11,172.75 TRY BIST 100 BIST 100
4.56 CNY CNY CNY
33.00 USD USD USD
35.93 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
42.17 TRY Interest Interest
82.37 USD Fossil Oil Fossil Oil
28.80 USD Silver Silver
4.15 USD Copper Copper
103.01 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,530.70 TRY Gold (gr) Gold (gr)

Indian steelmakers missed their investment target

Leading Indian steelmakers missed their investment target for the fiscal year ending in March 2024 due to delays in importing machinery from China and obtaining visas for Chinese experts.

Indian steelmakers missed their investment target

As part of a production-linked incentive program initiated in 2020, 27 steelmakers, including JSW Steel Ltd, Tata Steel Ltd, and ArcelorMittal Nippon Steel Ltd, committed to invest 210 billion rupees (USD 2.52 billion) during the 2023/24 fiscal year. However, these companies only managed to invest 150 billion rupees (USD 1.8 billion), hindering capacity expansion in the world's second-largest crude steel producer despite robust domestic demand.

Challenges in importing machinery from China and securing visa approvals for Chinese experts have persisted for over six months, according to government sources.

Bilateral relations between China and India have been tense, particularly since a border clash in 2020 that resulted in casualties on both sides. Incidents between Indian and Chinese troops along the Himalayan frontier were reported at least twice in 2022

Despite these challenges, a surge in economic activity and infrastructure development has spurred steelmakers to increase investments and enhance capacity to capitalize on growing demand in India. Meanwhile, steel consumption is declining in Europe and the United States. Indian Prime Minister Narendra Modi's government aims to boost the production of high-end specialty steel and value-added steel products, such as coated and alloy steel, and electrical steel, which are crucial in defense, space, power, automotive, and capital goods sectors, among others.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

ArcelorMittal Poland closes coke battery in Krakow

Tuesday, July 23, 2024

Made in Steel 2025: Steel industry is shaping the future!

Monday, February 26, 2024

Egypt’s rebar market with price fluctuations and competitive offers this week

Tuesday, July 23, 2024

India underlines the important role of green steel in the iron and steel sector

Monday, July 22, 2024

Ermaden discovered a gold mine in Sivas

Tuesday, July 23, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now