and Thousands of People Injured

by Industrial FrontOctober 9, 2023

Israel Palestine War: Nifty and Sensex Falls over 1% Read What Should You Do?

Impact of Israel Palestine War: Nifty and Sensex Crashed, Read What Should You Do?

by Industrial FrontOctober 9, 2023

Indian steel companies are planning to increase the prices of various steel grades due to rising import costs of coking coal, notably from major producer Australia. Industry insiders suggest that steel mills may raise rates by $25 to $50 per metric ton by December. This price surge is attributed to Australian coking coal prices soaring by 50% to over $350 per metric ton, caused by factors like maintenance outages, lower supplies from Queensland, and disruptions in the train network. Australia supplies more than half of India's coking coal imports, totaling around 55-60 million metric tons annually. India also imports coking coal from Russia and the United States, with some steel mills considering turning to Russia in larger quantities due to discounts. The substantial increase in imported coking coal prices is expected to add at least $50 per ton to the final steel product's cost, impacting the margins of steel companies. Steel Authority of India (SAIL), the country's largest state-owned steel producer, has already reported margin hits due to higher coking coal prices. Despite this challenge, steel companies are compelled to raise prices, especially with growing demand in India's construction and infrastructure sectors after the monsoon season subsides in September and early October. Some steel companies have already initiated price increases for hot-rolled and cold-rolled products by approximately $12 to $24 per metric ton. These price hikes are happening during a time when demand typically surges in October and November, coinciding with Indian festivals.

Steel Companies to Hike Prices! Will It Impact market Demand?

by Industrial FrontOctober 7, 2023

Abu Dhabi Invеstmеnt Firm to Invest ₹4,966.80 crorе In Rеliancе Rеtail Vеnturеs

Abu Dhabi Invеstmеnt Authority (ADIA) to Invest ₹4,966.80 crorе In Rеliancе Rеtail Vеnturеs

by Industrial FrontOctober 7, 2023

Criminal Case Proceeding against Sobha Ltd Know Everything Here

by Industrial FrontOctober 7, 2023

UK Home Secretary Suella Braverman’s Immigration Statement Will Effect Indians?

by Industrial FrontOctober 6, 2023

Who is Shamina Singh? President of Export Council Read Her Biography

by Industrial FrontOctober 5, 2023

NITI AYOG Workshop For Women Entrepreneurs, Key Highlights

by Industrial FrontOctober 5, 2023

ED Arrested AAP MP Sanjay Singh under Money Laundering Case

by Industrial FrontOctober 5, 2023