The decline in Indian domestic steel prices accelerated .Long and Flat Product Index fell by 352 and 180 points respectively. The overall price index fell by 270 points.

LPPI – Long Product Price Index
FPPI – Flat Product Price Index
ISPI – Indian Steel Price Index

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

If you want to know the prevailing prices and changes across the week on daily basis, please subscribe to services of www.steelprices-india.com

The Financial Express without saying where it obtained the information reported that Indian steelmakers may cut prices and reduce output as demand declines.

The report cited Mr Seshagiri Rao finance director of JSW Steel Ltd as saying that “Production growth in the Indian steel industry is likely to decline to about 9% from as much as 13% because of a global economic slowdown.”

The report said that Indian consumers have begun importing from countries such as China and Ukraine as global steel prices have fallen by about USD 350 per tonne in the last couple of months.

According to Mr Rao, Indian companies will have to reduce prices because the local market will be flooded with cheaper imports.

Mr Abhaya Sahu leader of anti POSCO movement in Orissa, who was arrested near Paradip, was remanded in judicial custody for 14 days.

Mr Sahu was lodged in a local jail after he was produced before the first class judicial magistrate at Kujanga near Paradip. But he was later shifted to Choudwar circle jail near Cuttack, apprehending law and order problem in the locality.

Mr Sahu was arrested from Bhutmundai, 15 kilometers from Paradip, in connection with over 80 criminal cases with charges ranging from rioting and arson to abduction of foreign nationals and detaining government officials.. He was arrested on his way back to Dhinkia village, the epicenter of the anti POSCO agitation.

Mr Sahu, who founded the samiti, had been spearheading the anti-Posco movement for the past three years ever since an MoU was signed between the state government and the South Korean steel maker in June 2005 for setting up the mega steel plant in the area.

Palpable tension prevails in the three gram panchayats under the Kujanga police station area, as the supporters of Posco Pratirodh Sangram Samiti expressing their anger over Sahu’s arrest.

Delhi

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Chennai

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Mumbai

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Kolkata

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Ahmedabad

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Kanpur

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Indore

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Raipur

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Mandi

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Bangalore

Change is on October 13th as compared to October 10th
Change is in INR per tonne

If you want to know the prevailing prices and changes across the week on daily basis, please subscribe to services of www.steelprices-india.com

Statesman News Service reported that irked over the arrest of their leader Mr Abhaya Sahu, villagers of Dhinkia and Govindpur sealed all entry and exit routes to and from their village and renewed their pledge to oppose the POSCO steel plant project.

No outsider will be allowed, declared the villagers while erecting check gates at entry points.

The PPSS activists asserted that they will not concede an inch of land to POSCO. They said that “The arrest has strengthened our resolve and we shall carry forward the agitation, they announced. Police action will not solve the problem, we have shown the government that anti displacement movement leaders are prepared to face bullets as they did in Kalinga Nagar.”

The local CPI, CPI-M and PPSS activists conducted protest meeting at Dhinkia and called upon villagers for a united struggle against the company dalals and the state government’. Left party leaders backed the POSCO Pratirodh Sangram Samiti activists in staging the protests today and addressed meetings at Dhinkia and Govindpur.

CPI activists led by Mr Sasibhusan Swain staged a demonstration in front of Erasama block office. They also staged a road blockade at Kujang and threatened to intensify the agitation if Mr Sahu is not released immediately.

Mumbai:

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Chennai

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Delhi

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Kolkata

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Indore

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Bangalore

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Ahmedabad

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Ludhiana

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Kanpur

Change is on October 13th as compared to October 10th
Change is in INR per tonne

If you want to know the prevailing prices and changes across the week on daily basis, please subscribe to services of www.steelprices-india.com

BS reported that India may not achieve target to cross 100 million tonnes output by 2012 as at least three steel companies JSW Steel, JSL Limited and Bhushan Steel have decided to wait for the financial storm to pass before they take up their expansion plans.

As per report, JSL Limited has put its third and fourth phases of expansion in Orissa on hold, JSW Steel has decided to start its Bengal project with raw material and not steel and Bhushan Steel has also pushed back its West Bengal project by 6th to 9th months.

The report said that the first phase of JSW West Bengal would now entail an investment of INR 4,000 crore compared to INR 15,000 crore for a 6 million tonnes plant as planned earlier. The report cited Mr Seshagiri Rao director finance of JSW Steel as saying that “In the first phase, we will concentrate on raw materials such as pelletization, beneficiation and coal mining and take up the steel project later. After we announced that the first phase would have 6 million tonnes of the total capacity of 10 million tonnes, the markets tumbled. We then decided to go for the raw material in the first phase.”

JSL Limited has decided to put its third and fourth phases of expansion in Orissa on hold. Mr Arvind Parekh director for strategy and business development, JSL Limited said that the company had initiated negotiations with suppliers for the third and fourth phases of expansion but had now deferred it. As per report, the expansion would have doubled the power and stainless steel capacity at Orissa from its current level of 250 MW and 800,000 tonnes. The investment would have been INR 2,000 crore to INR 3,000 crore, largely to be raised through debts.

Bhushan Steel which is setting up a 2 million tonnes steel plant and a 1,000 MW captive power plant in the Salanpur industrial area near Asansol around 260 kilometer from Kolkata is pushing the timeline for the project. Mr Neeraj Singal MD of Bhushan Steel said that “We will push back our project by about 6th to 9th months. We were supposed to start the project in April 2009 but will postpone by 6th to 9th months, though land acquisition is underway.” The total investment in the project is INR 8,000 crore.

Except for Greenfield projects, steel capacity additions were running behind schedule owing to problems in land acquisition and delay in mine allocation. As things stand now, even the Brownfield expansion appears to be in jeopardy.

The prices for input material showed overall decline

Melting scrap
80:20
HMS

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Sponge iron

Change is on October 13th as compared to October 10th
Change is in INR per tonne

Pencil ingot

Change is on October 13th as compared to October 10th
Change is in INR per tonne

If you want to know the prevailing prices and changes across the week on daily basis, please subscribe to services of www.steelprices-india.com

Reuters reported that JSW Steel Ltd will show another drop in earnings despite strong volume growth and its margins will continue to suffer on surging input cost and marked to market losses.

Analysts said that the impact of a recent deal to buy iron ore and coking coal at nearly double and triple rates and a ceiling on selling price hit its bottom line.

Seven analysts surveyed by Reuters forecast, on an average, JSW's July to September net profit would dip by 7.6% to INR 4.66 billion on an 80% rise in net sales of INR 45.37 billion.

JSW's April to June profit slipped by more than a half to INR 2.19 billion while sales jumped by 54% to INR 36.71 billion.

It is reported that Uttar Pradesh government has withdrawn the land it had sanctioned for the rail coach factory project and for which foundation stone for the project was laid in February 2007.

The state government has withdrawn 400 acre it had given for the project.

The factory was to come up on 1,200 acre. Railways are yet to acquire remaining 800 acre for the project. As the land acquisition is yet to complete, the locals fear that the factory project will never see the face of reality, as some of the locals are demanding their lands back.

In February 2007, foundation stone was laid for the factory.

Project Today reported that Kandla Port Trust is planning to develop integrated port facilities at Vadinar, near Jamnagar in Gujarat through a PPP model to become maritime logistics hub.

The facilities will include offshore berthing facilities at Vadinar, dry bulk cargo handling facilities, liquid bulk terminal, bunkering complex, ship building and ship repair facilities.

It will also set up a single point mooring and allied facilities at Vadinar in the Gulf of Kachch. The company has invited global invitation for EoIs for development of port facilities at Vadinar. The tender will be opened on November 26.

There are plans to set up a port based SEZ at Kandla on the west of dry cargo berths at New Kandla and at the proposed Tuna Port. Various port-based industries such as transshipment terminal, international bunkering terminal, ship repair facilities, LNG terminal, wood products terminal, etc will be included in the SEZ. Ministry of commerce & industries has accorded formal approval for setting up a port-based multi product SEZ over 5,000 hectares.

It is reported that after arrest of Mr Abhaya Sahu leader of anti POSCO movement in Orissa, Orissa government has become optimistic about early beginning of work for POSCO steel plant near Paradip.

Mr Biswabhusan Harichandan industries minister of Orissa said that "We are hopeful of early beginning of work at Dhinkia area near Paradip with local people's support.”

Mr Pradip Amat steel and mine