Latest news with #SandeepPoundrik
Time of India
16 hours ago
- Business
- Time of India
Indian steel PSUs expanding global presence to achieve higher production by 2030
In a bid to explore reserves of key minerals needed for steel making abroad, and eyeing new markets for the commodity as well, three PSUs — Steel Authority of India Limited (SAIL), National Mineral Development Corporation (NMDC), and Metallurgical and Engineering Consultants (MECON) — will be opening their offices in Dubai by the end of June. Eventually, Nagpur-headquartered Manganese Ore India Limited ( MOIL ) will also join with a setup in the country, Union steel secretary Sandeep Poundrik told TOI on Sunday. Even though there is enough domestic output of iron ore, the country needs to increase the supplies of coking coal, manganese, limestone, and even some of the critical minerals. The idea is to explore the reserves in other countries to meet the shortfall. Poundrik was in the city to attend the 63rd foundation day of MOIL on Sunday. Manganese is needed for strengthening steel in its manufacturing process. Soon, MOIL chairman-cum-managing director (CMD) AJ SAxena will be visiting Gabon to explore the opportunities for manganese mining in the country. The govt is also eyeing critical minerals in Brazil and Argentina, said the officer. Poundrik said Dubai has been chosen for opening the PSUs' office because a large part of the African market is controlled from there. Among Gulf countries, Oman has a sizeable quantity of limestone reserves, which again is a key input for steel making. With the availability of gas in the Middle-Eastern countries, the govt is also eyeing scope for DRI grade of steel from India, said the officer. Poundrik said the country is currently making 151 million tonnes of steel, with around 9.5 million tonnes being imported. The country is a net importer at present because of China dumping the commodity. A safeguard duty has been imposed, and it is expected to yield results. However, by 2030, India's production is expected to reach 300 million tonnes, with the capacity reaching around 400 million tonnes, he said. On the recent move of the European Union (EU) tightening restrictions on steel imports, Poundrik said India would take time to bring down the carbon imprint. EU nations have to follow the norms under the carbon border adjustment mechanism on this. With predominantly blast furnace technology in India, it would still take time to meet the EU norms. However, India is not much dependent on the EU, and there is a vast global market for its steel, he said. MOIL achieves highest quarterly production MOIL CMD Ajit Kumar Saxena said this quarter the company achieved the highest ever quarterly production at 5 lakh million tonnes in this fiscal. Never before could this level be reached. He was speaking at the company's foundation day function on Sunday. The company also undertook exploration of almost 107km in last fiscal. MOIL's production in the last fiscal stands at over 18 million tonnes, and it is confident of meeting the target of 35 million tonnes by 2030, he said. Later, Poundrik said he was confident that MOIL's contribution to the steel sector would go beyond 50%. He said that MOIL's production is expected to even cross 35 million tonnes, touching over 40 million tonnes by 2030.
Time of India
19 hours ago
- Business
- Time of India
Indian steel PSUs expanding global presence to achieve higher production by 2030
Nagpur: In a bid to explore reserves of key minerals needed for steel making abroad, and eyeing new markets for the commodity as well, three PSUs — Steel Authority of India Limited ( ), National Mineral Development Corporation (NMDC), and Metallurgical and Engineering Consultants (MECON) — will be opening their offices in Dubai by the end of June. Tired of too many ads? go ad free now Eventually, Nagpur-headquartered Manganese Ore India Limited (MOIL) will also join with a setup in the country, Union steel secretary Sandeep Poundrik told TOI on Sunday. Even though there is enough domestic output of iron ore, the country needs to increase the supplies of coking coal, manganese, limestone, and even some of the critical minerals. The idea is to explore the reserves in other countries to meet the shortfall. Poundrik was in the city to attend the 63rd foundation day of MOIL on Sunday. Manganese is needed for strengthening steel in its manufacturing process. Soon, MOIL chairman-cum-managing director (CMD) AJ SAxena will be visiting Gabon to explore the opportunities for manganese mining in the country. The govt is also eyeing critical minerals in Brazil and Argentina, said the officer. Poundrik said Dubai has been chosen for opening the PSUs' office because a large part of the African market is controlled from there. Among Gulf countries, Oman has a sizeable quantity of limestone reserves, which again is a key input for steel making. With the availability of gas in the Middle-Eastern countries, the govt is also eyeing scope for DRI grade of steel from India, said the officer. Poundrik said the country is currently making 151 million tonnes of steel, with around 9.5 million tonnes being imported. The country is a net importer at present because of China dumping the commodity. Tired of too many ads? go ad free now A safeguard duty has been imposed, and it is expected to yield results. However, by 2030, India's production is expected to reach 300 million tonnes, with the capacity reaching around 400 million tonnes, he said. On the recent move of the European Union (EU) tightening restrictions on steel imports, Poundrik said India would take time to bring down the carbon imprint. EU nations have to follow the norms under the carbon border adjustment mechanism on this. With predominantly blast furnace technology in India, it would still take time to meet the EU norms. However, India is not much dependent on the EU, and there is a vast global market for its steel, he said. MOIL achieves highest quarterly production MOIL CMD Ajit Kumar Saxena said this quarter the company achieved the highest ever quarterly production at 5 lakh million tonnes in this fiscal. Never before could this level be reached. He was speaking at the company's foundation day function on Sunday. The company also undertook exploration of almost 107km in last fiscal. MOIL's production in the last fiscal stands at over 18 million tonnes, and it is confident of meeting the target of 35 million tonnes by 2030, he said. Later, Poundrik said he was confident that MOIL's contribution to the steel sector would go beyond 50%. He said that MOIL's production is expected to even cross 35 million tonnes, touching over 40 million tonnes by 2030.
Reuters
06-05-2025
- Business
- Reuters
India's SAIL to import trial coking coal cargo from Mongolia, maybe by air
NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd ( opens new tab plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said. The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions. The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia. As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public. SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said. The Mongolian prime minister's office and SAIL did not respond to requests for comment. India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia. To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices. However, its landlocked geography and limited infrastructure pose logistical challenges. Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult. Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity. "Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said. Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.
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Business Standard
01-05-2025
- Business
- Business Standard
JSW Steel likely facing hurdles in coking coal imports from Mongolia
The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India was looking to bring in 75,000 metric tons Reuters NEW DELHI JSW Steel, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said. The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India was looking to bring in 75,000 metric tons. India, the world's second-largest producer of crude steel, meets 85 per cent of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending. In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices. "There is no response from the Mongolian side, and we are finding it difficult," one of the sources said, declining to be identified due to the sensitive nature of discussions. "On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis," the source said. Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia. The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment. Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese. However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences. Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said. "We don't want to raise our exposure in one geography," they said. The company also sources coking coal from Australia, the United States and Mozambique. Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability. India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.
Business Recorder
01-05-2025
- Business
- Business Recorder
India's JSW Steel faces challenges importing coking coal from Mongolia
NEW DELHI: JSW Steel, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said. The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India was looking to bring in 75,000 metric tons. India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending. In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices. 'There is no response from the Mongolian side, and we are finding it difficult,' one of the sources said, declining to be identified due to the sensitive nature of discussions. 'On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis,' the source said. India's Jindal Steel posts surprise loss on weak steel prices, impairment charges Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia. The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment. Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese. However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences. Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said. 'We don't want to raise our exposure in one geography,' they said. The company also sources coking coal from Australia, the United States and Mozambique. Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability. India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.
