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Global mining giants BHP and Rio Tinto are focusing on India for future steel demand. India's rapid urbanisation and infrastructure projects are driving growth. This expansion is expected to offset slowing demand from China. Both companies are well-positioned to support India's ambitious steel production targets. The Global South, particularly India, is becoming a key growth market. View More
BHP Group and Rio Tinto are increasingly looking to India as the next major engine of growth for the global steel industry , highlighting how the world's largest iron ore producers are positioning themselves for a future in which China no longer dominates demand growth. Senior executives from both mining giants said India's accelerating steel expansion, underpinned by rapid urbanisation and heavy infrastructure spending, could help cushion the impact of slowing growth in China, which has shaped global steel markets for more than two decades through its property-led boom. Also Read: Indian steelmakers grapple with resurgence of cheap Chinese imports "I was recently in India. All our customers are doubling capacity," Michiel Hovers, BHP's group sales and marketing officer, said during a presentation at Singapore International Ferrous Week on Tuesday. "It's happening. It's real." India is increasingly being viewed as the steel sector's most important growth market. The government has set an ambitious target of producing 500 million tonnes of steel by 2047 — more than three times the 165 million tonnes of raw steel it produced last year — although that would still be well below the 961 million tonnes manufactured by China. Live Events Despite being the world's most populous country, India's per capita steel consumption remains significantly lower than China's, suggesting substantial room for expansion. Rising urbanisation, industrial development and state-backed infrastructure investments are expected to fuel demand growth for years, creating fresh opportunities for suppliers of iron ore and metallurgical coal. "We're just in the early, early days of India's growth," Hovers said, adding that BHP was "well-positioned to support" this expansion. Rio Tinto struck a similar note. Also Read: Wars in West Asia and Ukraine are turning shipping costs into steel sector’s biggest headache In the coming decade, the iron ore market can expect "substantial demand growth from the Global South, especially from India and Asean" countries, Rio Tinto Chief Commercial Officer Bold Baatar said at the same event. Such growth would help offset the plateauing of Chinese demand, he said. Baatar estimated that the world would require roughly 950 million tonnes of new iron ore capacity over the next decade, not only to meet emerging demand centres but also to compensate for the depletion of existing mines. He argued that analysts had repeatedly underestimated the resilience of the iron ore market by failing to fully account for supply-side risks, the declining quality of iron ore deposits and the durability of China's steel output. The comments from BHP and Rio Tinto underscore a broader shift underway in commodity markets: while China will remain the industry's largest consumer by a considerable margin, miners are increasingly betting that the next chapter of steel demand growth will be written in India and other fast-growing economies across the Global South. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
He added ?that the company's ?portfolio is increasingly tilted towards copper and lithium ?growth funded ?by iron ore View More
Shares of Vedanta Ltd and its demerged entities showed mixed trading following their debut. While some businesses faced profit booking and fell, others like Vedanta Iron & Steel Ltd gained, indicating varied investor reactions to the restructuring exercise. View More
Japan's Proterial will invest ?2,250 crore to build a rare earth magnet plant in Andhra Pradesh. This facility will produce vital components for electric vehicles and wind turbines. The move aims to boost India's local rare earth value chain. It also reduces dependence on Chinese sources. This strategic investment strengthens India's manufacturing capabilities in key sectors. View More
New Delhi: Japan's Proterial , a global leader in advanced materials, will set up a rare earth permanent magnet manufacturing facility in Andhra Pradesh with an investment of ₹2,250 crore, marking a key step toward building India's local rare earth value chain and reducing its reliance on Chinese sources, said people with knowledge of the matter. The project, to be located at Achutapuram in Anakapalli district, will manufacture 1.2 kilo tonnes per annum (ktpa) of sintered neodymium-iron-boron (NdFeB) permanent magnets, among the most critical components used in electric vehicles , wind turbines, industrial motors, electronics, aerospace and defence systems. The State Investment Promotion Committee approved the project at its meeting last week. The proposed investment comes at a time when India is actively seeking to reduce dependence on imported rare earth magnets and build indigenous manufacturing capabilities in strategic sectors. The Centre recently approved a dedicated incentive programme to encourage domestic production of sintered rare earth permanent magnets, underscoring the national importance of the sector. Live Events The company didn't respond to queries. Proterial, formerly Hitachi Metals, is regarded as one of the global pioneers of NdFeB magnet technology and remains a leading supplier of advanced magnetic materials worldwide. The Japanese company posted consolidated revenue of ₹45,000 crore last year and operates in North America, Europe, China and Asia. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
India’s largest iron ore producer aims to derive up to 30% of revenue from non-iron ore and overseas assets by 2030, backed by coal mining, global acquisitions and capacity expansion. View More
Since the Kremlin tightened internet control this year, Russians have sought complex technical solutions to bypass state monitoring and restrictions on popular apps like WhatsApp and Telegram View More
EU economy ministers have agreed to restrict the suspension of the bloc's carbon emissions fee on imports, aiming to boost certainty for low-carbon investments. View More
Brussels: European Union countries agreed on Friday to restrict the circumstances in which the bloc can suspend its carbon emissions fee on imports, potentially helping to provide more certainty for low-carbon investments in the bloc. EU economy ministers backed the plans with majority support, despite countries including Slovakia, Romania and Lithuania declining to support them. The EU carbon border levy imposes a fee on the emissions associated with imports of goods, including fertilisers , steel and cement. The world-first policy aims to protect European industries from being undercut by cheaper, more polluting goods from abroad. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
CNBC’s Jim Cramer said the successful debut of SpaceX could pave the way for more AI-related offerings and help create a more constructive backdrop for stocks. View More
In this articleSPCX.NDXCRWVVRSKCTSHINSMZSCHTRFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO2:1802:18Cramer: Never has an IPO captivated Wall Street as much as SpaceXMad Money with Jim Cramer CNBC's Jim Cramer on Friday said SpaceX's blockbuster debut could pave the way for a new wave of AI-related equity offerings and help create a more constructive backdrop for stocks."Never has one initial public offering captivated the minds of Wall Street and perhaps Main Street as much as Elon Musk's SpaceX," the "Mad Money" host said.Elon Musk's rocket company debuted Friday and finished the session at $161 per share, giving SpaceX a market value of roughly $2.1 trillion. Cramer said the success of the offering could encourage other companies to tap the market soon, particularly AI players such as Anthropic. The startup behind the Claude models confidentially filed for an IPO earlier this month. Additionally, he said companies including Microsoft, Meta and Amazon may decide it's a good time to sell stock to help fund their AI buildouts â similar to what Google parent Alphabet is doing. "Bankers work fast these days," Cramer said, explaining the idea would be to "strike while the iron is hot." "I don't know if they can resist selling stock after seeing how SpaceX played out," he added.Cramer also said investors should keep a close eye on developments in the Middle East. While he remains skeptical that peace is fully at hand, a lasting resolution could send oil prices lower and help ease inflation pressures. "If we get peace, the first thing you have to realize is the process toward lowering inflation will begin with a collapse in the price of oil," he said. Cramer said he initially worried the SpaceX offering could overwhelm the market, but now believes its successful debut could help support sentiment and set the stage for a constructive week ahead. "The success of today's placement of SpaceX is something to be studied for years," he said. "It's a win for the market, and if we get peace, it won't be stopped."With that backdrop, Cramer turned to the shortened trading week ahead. Monday Corporate news is relatively light, but Cramer said he'll be tuning into Dave & Buster's earnings call, which could offer valuable insight into consumer spending trends. Tuesday Tuesday's housing starts report will provide a key read on the housing market. Cramer said a soft housing starts report could strengthen the case for new Federal Reserve chief Kevin Warsh to cut rates. "I know lots of people have been saying that the economy is too strong and we need to raise rates," he said. "I think these people are dreaming." Wednesday Cramer plans to watch an analyst meeting hosted by oil services giant SLB for clues about whether producers are increasing drilling activity following the recent surge in crude prices. On Wednesday, investors will also get the latest retail sales data, offering another look at the health of the consumer and whether spending is beginning to soften. Cramer thinks "we'll also see some weaker retail sales this morning, again, favoring a rate cut."The biggest event of the day, though, belongs to the Fed meeting and Warsh's afternoon press conference."I predict Warsh will begin the process of setting us up for rate cuts, because the underlying problems in the economy are persistent, but inflation will go away once we make a deal with the Iranians." Thursday Before the bell, Kroger and Accenture report. Kroger continues to grapple with rising costs that are difficult to fully pass on to consumers, while Accenture faces growing concerns that AI tools from OpenAI and Anthropic are taking business from traditional consulting firms. Thursday will also mark the final trading session before a major Nasdaq-100 rebalance takes effect. New additions include Rocket Lab, Astera Labs, Teradyne, Nebius, and CoreWeave, while Verisk, Cognizant, Insmed, Zscaler, and Charter Communications will be removed from the index. Cramer noted that "these index admissions move things" as fund managers reposition portfolios ahead of the changes effective at Monday's open. watch nowVIDEO12:0912:09I was worried about the SpaceX deal, but they got it right: Jim CramerMad Money with Jim Cramer Jim Cramer's Guide to InvestingClick here to read Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Indian Railways is undergoing a massive digital overhaul, transforming the passenger and freight experience. From booking tickets on smartphones to real-time train tracking and advanced safety systems like Kavach, technology is now central. This digital shift, powered by data and AI, aims to create a more efficient and connected transportation network, though challenges like cybersecurity and digital literacy remain. View More