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voda 6 maart 2020 17:02

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USW President Mr Conway Calls on Congress to Support US Steel Industry

United Steelworkers International President Mr Thomas M Conway joined top executives from US steelmakers in testifying before the Congressional Steel Caucus to seek continued support from lawmakers for the American steel industry and its workers. Mr Conway said “The first step is to ensure that American workers are competing on a fair playing field with overseas competitors. While the Section 232 tariffs that took effect in March 2018 aided the industry in the short term, more consistent support for fair trade from Washington is necessary to ensure the industry remains on a long-term, sustainable course. We need to work with our allies to secure multi-lateral disciplines to reduce steel overcapacity and sanction bad actors," he said. "Steel remains vital to our economy and our national security."

Besides fair trade, another key to maintaining a vibrant domestic steel industry, Conway said, is ensuring consistent, strong demand for its products. Congress can spur that demand by making much-needed investments in the nation's infrastructure and transportation systems and ensuring that such projects come with Buy America provisions.

Joining Conway in testifying Thursday were industry executives John Brett of ArcelorMittal USA, Rich Fruehauf of US Steel, Lourenco Goncalves of Cleveland-Cliffs Inc, Leon Topalian of Nucor, Jim Charmley of Bull Moose Tube, Barbara R. Smith of Commercial Metals Co and David Zalesne of Owen Steel Co.

Source : Strategic Research Institute

voda 6 maart 2020 17:03

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Moody's Changes Outlook on JSW Steel's Ratings to Stable from Positive

Moody's Investors Service has changed the outlook on JSW Steel Limited's ratings to stable from positive. At the same time, Moody's has affirmed the company's Ba2 corporate family rating and the Ba2 rating on the company's senior unsecured USD notes. Moody's Vice President and Senior Credit Officer Kaustubh Chaubal said "The change in outlook to stable reflects JSW's weaker than expected operating performance, and our expectation that it will take longer for the company's credit metrics to improve to levels that warrant a higher rating."

Moody’s said “Steel consumption growth slowed to about 3.5% for the nine months ended December 2019 from 7.5% growth for the fiscal year ending March 2019. The slowdown was driven by sluggish economic activity, which has weakened demand from steel-using industries such as manufacturing and automotive, and by slow government disbursements towards infrastructure projects. Reflecting this weak industry demand, profitability as measured by EBITDA/ton for JSW's Indian steel operations declined by 31% to INR 8,168 over the same period from INR 11,677 in fiscal 2019.

Moody's expects a slight pickup in steel demand in fiscal 2021, along with a higher proportion of finished steel products with the commissioning of JSW's cold rolling mill facility, and concerted backward integration efforts into increasing the production of its key input, iron ore. These efforts will support profitability at levels appropriate for the company's Ba2 rating.

Source : Strategic Research Institute

voda 9 maart 2020 20:39

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ArcelorMittal Raises Coronavirus Red Flag

ArcelorMittal in its Annual Report for 2019 said that “"The recent increase in cases outside China is worrying and increases the risk of a global pandemic and a much larger negative impact on global GDP. The company is monitoring the situation closely and in particular in Italy, as should the virus spread more widely through Europe this will likely have a material impact on the Company’s sales and profitability in 2020. The company expects Chinese steel demand to grow in 2020 within a range of +0.0% to +1.0% (versus estimated growth of +3.2% in 2019) driven by robust real estate activity and given the company's current view on the Coronavirus. This may be revised downward due to the impact of the Coronavirus on Chinese demand and the knock-on impact elsewhere. However, demand is eventually expected to decline as infrastructure spending has been front loaded and real estate demand structurally weakens due to lower levels of rural-urban migration. If this does not coincide with renewed capacity closures, this is expected to have a negative impact on steel prices and spreads.”

It said “The precise impact of the Coronavirus is unknown but has had a negative impact on Chinese prices and spreads, and could continue to have a negative impact if inventories continue to rise at mills in China, putting downward pressure on pricing. While the Company expects a significant negative impact on industrial output and steel demand during the first quarter of 2020, assuming the disruption fades soon, employment and incomes are expected to be relatively unaffected, with most of the lost output expected to be recouped during the remainder of 2020, supported by fiscal and monetary easing. However, in 2020 both GDP and steel demand growth are still likely to be weaker than what was expected prior to the outbreak.Steel demand now expected to grow only 0 to 1 % in 2020. down from 1 to 2% previously expected.”

It also said “The Coronavirus is having a significant impact on Chinese demand during the first quarter of 2020 and is likely to have a negative impact elsewhere, mainly Asia, through reduced goods exports to China, fewer tourists from China and supply-chain disruptions due to shortages of Chinese produced intermediate goods. Although the impact on the Company's core markets is expected to be smaller, until the virus is under control, these cannot be quantified and our current forecasts for steel demand assume that the situation in China does not deteriorate materially. However, the recent increase in cases outside China is worrying and increases the risk of a global pandemic and a much larger negative impact on global GDP. The Company is monitoring the situation closely and in particular in Italy, as should the virus spread more widely through Europe this will likely have a material impact on the Company’s sales and profitability in 2020.”

ArcelorMittal believes that there are signs that the real demand slowdown is beginning to stabilize, and the supportive inventory environment means that the Company is more optimistic on the apparent demand outlook for 2020. This may be revised downwards due to the impact of the Coronavirus outside China.

In the US, ASC is expected to grow within a range of +0% to +1% in 2020 (versus an estimated -2% contraction in 2019), with stronger ASC in flat products offsetting an anticipated decline in ASC for long products.

In Europe, ASC is expected to grow within a range of +1% to +2% in 2020 (versus over -4% estimated contraction in 2019); although automotive is expected to remain weak, the end of destocking is expected to support improved ASC for flat products, similarly the end of destocking should offset the impact of the slowdown in construction activity for long products ASC.

In Brazil, ASC is expected to rebound in 2020 with growth expected in the range of +4% to +5% (versus estimated -2.6% contraction in 2019) following the pronounced destocking of flat products in 2019 and expected growth in construction activity.

In the CIS, ASC growth in 2020 is expected to slow but remain positive within a range of +0% to +1% (versus +4% estimated growth in 2019).
As a result, overall World ex-China ASC in 2020 is expected to grow within the range of +2% to +2.5% (versus estimated -0.8% contraction in 2019).

In China, that in 2020 both GDP and steel demand growth are still likely to be weaker than what was expected prior to the Coronavirus outbreak (Steel demand now expected to grow only 0 to 1% in 2020, down from 1 to 2% previously expected).

Source : Strategic Research Institute

voda 9 maart 2020 20:40

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Chinese Iron Ore Imports in January and February up by 1.5% YoY

The General Administration of Customs, which had said last month it would combine preliminary trade data for January and February instead of releasing data for individual months, announced that in the first two months of the year, China imported 176.8 million tonnes of iron ore as compared with 174.3 million tonnes a year earlier. The rise in purchases came as steel mills replenishing stocks ahead of China’s week-long Lunar New Year holiday which began on January 24 and was extended due to the coronavirus outbreak across the country.

However, steel mills in China, pressured by high stockpiles of product due to a suspension in downstream activities such as construction, curbed their output, also cutting down on their need for raw materials. But the adjustment to production plans should not have a big impact on iron ore demand.

The virus outbreak escalated in late January just as many businesses were winding down operations or closing for the long Lunar New Year holidays, and as hundreds of millions of Chinese were returning to their hometowns.

Source : Strategic Research Institute

voda 9 maart 2020 20:43

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Ryuk Ransomware Hits Evraz Plants in US and Canada

A cyberattack late Wednesday night has shut down Evraz North America's information technology systems across the United States and Canada. According to ZDnet, the systems at the company have been infected with a strain of the Ryuk ransomware. The infection paralyzed the North American branches of the company, primarily affecting steel production plants across Canada and the US. Spokesperson Patrick Waldron said "At this point, there has been no indication of any breach of confidential or personal customer or employee information. There is currently no timeline for resolution of the situation but it has affected internal infrastructure such as the company's email system. Our information technology teams are working to restore those systems as soon as possible. Customers and partners have been notified of the attack and the potential impacts it could have on company operations and shipments.”

It appears some workers at Evraz Steel in Regina are going to be missing more days’ wages as the company tries to deal with the fallout from a continent-wide cyber attack. The company also confirmed that temporary layoff notices have been issued as a result. EVRAZ employs more than 1,400 people in the United States and 1,800 in Canada.

Unfortunately, the list of the victims of the Ryuk ransomware is very long and includes the US government contractor Electronic Warfare Associates, US railroad company Railworks, Croatian petrol station chain INA Group, and parts manufacturer Visser Precision.

Source : Strategic Research Institute

voda 9 maart 2020 20:44

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2015 Danieli Rebar Rolling Mill Available form Hilco

Global leader in industrial asset acquisition and disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales Hilco Industrial has acquired a state of art 500,000 tonnes per year rebar mill from Posco Yamato SS Vina, which has withdrawn from rebar segment to focus on sections. Hilco will start marketing the 500.000 TPY Rebar Mill, which was installed in 2015 and started operations in 2016. The Danieli Morgardshammar rebar mill is consisting of walking-beam furnace with state-of-art regenerative burner combustion, 18 Mill Stands, QBT System, Cold Shear, Bundle & Binding etc. Hilco VP Marketing & Sales Mr Darko Pepovski said “This is a unique opportunity to purchase a very modern Rebar Rolling Mill, which only operated for 4 years. The Rebar Mill was built by Danieli Morgardshammar, a combination of Swedish technology and Italian passion for metals in over 150 years applied in 500 plants.”

To arrange an inspection appointment, access more detailed information about the assets being sold, or learn specific information about the private treaty sale process please contact: Darko Pepovski dpepovski@hilcoglobal.com +31 20 470 0989

Source : Strategic Research Institute

voda 9 maart 2020 20:45

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Coronavirus Could Derail Steel Price Recovery in India

Tata Steel MD & CEO Mr TV Narendran said that the next few weeks would be crucial to assess the economic impact of the virus. He said “Demand is reasonable. There is no inventory build-up in Indian steel firms and the industry has cut exports. If you look at long products, for instance, there is hardly any inventory in the system. In the next few weeks, we will know how bad this virus is. I think it will move back to peak levels in September, if it virus outbreak settles down at this level. If the virus scare was not there, we would have kept raising prices every month. In March also, we increased prices, but customers are pushing back. Let’s see.”

Mr Narendran said the health of the economy is better in this quarter than the third quarter. He said “If you leave out the virus, I think we are seeing green shoots. Things were picking up in multiple areas. Post monsoon, agri-related sectors have been positive. Commercial property and industrial buildings appear strong as also construction as the government is spending on infrastructure. However, residential real estate continues to be very shaky.The only sector which is still not showing any sign of recovery is auto. When I talk to the auto guys, they think it will be more in the second half of the next financial year, which means September onwards. Post BS-VI, they are waiting to see what the response will be from the market.”

Source : Strategic Research Institute

voda 9 maart 2020 20:45

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Chhattisgarh Issues Notice to NMDC over Bailadila Iron Ore Project

The Chhattisgarh government has issued a show-cause notice to NMDC Ltd asking why the second stage clearance for forest land allotted for an iron ore project in Dantewada’s Bailadila Hill, considered by local tribes to be sacred, should not be cancelled. The forest department also asked NMDC to file its reply within seven days in the notice issued on Friday. The five point notice of the forest department says that the diversion of 315.813 hectares of forest land for Bailadila Deposit 13 project permission or final approval was granted by the Union ministry of forest and environment and on January 9, 2017. The notice sayd “When the incumbent collector’s investigation has found the gram sabha to be void. Hence no option is left except to nullify the entire process.”

The notice came after a probe report submitted by collector Dantewada Topeshwar Verma on March 4 showed that the consent of gram sabha at Hiroli in Dantewada was not taken before the approval of the mining at deposit number 13 of Bailadila.

The mine would be operated by Adani Enterprises Limited under the central government’s mine developer and operator scheme was given to NCL, a joint venture of NMDC and Chhattisgarh Mineral Development Corporation, in 2014.

Under the Forest Conservation Act, 1980, forest land cannot be used as non-forest land for any project until the process of diversion of forest land as per the procedure mentioned in this law is completed.

Source : Strategic Research Institute

voda 9 maart 2020 20:46

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Vietnam Steel Association Seeks Support to Minimize Coronavirus Damage

Vietnam Steel Association vice chairman Mr Trinh Khoi Nguyen has called for of state support to Vietnamese steelmakers to minimise the damage caused by the outbreak of the novel coronavirus disease, which could well reach a pandemic as dozens of countries reported new infections. He said “The virus outbreak, which started in China, had hurt the country’s steel industry in many ways. Demand for Vietnamese steel had fallen sharply as construction projects were halted and rigid measures were taken by countries to monitor the flow of goods. Steel consumption across the country had dropped by 35 percent and exports had fallen by 20 percent. Other steel-related products also reported a 30-40 percent drop in demand.”

The association has urged the government to come up with policies to support the industry, including cutting interest rates and extending credit lines. At the same time, actions must be taken to ensure a steady supply of raw materials across the border.

Thai Nguyen Iron and Steel Company said sales had plummeted to 14,000 tonnes, just over 23 percent of its sales target for February. The corporation said even in the best-case scenario, it would only reach 75 percent of its quarterly target. The steelmaker said it’s in the process of reviewing stockpiles and negotiating with suppliers and buyers to ensure production continued.

VTMSteel was among the hardest hit by the outbreak as its factory is located close to the Vietnam-China border and the company heavily relies on trade between the two countries for raw materials. As the company’s stockpiles fell, operations would likely stop in March.

The Vietnam Steel Corporation has been talking with customs and border authorities to find ways to speed things up on both sides. Meanwhile, steelmakers must also start seeking other sources of raw materials.

Source : VNA

voda 9 maart 2020 20:46

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China Steel PMI Falls to 36.6 in February due to Coronavirus Impact

CFLP Steel Logistics Professional Committee announced that China’s Steel Purchasing Managers Index fell 10.5 basis points from January to 36.6 in February, impacted by the coronavirus, downstream demand weakened, pushing up finished steel inventories. The sub-index for steel production in February was 15.4 basis points lower from January at 31.3. The sub-index for raw materials inventories dropped to 29.2, illustrating the rapid drawdown of stocks when procurement became difficult. Meanwhile, the sub-index for new orders at steel mills in February was 32.7, down 11.1 basis points from the month before. Shrinking end-user demand and postponed construction activity lead to lower new orders. The sub-index for steel inventories went up 12.2 basis points from January to 57.5 in February.

It said “Looking ahead into March, steel demand is likely to start recovering, but accumulated steel stocks will pressure steel prices.”

Source : Strategic Research Institute

voda 9 maart 2020 20:47

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SAIL RSP Reports Record Production in February

Steel Authority of India Limited’s Rourkela Steel Plant has registered the highest February production of hot metal from two of its blast furnaces. RSP produced 229,704 tonnes of hot metal from Blast Furnace-5 and 82,300 tonnes from Blast Furnace-1, which are the best February productions of the respective furnaces since inception. The RSP also achieved the highest February production of crude steel and saleable steel. It produced 306,510 tonnes of crude steel and 281,501 tonnes of saleable steel.

The steel plant also registered the highest February production of HR coil at 152,917 tonnes.

The RSP registered its best monthly dispatch by dispatching 115,898 tonnes of HR coils for sale, the statement said.

Source : Strategic Research Institute

voda 9 maart 2020 20:48

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Supreme Court Lists BPSL Case for April 15

The Supreme Court on Friday accepted the declaration of the Committee of Creditors of Bhushan Power and Steel Ltd that in case the apex court rules in favour of the former promoter against the steel mill's sale, the lenders will return the resolution proceeds within two months. The CoC urged the court that a further delay in the resolution process significantly adds to its outstanding non-performing assets. The matter was listed before the apex court bench headed by Chief Justice SA Bobde and the declaration was made by senior advocate Abishek Manu Shinghvi, who appeared for CoC. The bench, also comprising Justices B.R. Gavai and Surya Kant, were hearing the petition filed by promoter of Bhushan Power's Sanjay Singal. Singal has claimed that Bhushan Power and JSW steel are related party, hence ineligible to bid. The court has directed that it shall hear the Sanjay Singal’s petition and other related matters together on 15 April.

JSW Steel’s senior counsel Kapil Sibal said “I can’t make the payment as of now. How can I? The sword of damocles is hanging on my head as my assets are being attached by the Enforcement Directorate in a money laundering case. I need clarity as I have to make further investment in the company. It can’t be in limbo.”

The current appeal pertains to the sale of the bankrupt BPSL to JSW Steel. The conditions of its takeover are being appealed by the steel mill's former promoter.

India’s top bankruptcy court on 17 February had approved the sale of distressed Bhushan Power and Steel Company to JSW Steel. The court also gave the buyer immunity from investigations into financial fraud allegedly committed by the former owners of the steel firm.

Source : Strategic Research Institute

voda 9 maart 2020 20:48

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Danieli MIDA ECR Minimill Ramping up at Nucor Steel Sedalia

The fast ramp-up of the Danieli MIDA plant at Nucor Steel Sedalia is continuing. The MIDA ECR minimill established continuous casting and rolling endless operation on day 3, achieved the design casting speed on day 5, producing a billet more than 1 km long. On February 18, after it had produced more than 500 short tons of rebar #4 in endless mode, the provisional acceptance / commercial start-up certificate was signed. This new milestone, achieved less than three weeks after the first heat, once again confirms the full reliability of the MIDA-ECR process.

Nucor Steel Sedalia is the tenth Danieli minimill featuring Endless Casting-Rolling ECR technology for long products in operation worldwide, and the third in operation in the USA. This will be followed soon by the second MIDA-ECR plant ordered by Nucor from Danieli, which is under construction in Frostproof, Florida. By the end of 2020, sixteen Danieli MIDA-ECR minimills will be in operation worldwide.

Source : Strategic Research Institute

voda 13 maart 2020 16:13

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US DoC Reduces Anti Dumping Duty on Coated Steel Imports from South Korea

The US Department of Commerce has cut its antidumping duties on coated steel from Hyundai Steel, Dongkuk Steel and POSCO to to 2.43 percent, rejecting US steelmakers' claims that Korean steelmakers have enjoyed an indirect subsidy from the country's state run power distributor KEPCO. Of the three firms, Hyundai Steel was waived from the duty, while Dongkuk Steel, Dongbu Steel and POSCO both received 2.43 percent duties. This is a significant cut for Dongkuk, Dongbu and POSCO, given the firms faced a 7.33 percent antidumping duty in a previous decision in March last year.

The decision came after the Department of Commerce found Korea's electricity rate does not constitute a subsidy for steelmakers. The US has been investigating the Korean steel industry since July following US steelmakers' request on the suspicion that Korea's state-run power distributor KEPCO has indirectly supported Korean steelmakers by purchasing electricity at cheaper rates from its power generation units. US found that KEPCO purchased electricity at market prices, thus not justifying a countervailing duty.

Source : Strategic Research Institute

voda 13 maart 2020 16:15

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Supreme Court seeks Government Response on Closure of Pakistan Steel Mills

ARY News reported that Pakistan’s Supreme Court has sought response from the government over non-functionality of the Pakistan Steel Mills. Hearing a promotion case of PSM employee Zardad Abbasi, Chief Justice of Pakistan Justice Gulzar Ahmed observed that despite zero production from the PSM from 2015, the employees are getting their salaries with perks and privileges by sitting at their homes. Chief Justice said “The country is bearing burden of billions of rupees in terms of salaries of the PSM employees. Pakistan Steel Mill is creating several problems and seems that all the budget of the country would be spent on it.”

CJP Gulzar said in his remarks to appoint new staff, if the government is willing to run the PSM. He said “The current employees of the mills have become fond of taking salaries by sitting at their homes, fire them.”

The SC ordered the secretary commerce and industries to look forward into the matter.

Source : Ary News

voda 13 maart 2020 16:15

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Fives to Upgrade Reheating Furnaces at JSW Steel Vijayanagar Works

JSW Steel has entrusted Fives with an upgrade project of its reheating furnaces at JSW Steel Vijayanagar Works. Fives is in charge of the modernization of two reheating furnaces to increase their efficiency and capacity from 250 tonnes per hour to 295 tonnes per hour to meet the new requirements of the hot strip mill N1. Both Stein Reheating Walking Beam Furnaces have been supplied by Fives in 1994 and 2003.

The modernization aims to optimize the overall furnace heat distribution by integrating a new combustion zone. It will ensure homogeneous heating of slabs throughout the furnaces and will enable to increase their capacities. Therefore, the furnace roof level will have to be raised and the furnace casing will be modified. For each furnace, Fives will replace some existing burners with AdvanTek BLF, Long Flame Burners, which will substantially improve crosswise and lengthwise temperature profiles of the products, as well as reducing NOx emissions and energy consumption. Virtuo Edge-R, a process optimization system for Level 2, will be implemented for both furnaces to enable control of the slab temperature profile in a real time mode.

The revamping project for both furnaces is scheduled to be completed by 2021.

Source : Strategic Research Institute

voda 13 maart 2020 16:16

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SMS Group Completes Overhaul of Converter Gas Recovery System at JSW Steel

At its works in Vijayanagar, JSW Steel has resumed operation of the converter gas recovery system after it had been completely overhauled by SMS group. Over the past 15 years, the gas recovery system supplied by SMS group has recovered more than 360 million Nm³ per year of high-energy gas from the oxygen blowing process of the 120-ton converter and efficiently converted this volume into electricity in the in-house power station. Without such a recovery process, the gas would have been burnt at the flare stack and the energy contained in the gas would have been lost.

The gas recovery system provides significant energy savings and reduces the emission of the carbon dioxide greenhouse gas produced in the steelmaking plant by approx. 155,000 tons per annum.

The overhaul became necessary since the gasholder seal had reached the end of its service life after 15 years of safe operation and, therefore, had to be replaced.

The scope of supply of SMS group comprised the delivery of all crucial components and the supervision of installation activities. The plant is now ready again for efficient gas recovery, thus saving millions of tons of carbon dioxide from being emitted into the atmosphere.

Source : Strategic Research Institute

voda 13 maart 2020 16:19

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BF and BOF Upgrade at Chelyabinsk Metallurgical Plant of Mechel

Mechel has reported launching 2 upgraded key facilities at Chelyabinsk Metallurgical Plant blast furnace #4 and converter #1. Investment totaled RUB 4.5 billion. Both facilities were practically rebuilt as part of the technical upgrade. It included full dismantling of the blast furnace and all equipment, assembly of a new jacket and cone, replacement of the furnace brickwork and cooling system, installment of a new equipment for loading iron ore and coke, as well as a modern automated operating system now all of the furnace’s parameters are subject to computer control and are displayed on a monitor. Improving environment friendliness was a particular concern during the revamp, with a new three-step gas cleaning system installed.

It is fully leak-proof and prevents combustion gases from escaping into the atmosphere. Blast-furnace gas that is formed during pig iron smelting is then used as fuel. The blast furnace #4’s capacity is 1.1 million tonnes of pig iron a year. Investment in its upgrade totaled RUB 1.5 billion. The company now launched the 2nd stage of its upgrade, construction of a suction system for the casthouse, which will completely prevent leaks of any solids from the blast furnace #4 into the atmosphere.

Works at the converter #1, incluluding replacing the converter’s vessel shell, cooling stack and flux handling route for smelting weight increase and steelmaking efficiency. The upgrade also tackled one of its key tasks, providing the converter with a modern 3-step gas cleaning system, which enables the plant to minimize emissions of waste produced in the steelmaking process. The converter’s annual capacity is 1.3 million tonnes. Investment in its upgrade totaled 3 billion rubles, with 1.5 billion of those funding ecological measures that will decrease the converter’s waste emissions by more than 30%.

After the converter #1’s upgrade and once the 2nd stage of the blast furnace #4’s technical upgrade is complete, Chelyabinsk Metallurgical Plant’s total waste emissions will go down by 116 tonnes a year.

Source : Strategic Research Institute

voda 13 maart 2020 16:20

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Barrett Steel Acquires British Steel Distribution Sites

UK’s steel stockholder Barrett Steel announced the completion of the acquisition of certain British Steel Distribution depots. They are now trading as Barrett Steel North East from Newcastle, Central Steel Services from Wolverhampton and Barrett Steel Dartford. The Scunthorpe, Edinburgh and Cheadle locations are being merged into existing depots. These depots will be integrated with Barrett Steel’s already expansive nationwide depot network.

The move has seen Barrett Steel welcome 75 new employees to their Group, helping to secure jobs in the steel industry.

Source : Strategic Research Institute

voda 13 maart 2020 16:21

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Corona Virus Impact on Automobile Industry in India

Mr Rajan Wadhera, President, SIAM in a brief statement issued to the Media highlighted that many automakers in India import about 10% of their raw materials from China. The disruption in availability of these parts are likely to critically hamper production across all segments, namely Passenger Vehicles (PV), Commercial Vehicles (CV), Three-Wheelers (3W), Two-Wheelers (2W) and gravely affecting Electric Vehicles (EVs). Mr Wadhera further emphasized that with anticipation of the Chinese New Year, Indian Auto Industry had maintained inventory in beginning of the year, but with the current lockdown in China, supply for BSVI vehicles is likely to get impacted

Manufacturers are exploring alternatives to fulfil their supply chain demands but that would also take a substantial amount of time to reach stable production scale as these components would need regulatory testing, reiterated Mr Wadhera.

Mr Wadhera mentioned that SIAM has been in touch with the Government of India with specific recommendations on behalf of the Auto Industry and in this regard, Industry is particularly thankful to the Government for issuing a notification of Force Majeure for Corona virus and also 24x7 clearance of shipments at all customs formations.

Source : Strategic Research Institute

Vertraagd	17 mei 2024 17:35
Koers	24,270
Verschil	-0,070 (-0,29%)
Hoog	24,430
Laag	24,120
Volume	2.399.653
Volume gemiddeld	2.555.105
Volume gisteren	3.937.932

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