Increased capex to push steel demand in India: ISA
The increased capital expenditure for infrastructure projects in Union Budget 2021-22 will push demand for steel in the country, industry body ISA said on Wednesday.
To augment the country”s infrastructure, the Budget proposed significant enhancement in capital expenditure to Rs 5.54 lakh crore for the next fiscal, besides creating institutional structures and giving a big thrust to monetising assets to achieve the goals of the National Infrastructure Pipeline (NIP).
In her Budget speech for the financial year 2021-22, Finance Minister Nirmala Sitharaman had also announced to set up a Development Financial Institution (DFI).
Synopsis
In her Budget speech for the financial year 2021-22, Finance Minister Nirmala Sitharaman had also announced to set up a Development Financial Institution (DFI).
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For the steel industry, Sitharaman had announced reducing the duty to 7.5 per cent on products.
New Delhi: The increased capital expenditure for infrastructure projects in Union Budget 2021-22 will push demand for steel in the country, industry body ISA said on Wednesday.
To augment the country s infrastructure, the Budget proposed significant enhancement in capital expenditure to Rs 5.54 lakh crore for the next fiscal, besides creating institutional structures and giving a big thrust to monetising assets to achieve the goals of the National Infrastructure Pipeline (NIP).
Tin plate supply to create metal packaging obstacle The Rs 10,000 crore metal packaging industry in India has encountered a roadblock. According to a press release issued by The Metal Containers Manufacturers Association of India, global players and suppliers of tinplate / tin free steel have ceased their supply to India due to the imposition of BIS standards. Sanjay Bhatia, president of the Metal Container Manufacturers Association
WhatPackaging? readers will recall how in order to ensure use of prime tinplate for food products, the MCMA had recommended to the Steel Ministry to consider ISO along with BIS standards for sourcing raw material. Read the full story here.
Auto companies cut output targets as steel supplies fall short
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The production schedules for the ongoing fiscal Q4 are being revised downward by 15-20%, which could potentially mean a loss of over 1.5 lakh units in the January to March quarter for the industry.
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While this affects two-wheeler and commercial vehicle segments as well, the impact may not be as pronounced as in passenger vehicles, as the demand-supply scenario is much more relaxed.
Mumbai | New Delhi: At a time when the inventory at automobile dealerships is at a record low, a significant shortage of steel supplies and higher price of the key raw material have led to a sharp revision in the production schedules for the fourth quarter at leading carmakers.
The government will sell up to 10 per cent of stake held in Steel Authority of India through an offer for sale, in a move that’s expected to fetch Rs 2,600 crore to the exchequer in divestment receipts. The government is selling 206.5 million shares or 5 per cent in the one of the largest steel-making companies with a floor price of Rs 64 a share. It has also kept the option to sell another 5 per cent if the issue is oversubscribed. The government’s stake post the sale will come down from 75 per cent to 65 per cent if the greenshoe option is exercised.