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Indian steel market for both long and flat products has surged by more than 8% since March beginning, when steel majors declared their new prices for March deliveries citing additional burden of increased excise duty.

For a variety of reasons, steel buyers have rushed to the market to secure large volumes last week resulting in a mad scramble to take deliveries from steel mills and their warehouses, which are mostly reported to have very small inventories and are facing stock out situation for many sizes and specifications.

The Financial Express reported that Japan’s second largest steel firm, JFE Steel, is close to acquiring around 10% stake in JSW Steel.

As per report "Though the financial details of the deal is still being worked out, going by the closing share price of JSW at INR 1,166 on the BSE on Thursday, a 10% stake, together with a marginal premium, would cost around INR 2,700 crore for JFE."

China Securities Journal reported that a number of major Chinese steelmakers have asked Premier Mr Wen Jiabao to direct the government to tackle iron ore price negotiations.

The paper reported, quoting what it described as authoritative sources, the vice president of the China Iron & Steel Association and the heads of more than 10 mills wrote the joint letter to Mr Wen on March 11th asking him to take up the issue of rising iron ore import prices at a national level.

Corus made a detailed release as under

In recent weeks the partial mothballing of Teesside Cast Products, which was announced in December 2009 and started on February 19th 2010, has received plenty of media attention. Much of the coverage and comment has served to distort a proper understanding of the events that led up to the decision and of related issues. This document sets out the facts and debunks the myths.

Platts announced that it will launch the world's first daily metallurgical coal assessments on March 15th 2010, which will address miners and steel mills needs for an independent daily spot assessment in the burgeoning Asian market to better determine pricing for short and long term contracts.

The two assessments, reflecting hard coking coal loading in Australia for any destination and delivered into China from any potential source, complement both Platts' existing monthly coking coal assessments published in International Coal Report and Platts' IODEX iron ore assessments published in Steel Markets Daily providing greater transparency into pricing in the steelmaking supply chain in the Asia-Pacific region.

PTI reported that the Indian government has said multinational mining company Vedanta Resources has been found to have violated certain environmental regulations at its mining site in the Niyamgiri hills in Orissa.

A 3 member team of the Indian environment ministry, which submitted its report to the Mr Jairam Ramesh environment minister, has found evidence of violations of green norms at the company’s bauxite project in Kalahandi district of Orissa.

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Featured Article
1-07-03-2010
2010 Design Awards Winners

The Concrete Reinforcing Steel Institute announced the winners of their biennial 2010 CRSI Design Awards program.The I-35W bridge in Minneapolis, Minn., was one of the winners in the Bridge Category.

Interviews and Views
Greenfield steel projects imperative for Indian economic growth - Mr Narendra Chaudhary
Narendra-8ec3f112fe-1264624543
Mr Narendra Chaudhary
Global steel consultant
Former Executive Vice President ArcelorMittal

Q - We have seen lot of upheaval in last 2 years, with steel prices climbing to USD 1500 per tonne levels and than dropping to less than USD 400. Although, global steel industry has witnessed many ups and downs in last 20 to 30 years, but how differe...

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Currency Rate
14 Mar, 2010
USD
1.0000   Same 
AUD
1.0923   Same 
BRL
1.7625   Same 
CAD
1.0189   Same 
CNY
6.8264   Same 
EUR
0.7268   Same 
GBP
0.6582   Up 
INR
45.4650   Up 
JPY
90.4700   Down 
RUB
29.2850   Down 
ZAR
7.3900   Up 
Source: http://www.xe.com
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Metal Rate
11 Mar, 2010
Zn
2305   Up 
Ni
21300   Up 
Sn
17425   Up 
Al
2194   Up 
Cu
7384   Up 
Source: LME.co.uk
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Baltic Dry Index
12 Mar, 2010
BDI
3506   Up 
BCI
4328   Up 
BPI
4177   Up 
BSI
2731   Up 
Source: DryShips.com
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