8,643.88 TRY BIST 100 BIST 100
4.87 CNY CNY CNY
34.34 USD USD USD
37.42 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
45.07 TRY Interest Interest
75.11 USD Fossil Oil Fossil Oil
32.50 USD Silver Silver
4.45 USD Copper Copper
102.15 USD Iron Ore Iron Ore
374.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,026.19 TRY Gold (gr) Gold (gr)

Indian companies report declining profits

On Monday, SAIL (Steel Authority of India) reported a nearly 3% decline in fourth-quarter profit, citing softer steel prices and increased costs.

Indian companies report declining profits

The state-owned company's consolidated net profit for the quarter ended March 31 dropped to INR 1,126 crore (USD 135.22 million) from INR 1,159 crore (USD 139.45 million) in the previous year. Input costs rose by approximately 2% to INR 15,130 crore (USD 1.82 billion).

Steelmakers in India have faced challenges due to heightened imports from China, which has been selling finished steel products at lower prices. This trend coincides with China's struggles in its property sector and the imposition of elevated U.S. tariffs. Additionally, a surge in the costs of essential steelmaking materials like coking coal and iron ore during the quarter further impacted metal producers.

Last week, JSW Steel in India also reported a decline in fourth-quarter profit. Both JSW Steel and Tata Steel are considering significant investments to expand their capacity, aiming to meet the growing demand for steel in India. This demand surge is attributed to increased government spending preceding the ongoing national elections, which has fueled growth in manufacturing and construction activities.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

China's steel demand expected to increase: PMI data support production

Tuesday, November 5, 2024

Malaysia initiates review of anti-dumping duties on stainless steel imports

Tuesday, November 5, 2024

China’s stainless steel exports increased by 33,7% in September

Tuesday, November 5, 2024

Kazakhstan government extends ban on scrap exports

Tuesday, November 5, 2024

Thyssenkrupp Steel Europe plans to renovate Duisburg plant

Tuesday, November 5, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now