The Indian steel industry has expressed concern over India becoming a net importer of steel in 2023-24, saying is it is a ‘warning signal’ for the country which strives to become Atmanirbhar. As per the steel ministry’s Joint Plant Committee, India has registered a 38 per cent surge in imports of finished steel to 8.319 million tonnes (MnT) over 6.022 MnT imported during the preceding 2022-23 fiscal.
Indian-owned Tata Steel is planning to cut approximately 3,000 jobs at its plant in Wales, as the steel industry continues to face challenges in financing greener production. The company is expected to announce the closure of two blast furnaces at the Port Talbot steelworks, resulting in the loss of over one-third of its workforce. Talks with unions have taken place, and the move is seen as a significant setback.
Analysts have raised target price for shares of JSW Steel by 4-10%, with CLSA Asia Pacific Markets, Nuvama Institutional Equities, and Centrum Broking also upgrading rating for the shares. JSW Steel currently has the capacity to produce around 28 million tonne of steel each year, and this is expected to rise to around 37 million tonne over the next 15-18 months as some of the current expansion plans are completed.
