Steelmakers' Profits to Decline Amid Rising Imports and Price Burdens

16 Jan 2025 CW Team

Profits for most steelmakers are expected to decline for the third consecutive quarter, despite an increase in domestic steel consumption, according to analysts. The December quarter, typically a strong period for steel producers, has been impacted by an influx of cheaper steel imports, which have put downward pressure on domestic prices and profitability. Finished steel imports into India have reached a six-year high, with over 7 million tonnes imported between April and December 2024. Average steel prices dropped 15% year-on-year and over 5% quarter-on-quarter in the October-December period, with flat steel prices continuing to decline while long steel products saw some recovery. Steelmakers with a higher proportion of long steel products, like Jindal Steel and Power (JSPL) and Steel Authority of India (SAIL), are expected to fare better than those with a higher share of flat steel, such as JSW Steel and Tata Steel. Nuvama Institutional Equities noted that JSPL and SAIL may post higher EBITDA per tonne, while JSW and Tata Steel are likely to see profitability declines. In addition to the price variations between flat and long steel, raw material prices have moved in opposing directions. Coking coal prices have fallen, while iron ore prices have increased. Companies with captive iron ore mines are expected to benefit from this price shift. While India’s steel consumption grew 12% year-on-year to nearly 100 million tonnes between April and November 2024, weak demand in China and increased exports from India have negatively impacted earnings. JSW Steel, India’s largest steel producer, has already reduced its capital expenditure for the year, and other companies may follow suit if steel prices remain subdued. Analysts suggest that Chinese stimulus, US tariff actions, and decisions on safeguard duties will be key factors influencing steel prices moving forward. (ET)

Infrastructure Transport

05 Feb 2026

MMRDA Installs 325-Tonne Steel Spans on Mumbai Metro Line 4

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a key construction milestone on Metro Line 4 with the successful installation of three large steel spans at Bhandup West during overnight operations.The spans, together weighing 325 metric tonnes, were launched using eight heavy-duty cranes and 12 multi-axle vehicles. The operation required precise engineering and meticulous planning to minimise disruption in the densely populated suburban area.Due to effective inter-agency coordination, the work—originally scheduled across four nights—was completed within just two n..

CMRL Targets March 2027 Opening for Vadapalani–Panagal Park

Chennai Metro Rail Limited (CMRL) is progressing as scheduled to open the Vadapalani–Panagal Park section of Phase II’s Corridor 4 by March 2027. The 3.5 km underground stretch is part of the 26.1 km Corridor 4 connecting Lighthouse with Poonamallee Bypass.Construction activities are advancing steadily, with tunnelling works between Vadapalani and Panagal Park already completed. Track-laying operations are expected to commence shortly. At Panagal Park station, structural works have reached the concourse and platform levels, while excavation continues at the lowest level.CMRL is also consid..

Maha-Metro Invites Pune Metro Civil Maintenance Bids

Maharashtra Metro Rail Corporation Limited (Maha-Metro) has invited bids for the annual civil maintenance contract of the Pune Metro Rail Project. The tender, bearing ID and number P1-O&M-20/2025, is scheduled to close on 23 February 2026, with a pre-bid meeting slated for 10 February 2026. The earnest money deposit (EMD) for the contract is Rs 3,50,500, and the duration of the contract is one year.The scope of work includes annual civil maintenance of 28 elevated and underground stations, 28.079 km of elevated viaduct including steel bridges, 12.15 km of tunnels, and two depots under the ..