Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India has decided to abandon its plan to form a coking coal import consortium, sources close to the matter revealed today. The consortium was intended to consolidate the purchasing power of major steel producers to secure better pricing and ensure a stable coking coal supply, a crucial raw material for steel production.
The decision follows shifts in global market conditions and strategic priorities. Recent fluctuations in international coal prices, changes in trade policies, and concerns about the consortium's effectiveness in negotiating competitive rates contributed to the decision. Additionally, the evolving landscape of carbon emissions regulations and sustainability goals may have played a role in the re-evaluation of the plan.
Industry insiders had anticipated that the consortium would streamline coal procurement and reduce costs for Indian steelmakers. However, with the global coal market stabilizing and domestic production capabilities improving, some stakeholders believe alternative strategies may now offer better outcomes.
The move has elicited mixed reactions from the steel sector. While some stakeholders view the decision as a practical response to market realities and potential inefficiencies of the consortium, others see it as a missed opportunity for enhanced collective bargaining power. These concerns are valid and reflect the complex nature of the decision-making process in the steel industry.
In light of this development, the Indian government and industry bodies, along with the active participation of stakeholders, are exploring new approaches to secure coking coal supplies and strengthen the sector's supply chain resilience. As the steel industry adapts to these changes, stakeholders will play a crucial role in shaping the future of the industry, and their input will be closely considered in the development of future strategies.
Also Read : China’s Steel Sector Faces Deepening Slump Amid Economic and Market Challenges Iron Ore Outlook Worsens as China's Inventory Surplus and Steel Production Decline
The next round of negotiations between India and South American nation Peru for a free trade agreeme...
Business 15-Feb-2024
The Chhattisgarh government, led by the Bharatiya Janata Party (BJP), has chosen to bring back an al...
Notification 23-Feb-2024
Union Railways and IT Minister Ashwini Vaishnaw mentioned that significant work has been made in bui...
Construction 23-Apr-2024
On the Multi Commodity Exchange (MCX), aluminium futures were mostly trading within the range of ₹19...
Non-Ferrous 20-Feb-2024
The Government of India has approved a scheme to promote India as a manufacturing destination so tha...
Announcement 15-Mar-2024
Poor steel production margins have encouraged steelmakers to cut operating rates through blast furna...
Ferrous 20-Jan-2024