The Indian Long Product Price Index ILPPI went up 7 by points on September 8th 2010 whereas Indian Flat Product Price Index IFPPI went up by 7 points. The overall Indian Steel Price Index INDSPI up by went up 8 points

ILPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products

PI - Product Index

Flat Products

PI - Product Index

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(Sourced from www.steelprices-india.com)

BL reported that the first phase of the expanded capacity of Essar Steel Ltd's plant at Hazira in Surat district of Gujarat will be commissioned this month.

As per report, the existing plant has a capacity of 4.6 million tonnes per annum and Essar Steel is setting up additional capacity of 5 million tonnes per annum through a new facility next to the existing one. The total capacity of Essar Steel will now be increased to 9.6 million tonnes per annum.

While the existing plant does not use coke for its operations, Essar Steel will adopt a mix of three technologies of iron making, in the expanded capacity.

Essar Steel has over the last two decades, invested nearly INR 16,000 crore in the Hazira facility. This involved setting up of a sponge iron plant, followed by a steel plant and downstream facilities. The expanded capacity also includes a pipe mill of 0.6 million tonnes per annum extra wide plate mill of 1.5 million tonnes per annum which have already been commissioned and an iron and steel making facility of 5 million tonnes per annum to be commissioned in September.

(Sourced from BL)

KEC International Limited announced that it has signed a definitive agreement to acquire 100% of SAE Towers Holdings LLC from an entity affiliated with ACON Investments LLC, a Washington based private equity firm, for USD 95 million on a cash free, debt free basis.

Headquartered in Houston, SAE Towers is the leading manufacturer of steel lattice transmission towers in the Americas with an annual production capacity of 100,000 tonnes. The company also manufactures steel poles for electrical transmission as well as related hardware. SAE Towers currently has over 750 employees. SAE Towers' management team and employees will continue with the company.

Under the leadership of Mr Luigi Ruggieri CEO of SAE Towers, who partnered with ACON in 2007 to acquire the assets that comprise SAE Towers from the ABB Group, the company will continue to provide its clients throughout the United States, Canada, Brazil, Mexico and the rest of Latin America with highly engineered structures critical for the construction of high voltage transmission lines. The transaction is expected to be EPS accretive to KEC from the first year.

The transaction is expected to close in September 2010, subject to regulatory approvals and customary closing conditions. KEC was advised by Sagent Advisors Inc and Daiwa Capital Markets India Private Limited as financial advisors, KPMG as accounting advisor, and Khaitan & Co and White & Case LLP as legal advisors on this transaction. SAE Towers was advised by Harris Williams & Co as financial advisor and Hogan Lovells LLP as legal advisor.

Mr Ramesh Chandak MD & CEO of KEC International Limited said that "This acquisition will strengthen KEC's global leadership position in the large and growing markets of North America and Latin America. SAE Towers has a significant presence in geographic areas which are of substantial interest to KEC. The transmission and distribution spend in these regions are currently rapidly increasing. SAE Towers is well positioned to capitalize on these long term growth opportunities. We expect the combined entity to derive significant operational synergies, procurement and administrative cost savings and marketing opportunities. Going forward, we expect to leverage SAE Towers' existing customer relations for KEC’s other business segments as well. We look forward to working with SAE, its talented management team, employees and its respected customers. We are very proud to become the largest international tower manufacturing company in the world."

Mr Jose Knoell partner of ACON said that "We are very pleased that KEC and SAE Towers' management team will be working together to further develop SAE Towers' business throughout the Americas. Given its experience and resources in power transmission globally, KEC will be an excellent home for SAE Towers. We are also extremely proud of the significant shareholder value that SAE Towers' management team generated within a short amount of time and amidst one of the most challenging macroeconomic environments in recent history."

Mr Luigi Ruggieri CEO of SAE Towers said that "The development of power infrastructure in Brazil and Mexico will represent a compelling market opportunity for KEC for many years to come as power consumption outpaces GDP growth in these markets. In addition, KEC and SAE Towers are uniquely positioned to play a key role in the expansion and upgrading of the US and Canada power grid, where significant investment is required to improve reliability and support the development of new wind, solar and conventional generation. Our management team is very enthusiastic about joining KEC and also bringing expanded products and services to our valued customers."

With the global economy on the threshold of a recovery, the steel industry is beginning to show signs of revival. Global steel industry has posted a robust growth in production in the last six months. The Indian steel industry is no exception. During FY’10, domestic steel consumption has been estimated at about 57mn tonnes, a YoY growth of about 8%. With surging domestic demand and huge investments being made by both domestic and international produce rs, Indian steel industry is all set to take a leap forward. Presently, Indian steel capacity is about 75mn tonnes, which is expected to increase to over 100 million tonnes by CY '12.

Realizing the immense potential the steel sector has for the Indian Industry, CII's STEEL Mart 2010 would serve as a platform for steel producers & consumers to interact as also chalk out a focused action plan for aligning the interests of North India’s steel industry vis-a-vis global markets.

Broad Program Schedule
Welcome Dinner
Conference
Exhibition

Venue:
Friday, 10 September 2010 (1930 hrs)
Saturday, 11 September 2010 (0830 hrs Registration)
Friday, 10th & Saturday, 11th September 2010
(1000 - 1800 hrs on both days)
CII Northern Region Headquarters, Sector 31 A, Chandigarh

Mr Virbhadra Singh, Hon’ble Minister of Steel, Government of India has consented to join us as our Chief Guest on this occasion.

Mr S Sukhbir Singh Badal, Hon’ble Deputy Chief Minister, Punjab, Mr Shashi Ruia, Chairman, ESSAR Group and Mr B Muthuraman, Vice President, CII & Vice Chairman, Tata Steel Ltd. have also been invited to join us at this important Conference.

The conference would also focus on emerging opportunities & challenges confronting Steel Industry in North India.

Entrepreneurs, CEOs, CTOs, Production, Export & Marketing Heads and other decision makers from the steel producing , processing and user industries are invited to participate and learn from the experts & experiences of the eminent professionals. We do believe that time is opportune to stimulate innovative thinking in the Steel Sector.

Coinciding with the conference, a platform for the display of state of the art technologies, products and services in the Steel Sector by the sponsors of the event is being created by way of a two day Exposition. The exposition is expected to see a huge footfall of steel users as well as Industrialists, Entrepreneurs & Traders who are into the business of steel & steel based products. The exposition would be an ideal platform for you to not only display your product & services but also explore North Indian market which has always been recognized as a major steel consumer. You can participate in the exposition by sponsoring Steel Mart 2010 to extent of Rs. 20000/-for a 3x3 (9sqmt) stall.

You will find STEEL MART 2010 extremely beneficial to your organization. Do take advantage of this unique confluence of intellectual and business minds by confirming your participation by contacting

For details please contact
1. Mr Pearson Chiru of SteelGuru
Mob +91 09871403793
Email: pearson.chiru@majornminor.com

2. Mr Sumanpreet Singh of CII
Mobile: 09814868859
Email: sumanpreet.singh@cii.in

Pencil ingot

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

Indian steel major TATA Steel said that land acquisition and availability of raw materials would be the two most important issues facing the domestic steel industry in the years to come.

Mr HM Nerurkar MD of TATA steel said that "Putting up a new steel plant is a big problem today. No big steel plant has been set up in the 2000s and despite a lot of announcements, no big Greenfield plant has come up recently."

Mr Nerurkar said that "We have sufficient iron ore in the country but there is a lot of controversy surrounding it. We need an iron ore policy on the lines of the one that we have for natural gas. The Hoda committee had made a few recommendations in this regard a few years ago. But now that is being reviewed. Whatever policy stand is taken, it should be stuck to."

TATA Steel's own proposed steel project at Kalinga Nagar in Orissa has been stuck due to resistance from the local population and the company admitted it has not been a smooth ride.

He said that "When we went there, we did not engage with the people and that I think was a mistake. We found resistance and then we realized that we needed to engage with the community."

Even though the sector has attracted a lot of investments in the last 10 years, almost all of these investments have remained only on paper and are likely to stay that way in the near future. Besides land, iron ore which is a key raw material in the production of steel, has also been a bone of contention for prospective steel makers. Both ArcelorMittal and POSCO for example, have neither been able to get land nor the requisite mining leases that they had hoped for while deciding to invest in India.

(Sourced from Hindustan Times)

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According to Mr J Mehra director of Essar Group, iron ore is an exhaustible resource and it is in the nation’s own interest that the government reconsiders its decision to export it.

Mr Mehra said that “When it comes to an exhaustible resource, governments world over be it in the USA or China are supplementing their own reserves. For all the mineral wealth which China has it still is going out and procuring more from Africa. Similarly, America is exploring oil in West Asia despite owning huge reserves in Gulf of Mexico. It is surprising that the Indian government is depleting its own resource and making no effort to replenish it.”

Mr Mehra said that steel manufacturers all over India have opposed center’s decision to export iron ore.

The centre in turn has countered that 87% of the iron ore export, constitutes a variety which is not used by the manufacturers. The government also maintains that in case the iron ore is not exported, the continuous accumulation of ore could pose a big environment hazard.

(Sourced from Indian Express)

JMB quoted Mr Masayuki Naoshima Japan's minister of economy, trade and industry as saying that he agreed with Mr Anand Sharma minister of commerce & industry of India for effort to reach Economic Partnership Agreement.

Mr Naoshima indicated the talk progresses when Indian ministry offered further step for the agreement. They will reach the agreement when Indian Prime Minister Dr Manmohan Singh comes to Japan in October 2010.

The EPA encourages Japanese steel export by eliminating Indian import tariff while Japanese companies with Indian operations can have more choice for the procurement.

(Sourced from www.japanmetalbulletin.com)

Sales at top Indian automakers rose 20% to 30% in August, as analysts expected continued growth driven by strong demand in the festive months ahead but cautioned the rate of growth would slow against high comparisons and a possible rise in interest rates.

Maruti Suzuki, India's leading car maker which is 54.2% owned by Japan's Suzuki Motor Corp posted a 24% rise in August sales and the company said that local sales in August were its highest ever monthly sales.

Ms Vaishali Jajoo senior auto analyst with Angel Broking said that "The second half of the year is a better period for the auto sales due to the festive season.” She added that "Looking at the festive seasons coming in, dealers start stocking up. We can see that in the next month as well. The economy has also picked up and normal monsoon will also have a positive impact on rural sales.”

TATA Motors Ltd, India's leading maker of trucks and buses said that auto sales in the domestic market jumped 32% in August to 65,938 units.

Mahindra and Mahindra, India's top utility vehicles and tractors maker also reported a 29% jump in August vehicle sales.

While India auto sales are expected to rise further, that kind of growth is not sustainable when compared to the robust growth witnessed last year.

India has raised interest rates four times since mid March to clamp down on inflationary pressures and there are concerns the central bank may lift rates again to curb price pressures.

Ms Jajoo said that "I think the interest rate hikes have still not impacted because, for one thing, the economic growth is higher, the consumer confidence has increased. Maybe if it increases by another 100 basis points, we can see the actual impact on financing and volumes."

Demand for cars is growing rapidly in India, which is Asia's third largest economy and is slated to grow 8.5% this fiscal year.

(Sourced from ET)

TATA Steel seeking a greater role the government in promoting Indian industry has called for an ultra mega steel plant policy on the lines of the similarly named policy to promote the power sector.

Mr HM Nerurkar MD of TATA Steel told journalists in New Delhi that “There is a gas policy; there is a policy for power plants. The steel sector, too, requires a policy like ultra mega steel plants. We need a standard set of policy for iron ore, etc. The steel plants to be covered under the policy should have a capacity of at least 6 to 7 million tonnes a year.”

Mr HM Nerurkar said that “The government offers ultra mega power plants for rate based bidding. Companies quoting the lowest bag the project. The projects are allotted to companies with various clearances, including those relating to land and environment. Coal blocks for pithead based UMPPs are allocated with the projects.”

(Sourced from BS)

You can now get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

The domestic steel prices across various locations in India are different due to variety of factors and the day to day changes are also different. It is seen that when the price of a particular item goes up at one location either the increase is not similar at other locations or at times it decreases at some locations

In addition to price movement, market size at various locations is another factor as a smaller price variation at a major location would have bigger implications and bearing than a major change at a minor location.

In other words, although general statements based on perception can be made that whether prices are up or down, it was not possible to give specific or reality based definite pricing trends and overall implications.

In order to provide an index for steel prices, we call it SENSEX for steel, SteelGuru.com decided to work on both long products and flat products for respective category indices as also a composite one for steel. We call them ILPPI, IFPPI and INDSPI and have started releasing these indices with effect from July 1st 2008, after taking June 30th 2008 as base of 10,000 for all products.

ILPPI is based on daily market prices of three benchmark products rebars, wire rod and sections whereas IFPPI is based on HRC, plates, CR and HDG. These indices have been built considering their respective weights in the composite categories as also in the shares of sales in the important markets.

The pricing input is from www.steelprices-india.com, which publishes market transaction prices of benchmark products among select locations 5 days a week.

These price indices outline the way domestic steel market is moving day by day and will help producers, agents in the supply chain, steel buyers, bankers and analysts in their respective businesses.

To know more, please visit
http://steelprices-india.com/spi_services/spi.html

To download a presentation please paste this link in your browser
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(Sourced from www.steelprices-india.com)

Sponge iron

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

India’s third largest steel maker JSW Steel Ltd has received INR 4,800 crore in cash from JFE Holdings Inc following a July 2010 deal in which JSW sold a 14.99% stake to the Japanese steel maker.

Mr Seshagiri Rao joint MD and group CFO of JSW said that “We will receive INR 4,800 crore on September 8th 2010 adding that the funds will be used to repay part of its INR 17,700 crore debt.”

In exchange for the cash, JSW will issue fully convertible debentures that can be converted into equity at a later date.

JSW had said in July after it announced the deal that “The debenture can be converted at INR 1,500 a share within 18 months also if the average closing price of the stock touches or exceeds INR 1,365 a share in two consecutive weeks or 10 consecutive days, or ends at that or a higher level for five consecutive trading days.”

If JSW’s share price does not cross INR 1,365 in that period, the debentures will automatically convert to equity shares at a conversion price of INR 1,331 each at the end of 18 months.

According to the deal announced on 27 July, JFE would directly buy a 14.99% stake in the Indian company if the average closing price of the JSW share traded at INR 1,365 or more in two consecutive weeks or 10 consecutive days or closed at INR 1,365 or higher for five consecutive trading days between 27 July and 31 August.

(Sourced from livemint.com)

HRC
Tube
2.5x1250

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

TMT
Fe 415
12mm

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

Bharat Heavy Electricals Ltd said that it is signing a joint venture agreement with Kerala government to acquire the Kasargod unit of KEL which manufactures alternators for railway applications and other industrial applications.

(Sourced from BL)

Rashtriya Ispat Nigam Limited’s Visakhapatnam Steel Plant has been declared Winner of Gold award for outstanding achievement in Training Excellence by Greentech Foundation, New Delhi.

Greentech Foundation has announced Greentech Excellence Awards 2010 under the categories of Best Strategy, Training Excellence, Innovation in recruitment, Technology Excellence in HR and Innovation in Employees Retention strategies.

About 287 organizations both in Public Sector and Private sector have applied for the awards in these categories. RINL- VSP applied for award in Training Excellence category for which 56 organizations participated.
RINL-VSP has established world class training infrastructure right since inception and continuously improved the facilities, systems, hardware and resources in a planned manner, which has helped it in winning the award.

The Award will be presented on September, 17 at the ‘Greentech HR Excellence Award 2010’ Award Ceremony Program in Goa.

It may be noted that recently RINL-VSP was awarded ‘Great Place to work’ by Great Place to Work institute and Economic times.

Mr PK Bishnoi CMD complimented RINL-VSP collective.

ANGL
GR A
65X6

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

The ongoing literacy mission undertaken by the CSR department of JSPL, Angul in the project intervention villages has added a new feather to its kitty of successful initiatives. Adjacent Mahitala has been accorded ‘Total Literate Village’ status by Zilla Sakshyarata Samiti, Angul. This is the first village in the district to earn the unique distinction.

Making the declaration on the occasion of 44th International Literacy Day, Mr Swamy DV Angul collector and chairman of Zilla Sakshyarata Samiti said that “JSPL has set an example in the field of Corporate Social Responsibility, which is worth emulating by others. Praising the efforts of JSPL CSR department and the zeal & passion shown by Mahitala villagers.”

Mr Swamy asked for help of JSPL to realise this dream also among all 18 adjacent villages. He also desired for support of others to make the Angul Township total literate within the next 6 months. Participating in the program, Mr Premjit Singh Dhillon senior vice president of JSPL Angul assured all round support to the district administration in this noble initiative. Zilla Sakshyarata Samiti organised various competitions among students and felicitated the winners on this occasion. Three volunteers of Mahitala village were also felicitated for their efforts in executing total literacy mission in the village.

Patra

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

The Associated Chambers of Commerce and Industry of India has predicted a shortfall of close to 10% in exports target for current fiscal due to slowdown in exports growth rate, which fell from 36.2% in April to 35.1% in May, 30.4% in June and that of 13.2% in July this year and the trend is unlikely to witness a u turn.

The chamber is of the view that India’s exports would thus be around USD 180 billion as against the target level of USD 200 billion by the end 2010-2011 since slump in export growth rate has started becoming extremely pronounced and is likely to continue for remaining period of on going fiscal.

Mr DS Rawat secretary general of ASSOCHAM said that that this is because developing countries have already gone in for fiscal consolidation as their economies commenced partial roll back of stimulus packages, impact of which will fall on India’s export proceeds in current fiscal.

As a result of fiscal consolidation, India’s exports which grew at the rate of 32.6% in April 2010, it fell to 35.1% in the following month before coming down to a level of 30.4% in June, which slipped at abysmally lower level of 13.2% in July this year and reversal trend will continue with some improvements here and there in remaining months of current fiscal, amounting severe sinkage of export proceeds arriving at USD 180 billion by March 31st 2011.

The ASSOCHAM, however, stated that USA will remain a leading market for Indian traditional goods and services even in current fiscal, the country which suffered the maximum onslaught of global financial turmoil between September 2007 until 2009. This is because US economy has gradually started coming out of recessionary moods in which it will have lot of space for Indian products especially in the traditional segments which includes gems & jewellery, textiles, components, tea, spices and brassware and other handicrafts.

The ASSOCHAM is of the view that Indian exports will suffer a good deal of beatings in European Union in which countries like Spain, Italy, Portugal, Germany are already in for major fiscal consolidation. This has put a serious question for demand of Indian products in these countries.

Estimates reveal that close to USD 20 billion of export proceeds are absorbed in aforesaid countries, including other European nations in which slump in demand and consumption are being closely followed.

Mr Rawat said that major hope for Indian exports, retaining their edge will stay in Latin American countries and African continent, since India has described them as focused region for domestic exports. In totality, it is estimated that exports will stay stagnant in current fiscal and severely dent the external engagements of the country thereby compromising India to remain content with the loss of foreign exchange inflows.

The chamber has suggested that India needs to map out its technological gaps and invest heavily on R&D so that it makes products and sells goods & services of supreme quality so that Indian products can create space for themselves. Investment in R&D in India is just negligible, as a result it still imports equipments and processes for setting up power plants, oil & gas facilities, telecommunication infrastructure, engineering plants and so on and so forth.

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

The 50th Annual Convention of SIAM India’s apex body representing automobile industry was inaugurated by Dr Pawan Goenka SIAM president and President Automotive and Farm Equipment of Mahindra and Mahindra.

The theme of this year’s Annual Convention is Dynamics of Managing Growth: The Next Phase of the Auto Industry.

Dr Pawan Goenka president of SIAM said that the convention was a milestone event in that it was golden Jubilee year of SIAM.

Lauding the auto industry for a robust growth after last year’s economic recession, Dr Goenka said that “Last year the auto industry just started to recover from the impact of global economic recession, using government’s stimulus package as a springboard, the industry displayed an exemplary resolve in charting a trail blazing performance.”

Dr Goenka also thanked the government for its support to the industry and attributed the good showing of the auto industry to the efforts made by component manufacturers, the strong fundamentals of the Indian economy and the highly calibrated government policy steps in support of the industry. He emphasized that the real challenge for the auto industry is the future and India is set to play a major role in the global auto industry.

The SIAM President also reminded the industry’s responsibility towards environment and said that the auto industry was cautious towards the environmental concerns and called for uniform emission norms. Dr Goenka announced SIAM’s new initiative of Voluntary Fuel Efficiency Regime which will promote lower fuel consumption.

Mr Jairam Ramesh environment minister congratulated the auto industry for its most impressive growth and he called upon the industry to go for growth with ecological sustainability.

Mr Ramesh welcomed SIAM’s initiative on fuel efficiency but called for enforcement of Mandatory Fuel Efficiency Standards. The Environment Minister urged the captains of the industry not to see environment as an impediment but consider it as an issue of public health.

GP
100Gms
0.40

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

Hinduja flagship company Ashok Leyland said that it plans to raise up to INR 600 crore in long term debt this fiscal to fund its capital expenditure plans till 2011-12.

Mr K Sridharan CFO of Ashok Leyland told reporters that “This fiscal, the fund raising plan is only through debt. We had planned to raise INR 500 crore to INR 600 crore through debt and already we have raised about INR 360 crore.”

Mr Sridharan said that another INR 200 crore will be raised before the end of the year adding that the fund would be utilized mainly for capital expenditure till the next fiscal.

He added that these are long term debts of 5 years duration adding that Ashok Leyland’s debt will go up to INR 2,700 crore by the end of this fiscal from around INR 2,500 crore at present. He added that “CAPEX for this fiscal will be INR 1,000 crore and there will be another INR 1,000 crore in the next fiscal.”

The amount will be mainly used for Ashok Leyland’s joint venture with Nissan for light commercial vehicles and another one with John Deere Construction & Forestry for construction equipment.

In addition, the funds would also be used for producing the Neptune range of engines for Ashok Leyland’s new U Truck range of commercial vehicles.

The Neptune series of engines will have a power ranging from 160 to 353 horse power and will be produced at the company’s Pantnagar and Ennore facilities.

Mr Sridharan said that “By the end of the next fiscal, we will be producing 100,000 units of Neptune engines.”

Asked about the sales forecast for the ongoing fiscal, he said the company is expecting about 40% growth.

Mr Sridharan also said the company will be gradually increasing output from its Pantanagar facility so that it can reach full capacity utilization of 4,000 units per month by the end of the next fiscal.

(Sourced from PTI)

CHNL
GR A
75/100

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

The government headhunters PESB will hold interviews to select the next chairman and managing director of Oil and Natural Gas Corp on October 19.

Public Enterprise Selection Board will interview Mr Ravi Narayan Bastia the man who discovered India's biggest gas field and nine others who have applied for the top job for the at ONGC, on October 19.

Mr Bastia who quit ONGC in 1996 to join Reliance Industries is credited with discovering the Dhirubhai 1 gas field at the Krishna Godavari basin deep sea block D6 in 2002. It was ranked as the biggest gas find in the world that year.

Sources said that the others in the fray include Mr Sudhir Vasudeva director (offshore) of ONGC, Mr D K Saraf director (finance) of ONGC and Mr RS Butola MD of ONGC Videsh Ltd.

(Sourced from PTI)

CR
DSK
0.63

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

In a critical step towards setting up power plants in Myanmar and transmitting some of the electricity generated there to India, state-run NHPC Ltd plans to submit a report on proposed projects in that country to the ministry of external affairs by October.

As part of an economic diplomacy initiative to engage Myanmar and counter China’s growing influence in that country, India plans to revive the stalled 1,200 MW Tamanthi hydel plant and the 642MW Shwezaye plant on the Chindwin River, the largest tributary of the Irrawaddy River, a key commercial waterway. The investment required for setting up the projects and building a transmission link is estimated at INR 25,000 crore.

Mr SK Garg CMD of NHPC said that “We are working on the updation of the DPRs (detailed project reports) and will submit the report to MEA by October. NHPC will be implementing the projects. Our team is working there.”

The feasibility reports on Tamanthi and Shwezaye were prepared by Switzerland’s Colenco Power Engineering Ltd and Japan’s Kansai Electric Power Co. Inc. A government official said that “This is a report that NHPC is preparing for the Myanmar government. We haven’t seen it yet.”

The projects are integral to India for its engagement with Myanmar and the MEA will underwrite as much as INR 40 crore in expenses to be incurred by NHPC on hydrological studies needed to develop the two power plants.

Myanmar has natural gas reserves of 89.722 trillion cubic feet of which 18.012 tcf are proven recoverable reserves, or gas that can be easily extracted and tapped.

(Sourced from Livemint)

The Kerala State Electricity Board has cautiously welcomed NTPC's move to offload up to 49% stake in its Kayamkulam combined cycle plant to Qatar Petroleum.

Mr Damodaran Namboodiri chief engineer corporate planning of KSEB said that “We are not immediately impacted by the development.”

The state utility welcomed the deal to the extent that it begets cheaper LNG as compared to what has been already agreed with an Australian supplier.

NTPC has tied up LNG supplies with Gorgan Projects of Australia for 1.5 million tonnes through Petronet LNG's 2.5 million tonne a year terminal in Kochi.

It is expected to form a special purpose vehicle as it takes up the last stage expansion at Kayamkulam in which it would offer the stake to Qatar Petroleum.

The current capacity of the Kayamkulam plant is 350 MW, which is being ramped up to 1,050 MW in the next two years and further to 1,800 MW.

The equity deal is expected to help NTPC strike up a long-term fuel supply agreement, reducing its dependence on costlier LNG secured through commercial deals.

Mr Namboodiri said that “We are keenly watching the developments, and hope that a formal notification would come from the NTPC.”

The power purchase agreement has been entered with NTPC as a Central power utility. It remains to be seen how a ‘privatised NTPC would look at the terms of the PPA.

(Sourced from BL)

Melting scrap
80:20
HMS

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

Gammon Infrastructure Projects announced that Patna Highway Projects, its special purpose vehicle has achieved the financial closure of Patna to Muzaffarpur Highway Project for an aggregate loan amount of upto INR 8.46 billion.

The aforesaid closure is for implementing the project envisaging upgradation of Hajipur - Muzzaffarpur section of existing NH 77 (from km 0.000 (Ramashish Chowk) to km 46.300) to four lane divided carriageway and construction of 16.870 km new four lane divided carriageway bypass starting at km 46.300 on NH 77 and connecting NH-28 of east-west corridor at km 515.045 in Bihar on BOT.

The total estimated cost of the project is INR 9.4 billion. The concession period of the project is 15 years including a construction period of 2.5 years.

PM Strips Ltd has announced that the board of directors of the company at its meeting held on September 2nd 2010 inter alia has considered and approved the increase in share capital and acquisition.

The board approved subject to the approval of the members, the authorized share capital of the company will be increased from INR 2 crore to INR 15 crore and consequent amendment to the Memorandum and Articles of Association.

The board of directors approved subject to the approval of members, takeover of Mentor Minds Solutions and Services Pvt Ltd and Mentor Minds Solutions and Services Inc. USA by acquiring 100% of the paid-\ up Capital consisting of 76,587 Equity shares of INR 100 per each and 10,00,000 Equity shares of USD 1 each respectively.

Subject to the approval of the members, the Company will issue 3,994,161 Equity shares of INR 10 per each at a premium of INR 21 per share to the shareholders of the above mentioned Companies.

The Board approved proposal to seek the approval of the members under section 372A of the Companies Act, for the acquiring of the shares of the above Company.

(Sourced from Equity Bulls)

The Power Grid Company of Bangladesh has selected ABB’s solution to improve the performance of its 132 kV transmission grid, parts of which were suffering losses because of voltage drops and poor power quality.

Having analyzed the various technical options, from a number of vendors, PGCB opted for a reactive power compensation solution from ABB. The new equipment was installed in the eight PGCB substations where losses were greatest and power flows most critical.

The project was completed in March 2010 and within months the power factor had risen from 0.88 to 0.98 and voltage had gone up by 3 to 5 kV.

The optimal power factor in an electricity system is 1.0, so moving from 0.88 to 0.98 is a significant achievement. Raising the voltage of the system reduces losses and improves the rate at which power can be delivered to end users. In a 132 kV system, a change of 3-5 kV will make quite a difference.

The combined improvements in power factor and voltage delivered by ABB’s solution brought the equivalent of 34 MW of extra power into the grid, without needing to build any additional generation capacity. The ability to deliver this much additional power has significantly improved PGCB’s revenues.

The payback period for PGCB’s investment is estimated to be 18 months.

The cost of the solution is a fraction less than 15% of the capital that would have been required to build a conventional fossil fuel power plant to produce this much power. Additionally, because the ABB system recovers lost energy rather than generating new, there are no continuous operating costs and no greenhouse gas emissions.

Pig iron
Foundry Grade

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

WRC
SWR14
5.5/6

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

JSTI
GR A
250X125

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

Shiva Cement announced that the dispatch of cement during the month August 2010 is up by 8.67% in comparison to August 2009.

Indian Oil Corporation would not like the petrol price to be changed frequently unless there are major fluctuations in crude prices.

According to Mr BM Bansal chairman of Indian Oil Corporation, crude price was around USD 74 a barrel when the fuel prices were revised last. He said that “It is a touch and go situation now with regard to the under recovery on petrol price.”

Mr Bansal was interacting with media persons after the Annual General Meeting (AGM) of Chennai Petroleum Corporation Ltd
To a query on the under recoveries on automobile fuels, Mr Bansal said that petrol price has been totally deregulated and the under recovery on diesel was around INR 3.50 a litre. On the proposed LNG terminal of IOC, in association with the Tamil Nadu government, in Ennore near Chennai, he said the detailed feasibility report would be ready by next month. The oil company would start work on the financial aspects by December.

(Sourced from The Hindu)

PLTS
GR A
8x1250

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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(Sourced from www.steelprices-india.com)

PLTS
GR B
12-20x2.5

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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GC
100Gms
0.40

Change is on 8th September as compared to 7th September 2010
Change is in INR per tonne

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Reliance Industries has made a fourth gas discovery in a block close to its prolific D6 area in the Krishna Godavari Basin in the Bay of Bengal.

The well, KGV-D3-W1, drilled in deepsea block KG-DWN- 2003/1, also known as D3, struck natural gas at 3,501 metres below the sea bed, UK's Hardy Oil and Gas Plc.

It however did not give an estimate on the reserves the find may hold. This is the fourth successive gas discovery in the block, which lies in the same basin as RIL's KG-D6 finds.

Hardy said that "A gross gas pay zone of 37.5 metres was encountered." Hardy holds a 10% interest in exploration block KG-DWN-2003/1, which was awarded to a RIL-Hardy consortium in the fifth round of bidding under the New Exploration Licensing Policy.

RIL is the operator of the block with 90% interest.RIL's KG-DWN-98/3 or KG-D6 block was awarded in NELP-I in 2000.

Hardy said that "The well, KGV-D3-W1, the fourth exploration well in this (KG-DWN-2003/1) block, was drilled to a total measured depth of 3,501 metres in a water depth of 1,653 metres. A gross gas pay zone of 37.5 metres was encountered in Pliocene aged sands.”

Commenting on the well results, Mr Yogeshwar Sharma CEO of Hardy said that "Four successive discoveries highlight the significant prospectivity of this extensive exploration block. The Krishna-Godavari Basin is an emerging world class basin for India. Further exploration drilling is planned in this area and we look forward to continuing to participate in unlocking of the basin's exceptional energy potential."

(Sourced from NDTV PROFIT)