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Ratings agency ICRA has revised its outlook on the long term rating for JSW Steel from Stable to Negative based on the fall in profits on the back of low steel prices as well as weakness in domestic demand, JSW Steel said in a stock exchange filing ” ICRA has reaffirmed long-term rating to [ICRA]AA…
DetailsChina's iron ore futures jumped 6% on Monday to a two-week high, logging a third straight session of gain, fuelled by robust short-term demand after Beijing vowed to provide more support for the country's economy. China's cabinet, the State Council, on Saturday pledged to beef up investment in infrastructure projects and regional development to support…
DetailsExport prices for Chinese wire rod continued to drop over the past week, with mills looking to secure more orders from abroad amid subdued domestic demand. Fastmarkets’ weekly price assessment for October/November shipments of steel wire rod (mesh quality) export, fob China main port was $485 per tonne fob on Tuesday September 4, narrowing downward…
DetailsPTI reported that the BJP government in Karnataka will examine and take a decision on the previous coalition government’s proposal regarding the sale of 3,667 acres to JSW Steel at Ballari. Minister for Large & Medium Scale Industries Jagadish Shettar said “I will look into it and discuss with officials regarding it. Did they do…
DetailsThe seaborne high-grade manganese ore index fell in the week to August 30, while the low-grade ore market consolidated after falling heavily in the previous week. Seaborne high-grade manganese ore index in China drops Seaborne low-grade cif and fob ore prices range bound Port ore prices drop to encourage buying interest Alloys slide in China,…
DetailsBharat Heavy Electrical Ltd announced that NMDC has revoked the termination of the contract to construct a Raw Material Handling System at NMDC’’s under construction Integrated Steel Plant at Nagarnar in Bastar district of Chhattisgarh, being executed by BHEL-ISG Bengaluru division, has restored the original contract on 27th August 2019. BHEL had received on 15th…
DetailsRecent losses in the Chinese ferro-silicon price deepened over the past week in line with persistently softer demand, while the European market was steady, although a lack of buying interest was expected to weigh on prices in the near term. Export price in China drops on weak buying interest while domestic market tracks trend European…
DetailsXinhua reported that Chinese steel plants reported shrinking profits in the first seven months of this year as rising raw material prices hit. Member enterprises of the China Iron and Steel Association raked in about USD 339 billion in sales revenue during this period, up 9.75%, while profits fell by 23.93% YoY to stand at…
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