Soya rally unlikely on higher imports
Imported soyabean from Brazil in the coming days. Strong foreign support and comparatively weak arrival also boosted soyabean prices to ₹3,350-3,450 a quintal (₹3,200 last week) amid arrival of 40,000-45,000 bags in mandis across Madhya Pradesh. Given meagre availability with crushers, plant deliveries of soyabean also rose to ₹3,500-90 (₹3,350-3,400). Soyameal also witnessed a bullish trend with prices on the port quoted at ₹31,000-500 a quintal.
Mumbai Port Trust to facilitate creation of a cement terminal for the city
The city of Mumbai consumes approximately 1.25 million tonnes (mt) of cement per annum to meet its developmental needs. Currently, this cement is moved by road/rail through neighbouring states, necessitating the entry and exit of nearly 350 trucks per day, congesting the already overstrained city roads.
In its bid to decongest the city roads without affecting the requirement of cement, Mumbai Port, which has had a 141-year symbiotic relationship with Mumbai city, in its Board meeting on March 27, 2015, resolved to lease 2.5 hectares of its land at Petroleum Godown to Ultratech Cement Ltd for 30 years on ‘as is where is basis’, informed the Chairman of Mumbai Port Trust, Mr Ravi M. Parmar. This land will be used to build a fully automated cement handling terminal devoid of air pollution, which generally results from the handling and transportation of loose cement.
Once ready in 18 months, the terminal will facilitate the movement of cement required for the city’s consumption through the coastal route. The estimated cost of developing this facility, duly equipped with portable unloaders, silos of 30,000 tonnes capacity, bagging plant and other ancillary facilities, is about Rs 100 crore, according to a release.
Iron ore imports jump to record 15 MT in FY’15
India’s iron ore imports jumped manifold to a record 15 million tonnes in the financial year 2014-15 owing to ban on mining activities and declining global prices, a report said today.
A report by industry consultancy SteelMint said that FY’15 marked an all time high of 15 MT iron ore imports into India.
The huge import of Iron ore last fiscal, ended March 31, by an iron ore rich India is attributed to the bans on various mines by the Supreme Court and declining global prices of the commodity.
In 2013-14, the imports stood at a mere 3.2 lakh tonne. The report said the imports last fiscal were largely from South Africa (5.9 MT) followed by Brazil (3.7 MT), Australia (1.9 MT) and Oman (1.4 MT) among others.
Exports were recorded at 4.5 MT during the fiscal. JSW Steel, India’s third largest steel producer imported 8.4 MT iron ore followed by Tata Steel at 3.04 MT. Other major importers were Tata International, Essar Steel and Jindal Saw.
Mining ban in mineral rich states like Odisha and Jharkhand forced the largest buyer of raw material, JSW, to import the principal steel making commodity.
Major steel players like SAIL, Tata Steel, others, government ink pact to set up research body
State-owned SAIL, Tata Steel and other players in the sector today inked a pact with the government for setting up a research and development body SRTMI with an initial corpus of Rs 200 crore.
The SRTMI initiative aims at increasing investment on R&D in steel from 0.2-0.3 per cent of the sector’s total turnover, to international benchmark of 1-2 per cent.
The body has been set up after a recommendation was made by a high level Task Force set up by the Ministry of Steel. The government is looking at enhancing India’s steel production to 300 million tonnes by 2025, from about 100 MT at present.
Major steel companies including SAIL, Tata Steel, JSW Steel, JSPL and RINL signed with the Ministry of Steel a Memorandum of Understanding to set up of Steel Research and Technology Mission of India (SRTMI), said an official statement.
“The initial corpus for setting up of SRTMI is of Rs 200 crore wherein Rs 100 crore will be contributed from the Steel Development Fund of the Ministry, and Rs 100 crore will be provided by the participating companies,” the ministry said.
Steel and Mines Minister Narendra Singh Tomar said: “The joint initiative of steel industry and government will definitely yield results, if same enthusiasm and spirit is maintained at all times.
“In a youth rich country like India, steel industry can play a major role in creating employment.”
SRTMI will carry out R&D in priority areas of national importance covering best usage of available raw materials and conservation of natural resources, optimum energy conservation & minimum emissions, innovations and in-house development of design, engineering and manufacturing facilities of key steel plant equipments.
This post was written by Atlantic Admin