• Domestic steel prices could increase by over Rs 1,000 per tonne in December, the first rise in six months, propped up by a strong revival in international prices and improvement in demand from infrastructure and housing sectors, according to industry executives.
  • According to Binod Modi, analyst with Reliance Securities, Cement demand was expected to grow at 5 to 6% this year, but it has not happened. Demand was impacted first by liquidity constraint, slowdown in infrastructure development and later extended monsoon. He added, A meaningful recovery in demand is expected only by the second half of FY21.
  • The 16 coal blocks allotted to Coal India in the last one year will enhance annual output by 125 million tonnes, a senior company executive said, pointing out that production at these blocks could start in the next three to six years.
  • The steel ministry wants state-run units under its supervision, such as SAIL and RINL, and state governments to come up with various enablers such as encroachment-free land and steady supply of raw material to help the industry build 25-30 million tonne (MT) additional steel production capacity through the greenfield route by 2024-25.
  • An estimated Rs 1-1.5 lakh crore investment would be required to create the targeted capacity. India’s current steel capacity of 142 MT is being augmented by 28-30 MT through the brownfield route by 2024-25.
  • New areas for additional coal reserves, economical for mining should be identified at a faster pace, said coal secretary Anil Kr Jain.
  • He emphasised on the need for a paradigm shift from present exploration method to new technologies according to the statement by Central Mines Planning & Design Institute (CMPDIL).
  • India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn.