SAIL

April 2 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• SAIL - AMARENDU PRAKASH RESIGNS AS CHAIRMAN AND MANAGING DIRECTOR

• SAIL - KRISHNA KUMAR SINGH APPOINTED AS CHAIRMAN AND MANAGING DIRECTOR

Source text: ID:nBSE76zqlW

Further company coverage: SAIL.NS

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Recasts first paragraph, adds details throughout

By Sarita Chaganti Singh and Nikunj Ohri

NEW DELHI, March 27 (Reuters) - India authorised some state firms including Bharat Heavy Electricals BHEL.NS and Steel Authority of India SAIL.NS on Friday to procure critical equipment from China, according to a government source and document, after easing restrictions.

Reuters reported last month that India would relax restrictions on buying Chinese equipment imposed after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mounted. India has since then also eased investment curbs on China.

Under the relaxation of the rules, India's largest state-run power equipment maker Bharat Heavy Electricals can procure 21 types of critical equipment from China, the government order said. A similar authorisation has been given to Steel Authority of India for certain critical components, and for sourcing of coal-gasification equipment by other state-run firms, a government source said.

The deadly clashes in 2020 between Indian and Chinese troops along the Himalayan frontier prompted New Delhi to tighten rules on Chinese procurement and investments, but a global realignment of trade sparked by ​U.S. tariffs ⁠has prompted India to consider a calibrated reset with China to keep supply chains steady and attract investments.

Last August, Indian Prime Minister Narendra Modi visited China for the first time in seven years, meeting Chinese President Xi Jinping to discuss improving ties, after which the two countries resumed direct flights and New Delhi eased visa procedures for Chinese business professionals.

The government order issued this month, seen by Reuters, exempts Chinese bidders participating in state contracts from registration with a government committee to obtain political and security clearances.

Earlier this month, New Delhi also eased restrictions on Chinese investments in select sectors to help ease a capital squeeze, marking a significant reset of economic ties.

(Reporting by Sarita Changanti Singh and Nikunj Ohri; writing by Shivangi Acharya; Editing by Jan Harvey and Susan Fenton)

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By Neha Arora

NEW DELHI, March 16 (Reuters) - Mounting gas shortages have disrupted operations at some steel plants of India's top metals conglomerate JSW Group, with one unit facing a potential shutdown in the coming days, according to an internal note seen by Reuters.

India, the world's second-largest crude steel producer, is facing its worst gas crisis in decades after the Middle East conflict disrupted supply routes.

JSW said in the note that disruptions to fuel supplies and maritime operations were starting to affect its operational stability and supply chain. As a result JSW Steel Coated Products risked missing sales and supply obligations for tinplate under the government's production-linked incentive scheme and has requested a six-month extension, it added.

"JSW has also received force majeure notice from one of its key suppliers - Petronet LNG Ltd owing to Middle East crisis affecting LNG shipment," the note said.

JSW did not immediately respond to a request for comment.

HUGE ADVERSE IMPACT

In a separate letter, also seen by Reuters, to the federal steel secretary dated March 7, the Indian Steel Association said a shortfall of propane and liquefied petroleum gas affected the entire value chain and would have a "huge adverse impact" on steel-based micro, small and medium enterprises and their ancillary units, which employ a large workforce.

JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS are among the ISA's members.

India has invoked emergency measures, restricting natural gas use to priority sectors after liquefied natural gas shipments through the Strait of Hormuz were disrupted by the conflict.

The ISA has asked the government to fast-track subsidised spot imports from non-Middle East sources and ensure priority allocation to steel and allied industrial clusters.

The steel association did not immediately respond to a request for comment.

India's small steel producers have warned of production halts because of gas shortages, Reuters reported last week.

(Reporting by Neha Arora; editing by Mayank Bhardwaj, Kirsten Donovan)

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March 13 (Reuters) - Prostarm Info Systems Ltd PRON.NS:

• GETS LOA FROM SAIL FOR 67.1 MILLION RUPEES

Source text: ID:nNSE6hwlyc

Further company coverage: PRON.NS

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Feb 17 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - RECEIVES LETTER OF ACCEPTANCE FROM SAIL

• BHEL - ORDER VALUED IN THE RANGE OF 12 BILLION RUPEES TO 15 BILLION RUPEES

Source text: ID:nBSE1s74GR

Further company coverage: BHEL.NS

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Feb 3 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• SAIL - REGISTERED JANUARY 2026 SALES OF 1.84 MT

Source text: [ID:]

Further company coverage: SAIL.NS

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Jan 30 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• DEC-QUARTER CONSOL NET PROFIT 3.74 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 273.71 BILLION RUPEES

Further company coverage: SAIL.NS

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By Neha Arora and Aditya Kalra

NEW DELHI, Jan 23 (Reuters) - Four major Indian steelmakers - Tata Steel, JSW Steel and state-run SAIL and RINL - disclosed their pricing plans to rivals and coordinated production cuts to reduce supplies, an antitrust investigation report seen by Reuters shows.

In the most high-profile antitrust case involving India's steel sector, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, meaning they could face hefty fines, Reuters reported exclusively on January 6.

The investigation report into the four major companies that has not been made public shows the commission reviewed dozens of WhatsApp chats, including from groups named "Friends of Steel", "Tycoons" and "Steel Live Market" that were seized during 2022 industry raids. It analysed pricing changes, sales and production patterns.

Tata Steel TISC.NS, JSW Steel JSTL.NS and state-run Steel Authority of India Limited, or SAIL, SAIL.NS and Rashtriya Ispat Nigam Limited, or RINL colluded during 2018-2023, the report says.

"There is enough circumstantial evidence ... of concerted efforts by SAIL, RINL, JSW and Tata Steel," the commission report, drafted in April 2025, said.

The four companies "were influencing the market with the sensitive price information in advance," it said.

Consultancy BigMint estimates the companies account for 44.4% of India's steel market.

TATA STEEL 'CATEGORICALLY DENIES ANY WRONGDOING'

Tata Steel in a statement to Reuters said it "categorically denies any wrongdoing" and that it determines its prices independently based on prevailing market conditions and other factors.

It added it will submit its detailed responses to the competition commission.

JSW, SAIL and RINL did not respond to requests for comment from Reuters. Their executives denied wrongdoing during the investigation, the report said.

The competition commission, which does not make any cartel case details public in line with its rules, also did not respond.

WHATSAPP CHATS AND STEEL BAR TYCOONS

The steel case started in 2021 and the companies were in October asked to submit their financial details - typically asked for penalty calculations - and share any final objections.

Senior officials at the commission are reviewing the findings. They have powers to impose fines, or overturn investigation findings.

Tata, JSW, SAIL SAIL.NS and RINL were not raided in the 2022 operation, but many smaller firms and industry groups were.

India's competition commission retrieved chats from the phones of other companies' executives that referred to the pricing plans of JSW, Tata, SAIL and RINL.

The report made no mention of any message being written by the four companies' executives, but said the investigators correlated information in the chats with company's actual price changes, and found them to be in synchrony.

One message in 2022 was posted in a group called "TMT TYCOONS" - TMT refers to steel bars used in construction. It said: "TODAY SAIL INCREASED Rs. 1000pmt in HR COIL/FLAT products. As per close sources, all primary producers are likely to increase prices."

Another message from 2020 read: "All main producers like jsw, tata ... and sail planning to increase TMT price by 1500 to 2000 pmt from 1st Nov."

PRESENTATIONS AND 'CLEAR-CUT CORROBORATION'

India is the world's second-largest producer of crude steel, and demand for the alloy has risen as infrastructure spending has increased in the fast-growing major economy.

The competition commission has held JSW's billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, four former SAIL chairpersons and three former ones of RINL liable for price collusion, as Reuters reported earlier this month.

Some of RINL's internal government presentations pointed to the alleged collusion by the four players, the report showed.

An RINL presentation to a government committee showed that for every month between 2018-19 and 2022-23 it "submitted market prices of TMT bars of SAIL, TATA and JSW for arriving (at) the selling price of TMT bars by RINL."

Further, the commission report found that at least in 2020-21 there was a "controlled reduction in production by Tata, JSW, SAIL and RINL to the tune of 16% to 22%".

One specific RINL presentation to a government committee in 2020 showed that it internally noted there were "production cuts by manufacturers".

"These facts (are) tantamount to clear-cut corroboration/admission of allegation of production cuts by the said big steel manufacturers," the report said.

(Reporting by Neha Arora and Aditya Kalra; editing by Barbara Lewis)

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By Neha Arora

NEW DELHI, Jan 12 (Reuters) - India was a net exporter of finished steel in the first nine months of the financial year, with shipments reaching 4.8 million metric tons, up 33.3% from a year ago, according to provisional government data reviewed by Reuters on Monday.

The data showed that the world's second-biggest crude steel producer imported 4.65 million metric tons of finished steel in the same period.

Country-wise data on India's steel exports is expected later in the month.

In December, the government imposed an import tariff on some steel products to curb cheaper shipments, primarily from China.

The levy, locally known as a safeguard duty, will be imposed at 12% followed by 11.5% in the second year and 11% in the third year.

India produced 117.6 million metric tons of finished steel between April-December, while consumption stood at 119.3 million metric tons, the data showed.

Crude steel production during the period stood at 123.9 million metric tons, according to the data.

In January, leading Indian steelmakers raised prices of hot-rolled coils and cold-rolled coils by up to 2,000 rupees ($22.19) per metric ton, according to commodities consultancy BigMint.

Prices of hot-rolled coil ranged between 50,250 rupees per metric ton to 51,250 rupees per metric ton, the consultancy said.

($1 = 90.1413 Indian rupees)

(Reporting by Neha Arora; Editing by Ronojoy Mazumdar)

((neha.dasgupta@tr.com;))

Adds share price reaction in paragraph 17

By Aditya Kalra and Neha Arora

NEW DELHI, Jan 6 (Reuters) - India's competition watchdog has found market leaders Tata Steel TISC.NS, JSW Steel JSTL.NS, state-run SAIL SAIL.NS and 25 other firms breached antitrust law by colluding on steel selling prices, a confidential document shows, putting the companies and their executives at risk of hefty fines.

The Competition Commission of India (CCI) has also held 56 top executives, including JSW's billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran and four former SAIL chairpersons, liable for price collusion over varying periods of time between 2015 and 2023, according to a CCI order dated October 6, which has not been made public and is being reported for the first time.

JSW declined to comment, while Tata Steel, SAIL, and the executives did not respond to Reuters queries. The CCI also did not respond to requests for comment.

The CCI investigation - the most high-profile case involving the steel industry - started in 2021 after a group of builders alleged in a criminal case brought to a state court that nine companies were collectively restricting the supply of steel and increasing prices.

Reuters reported in 2022 the watchdog raided some small steel companies as part of an investigation into the industry.

The probe was later expanded to as many as 31 companies and industry groups, as well as dozens of executives, the CCI's October order, reviewed by Reuters, shows. Under CCI rules, details of cases related to cartel-like activity are not made public before they have concluded.

The CCI investigation has "found the conduct of the parties to be in contravention" of Indian antitrust law and "certain individuals have also been held liable," the order stated.

The findings are a critical stage of any antitrust case.

They will be reviewed by top CCI officials and companies and executives will also have the opportunity to submit any objections or comments in a process that is likely to take several months given the scale of the investigation.

The CCI will then issue its final order, which will be released publicly.

RISK OF SIGNIFICANT FINES

India is the world's second-largest producer of crude steel, and demand for the alloy has been rising as infrastructure spending has increased in the fast-growing major economy.

JSW Steel has 17.5% of the Indian market, Tata Steel 13.3% and SAIL 10%, according to data from commodities consultancy BigMint.

In the last fiscal year to March 2025, JSW Steel reported standalone revenues of $14.2 billion, while Tata Steel's were $14.7 billion.

The CCI is empowered to impose penalties on steel companies of up to three times their profit or 10% of turnover, whichever is higher, for each year of wrongdoing. Individual executives can also be fined.

JSW and SAIL have denied the allegations before the CCI, according to two people familiar with the matter, who declined to be named because the case was confidential.

One of them said JSW had also submitted its response to the CCI, and denied the allegations.

At 0852 GMT, shares in JSW Steel extended losses to 1.33%, SAIL was down 3.2%, and Tata Steel turned negative and fell as much as 0.7%. The main Nifty Metal Index .NIFTYMET also turned negative in Mumbai trade.

WHATSAPP CHATS REVIEWED

The CCI opened the case after Coimbatore Corporation Contractors Welfare Association alleged in a case it brought before a Tamil Nadu state court in 2021 that steel companies had hiked prices by 55% during a six-month period to March 11 that year, and were artificially boosting prices by restricting supply to builders and consumers.

After the public prosecutor said the issue was an antitrust matter, the judge then ordered the CCI to take "appropriate action" on the complaint of the association, whose members are involved in road and highway construction.

Other companies in the CCI document that were found to have allegedly colluded on prices, were Shyam Steel Industries, state-run Rashtriya Ispat Nigam and other smaller-sized firms. Shyam and Rashtriya did not respond to Reuters queries.

The CCI has asked the steel companies to submit their audited financial statements for the eight financial years to 2023, the October order showed. The watchdog typically seeks such details to calculate potential penalties.

While the October order did not detail the evidence analysed, an internal CCI document from July 2025 said officials had uncovered WhatsApp messages exchanged between regional industry groups of steel product makers that suggested wrongdoing.

The messages "indicate that they are involved in fixing the prices/cutting down production," said the July document.

(Reporting by Aditya Kalra and Neha Arora; Additional reporting by Arpan Chaturvedi; Editing by Kate Mayberry)

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Jan 5 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• DECEMBER SALES VOLUME OF 2.1 MILLION TONNE; UP ABOUT 37% YOY

Source text: [ID:]

Further company coverage: SAIL.NS

((Reuters.Briefs@thomsonreuters.com;))

By Neha Arora

NEW DELHI, Dec 1 (Reuters) - India is assessing the viability of importing coking coal from Mongolia despite transport bottlenecks, a source with direct knowledge of the matter said, as New Delhi seeks to diversify supplies of the key steelmaking ingredient.

India, the world's second-biggest crude steel producer, relies on imports for about 85% of its coking coal needs, with more than half sourced from Australia. Demand is expected to climb in coming years, prompting the government and steelmakers to look at tapping new suppliers, the source said.

Landlocked Mongolia has two trade corridors for exports - a longer route via Russia and another through China.

India does not expect the China route to be viable in the long term given Mongolia's strategic importance to Beijing as a coal supplier and the potential for Beijing to block access, the source said, declining to be identified as the information was not public.

India's Ministry of Steel did not respond to an email seeking comment.

New Delhi and Beijing are cautiously rebuilding economic ties after a deadly clash along their contested border in 2020 triggered a prolonged military standoff.

Mongolian coking coal has been cited by industry officials as a potential source of high-grade coal at relatively lower prices. But logistics remain the biggest hurdle, the source said.

India has yet to receive trial shipments of Mongolian coal that were planned earlier this year. State-run Steel Authority of India (SAIL) SAIL.NS had sought 1 metric ton of Mongolian coal, Reuters reported in May.

"SAIL is in continuous engagement with Mongolian coking coal suppliers for ascertaining technical and logistical feasibility for sourcing from Mongolia," the steelmaker said in an emailed statement.

The Mongolian Ministry of Mining and Heavy Industry did not respond to a request for comment.

Separately, Russia and the United States each account for roughly 15% of India's coking coal imports, the source said.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Kevin Buckland)

((neha.dasgupta@tr.com;))

** Shares of Steel Authority of India (SAIL) SAIL.NS decline 2.8% to 136.63 rupees

** State-run steelmaker posted a 53% y/y dip in second-quarter consol net profit at 4.19 billion rupees

** Expenses rose ~10%, while revenue from operations grew 8%

** SAIL rated "hold" on avg by 23 analysts, same as bigger rival JSW Steel JSTL.NS; Tata Steel TISC.NS is rated "buy" - data compiled by LSEG

** YTD, SAIL, JSTL and TISC up ~21%, 34% and ~33%, respectively

(Reporting by Manvi Pant)

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Oct 29 (Reuters) - Steel Authority of India Ltd SAIL.NS:

• Q2 NET PROFIT 4.27 BILLION RUPEES

• Q2 REVENUE FROM OPERATIONS 267.04 BILLION RUPEES

Source text: ID:nBSE1hz6w3

Further company coverage: SAIL.NS

((Reuters.Briefs@thomsonreuters.com;;))

July 25 (Reuters) - Steel Authority of India SAIL.NS reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand.

The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees ($111.90 million) during the quarter ended June 30.

The company recorded a one-time cost of 3.12 billion rupees a year ago.

Its revenue from operations rose 8% to 259.22 billion rupees.

KEY CONTEXT

Last week, JSW Steel JSTL.NS, India's top steelmaker by market capitalisation, beat profit estimates on the back of higher prices and easing input costs.

India had imposed a 12% temporary tariff on some steel imports in April to help domestic mills, which have been under pressure from low-cost shipments from China. That moderated finished steel imports into the country and prompted domestic steelmakers to bridge the supply gap, boosting the metal's prices.

Costs of iron ore and coking coal — key steelmaking raw materials — dropped in the quarter, analysts said, helping the bottom line of the mills.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 86.5060 Indian rupees

(Reporting by Manvi Pant and Ananta Agarwal in Bengaluru;)

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By Neha Arora

NEW DELHI, July 1 (Reuters) - India's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday.

India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago.

China exported 0.2 million metric tons of finished steel to India during the two months, while Japan shipped 0.1 million metric tons during the period, the data showed.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

South Korea was the top finished steel exporter to India during April-May, with shipments rising 8.2% to 0.4 million metric tons, the data showed.

Imports from China, Japan and South Korea accounted for 74.4% of India's overall finished steel imports and hot-rolled coils or strips were India's biggest imports, the data showed.

India was a net importer of finished steel during the period, with exports falling 18.1% year-on-year to 0.8 million metric tons, the data showed.

Galvanised plain or corrugated sheets or coils were India's biggest exports during the period.

Belgium was India's biggest export market, with shipments rising 12.4% to 0.15 million metric tons, the data showed.

Shipments to Italy slumped 53.7%, while those to Nepal and Spain went up, the data showed.

During April-May, India's finished steel consumption reached 25.1 million metric tons, up 7.1% from a year earlier. Crude steel production rose 9.5% to 26.9 million metric tons, the data showed.

(Reporting by Neha Arora; Editing by Ronojoy Mazumdar)

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June 30 (Reuters) - S J Logistics (India) Ltd SJLO.NS:

• EMPANELLED AS APPROVED LOGISTICS SERVICE PROVIDER WITH SAIL

Source text: ID:nNSE5fwVrc

Further company coverage: SJLO.NS

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By Neha Arora

NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd SAIL.NS 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.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell)

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By Neha Arora

NEW DELHI, May 1 (Reuters) - JSW Steel JSTL.NS, 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 SAIL.NS 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.

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.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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Adds executive comments and details from paragraph 2 onwards

By Neha Arora

MUMBAI, April 24 (Reuters) - Indian miner NMDC NMDC.NS is exploring coking coal assets, key ingredient used for making iron ore and steel, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports. Australia accounts for more than half of the country's coking coal imports.

The company is looking at this as a business opportunity, Mukherjee said. "They (explorations) are in different stages of negotiations." He did not disclose the details of these talks due to confidentiality.

State-owned NMDC is India's largest iron ore miner with four operational mines across the country.

The country's top steelmaker JSW Steel's JSTL.NS CEO Jayant Acharya had told Reuters earlier in the day that the company sources coking coal from Australia, the United States and Mozambique. State-owned SAIL SAIL.NS also procures coking coal from countries such as Mongolia.

Coking coal has traditionally been a volatile commodity because of its dominance in exports and the variability of weather, according to commodity consultancy firm BigMint.

In 2023, erratic weather conditions hit coking coal supplies from Australia.

(Reporting by Neha Arora in Mumbai, and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Shilpi Majumdar)

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Repeats for wider distribution with no changes to text

By Neha Arora and Surbhi Misra

NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.

(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)

((neha.dasgupta@tr.com;))

By Neha Arora

NEW DELHI, April 21 (Reuters) - India is set to impose a temporary tariff, known locally as safeguard duty, of 12% on steel imports, said a government source with direct knowledge of the matter, to try and curb a surge in cheap imports from China and elsewhere.

The government would enact the tax as soon as possible, the source, who did not wish to be named, told Reuters on Monday.

India, the world's second-biggest crude steel producer, was also a net importer of finished steel for the second consecutive year in the 2024/25 fiscal year, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

Last month, the Directorate General of Trade Remedies (DGTR), which comes under the federal trade ministry, recommended a tariff of 12% on some steel products for 200 days, as part of efforts to stem cheap imports.

The recommendation followed an investigation from December last year over whether unbridled imports have harmed India's domestic steel industry.

"There is clarity that the duty would be 12% and a decision is expected at the earliest," the source said of the previously unreported plan to go ahead with the DGTR's recommendation.

The Ministry of Finance, which takes the final decision, did not immediately respond to a Reuters email seeking comment.

India's finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the financial year that ended in March.

Imports from China, South Korea and Japan accounted for 78% of India's overall finished steel imports.

The influx of cheap steel has forced India's smaller mills to scale down operations and consider job cuts.

India joins a growing list of countries contemplating action to stem imports.

Its leading steelmakers' body, which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India have raised concerns over imports and called for curbs.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Andrew Cawthorne)

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By Neha Arora

NEW DELHI, April 8 (Reuters) - India was a net importer of finished steel during the financial year that ended in March, provisional government data reviewed by Reuters showed on Tuesday.

The world's second-biggest crude steel producer imported 9.5 million metric tons of finished steel during April-March, up 14.6% from a year before, the data showed.

India's finished steel exports stood at 4.9 million metric tons in the period, down 35.1%, the data showed, making it a net steel importer for a second straight year.

New Delhi will detail country-wise trade numbers later in the month.

India has recommended a temporary 12% tax on some steel products for 200 days, known locally as a safeguard duty, in a bid to curb imports, the government said last month.

Crude steel production in 2024/25 stood at 151.1 million metric tons, up 4.7% on the year before, the data showed.

Consumption of finished steel was at 150.2 million metric tons in the last fiscal year, up 10.2% year-on-year, the data showed.

(Reporting by Neha Arora; Editing by Jan Harvey)

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By Neha Arora

NEW DELHI, April 1 (Reuters) - India's finished steel imports during the first 11 months of the financial year, which began in April, stood at 8.98 million metric tons, marking a 15.8% year-on-year increase, according to provisional government data reviewed by Reuters on Tuesday.

India, the world's second-biggest crude steel producer, became a net importer in 2023/24, a trend that has continued with rising shipments from China, South Korea and Japan.

Last month, India recommended a 12% temporary tax on certain steel products for 200 days, known as a safeguard duty, in an attempt to curb imports.

South Korea was the biggest exporter of the alloy to India during April-February, with shipments reaching 2.6 million metric tons, up 7.1% year-on-year, the data showed.

Finished steel imports from China totalled 2.4 million metric tons, down 5.3% year-on-year, while imports from Japan reached 1.9 million metric tons, marking a nearly 70% year-on-year increase, the data showed.

Flat steel products accounted for 95% in overall finished steel imports, the government report said, adding that hot-rolled coils or strips were the most imported product by volume.

India's finished steel exports during April-February stood at 4.4 million metric tons, down 33.7% year-on-year, the data showed.

Italy was the biggest exports destination during the period but shipments slumped 56.2%, while exports to Belgium and Spain also dropped, according to the data.

Shipments to Europe were likely to be further affected by the European Union's tightened import restrictions, but the Indian government was confident that strong domestic demand would offset the impact, Reuters reported last week.

The country's finished steel consumption was at 137.8 million metric tons, up 11.3% year-on-year.

Crude steel production was at 138.2 million metric tons during the period, up 5.2% year-on-year, the data showed.

(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)

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March 27 (Reuters) - SEPC Ltd SEPC.NS:

• SEPC LTD - GOT FINAL ACCEPTANCE CERTIFICATES FROM SAIL, DURGAPUR STEEL PLANT

• SEPC LTD - GOT ACCEPTANCE CERTIFICATES FOR VALUE OF 397.8 MILLION RUPEES

Source text: [ID:]

Further company coverage: SEPC.NS

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By Neha Arora

NEW DELHI, March 26 (Reuters) - India's government was confident that strong domestic demand for steel would offset the European Union's plans to tighten steel import quotas from April, a source with direct knowledge of the matter told Reuters.

On Tuesday, the European Commission said it would tighten import restrictions on steel from next month in a bid to shield the ailing European steel sector from surging imports.

The EU will reduce import quotas, known as safeguards, limiting the amount of steel that can be imported into the bloc of 27 nations tariff-free.

"There will be some impact but our domestic consumption is growing so fast that the industry should be able to absorb," the source said, declining to be identified as India has not yet publically responded to the EU's move.

India's federal Ministry of Steel did not respond to a Reuters email seeking comments.

Among the EU's concerns were India's exports, as Europe is among the top destinations for Indian steel.

In the first 11 months of the financial year, India exported 2.03 million metric tons of steel to the European Union, which was 46% of the country's overall shipments.

However, Indian exports are typically small compared to local consumption inside the world's second-biggest crude steel-producing nation.

In 2023/24, India exported 7.5 million metric tons of steel, while consumption was 136 million metric tons.

The source also said there would be no impact from U.S. tariffs on Indian steel, as exports to the U.S. were "insignificant."

The source added that since Chinese exports to the U.S. were small, there was less concern about diverted steel flows toward India, adding that China still remained the "biggest concern".

India shipped record quantities of steel from China, South Korea and Japan in the first 10 months of the financial year that started in April. The country also remained a net importer.

Last week, India recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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