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The steelmaker won the block by committing a premium of 101.20% to the government. Bidding for the mine, conducted online on Tuesday, started at a premium of 101.05%. View More
Mumbai: Jindal Steel has emerged as the preferred bidder for the Thakurani A1 iron ore block in Odisha's Keonjhar district, sources aware of the development told ET. The mine is expected to strengthen the company's iron ore supply as it ramps up capacity at its plant in Angul. The steelmaker won the block by committing a premium of 101.20% to the government. Bidding for the mine, conducted online on Tuesday, started at a premium of 101.05%. The block has reserves of more than 50 million tonnes (mt) of iron ore, and Jindal Steel is likely to be allowed to mine 1.5-2 mt a year, the sources said. The company will have up to three years to develop the mine and start operations. The Thakurani A1 mine was part of a recent auction round for 12 mineral blocks notified by the Odisha Directorate of Mines and Geology in December 2025. .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)
Highlighting how global conflicts can directly impact countries dependent on imports, Agarwal said India must reduce its reliance on overseas resources and build self-sufficiency by enabling domestic production. View More
New Delhi: As the ongoing war in West Asia disrupts global supply chains, impacting Indian energy imports, Vedanta Chairman Anil Agarwal has called for urgent measures to unlock the domestic natural resource potential to strengthen the country's energy and mineral security. Highlighting how global conflicts can directly impact countries dependent on imports, Agarwal said India must reduce its reliance on overseas resources and build self-sufficiency by enabling domestic production. "It is painful to see India face the adverse consequences of a war we have nothing to do with," Agarwal said in a statement, referring to global disruptions that impact commodity prices and supply chains. "We import nearly 90 per cent of our oil, 95 per cent of our copper and 99.5 per cent of our gold, despite the fact that the mother earth has given India one of the best geologies," he said in a statement. Drawing from over four decades of experience in the minerals, metals and oil industry, Agarwal argued that India's natural resources, if developed efficiently, could dramatically reduce import dependence while creating jobs, industries and exports. Live Events Recounting his own entrepreneurial journey, Agarwal said he arrived in Mumbai from Bihar at the age of 19 and built Vedanta from scratch. Over the years, the company acquired major assets including Hindustan Zinc, BALCO, the oil and gas business of Cairn India, and Sesa Goa Iron Ore, with the aim of significantly expanding production. According to Agarwal, Vedanta's operational turnaround of some of these assets demonstrates what private enterprise can achieve. "We increased zinc production ten times and aluminium twenty times. As a result, more than 1,000 companies have emerged around these value chains," he said, adding that Vedanta has contributed Rs 4.5 lakh crore to the national exchequer in the last decade. Agarwal also outlined ambitious targets for the future. In oil and gas, the company aims to produce one million barrels per day, while in iron ore, he envisions production of 100 million tonnes, equivalent to roughly a third of India's current output. He emphasised that India needs globally competitive mining champions. "Vedanta should be for India what Rio Tinto and BHP are for Australia or Vale for Brazil. And there should be many more Vedantas," he said. However, Agarwal stressed that policy reforms and a change in regulatory mindset are critical for the sector to flourish. He called for simpler regulations, greater trust in businesses and a shift towards self-certification and audit-based oversight rather than prolonged approvals and litigation. "The system must stop creating hurdles. Businesses need recognition and respect, and the benefit of doubt should go to entrepreneurs," he said. .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)
Scores of small Indian steel producers are warning of significant production cuts, with some facing a complete halt, due to escalating Middle East conflict disrupting gas supplies. This disruption, coupled with rising coal costs fueled by geopolitical tensions, is severely impacting the margins of these manufacturers, particularly in Gujarat. View More
Scores of small Indian steel producers have warned of production cuts as the escalating Middle East conflict disrupts gas supplies to the world's biggest producer of the alloy after China, industry officials said. "We are looking at a 50% production cut as of now and a complete halt ahead, if supplies don't improve within a week," Yogesh Kanakiya, director at Triveni Iron and Steel Industries , told Reuters. Triveni Iron and Steel Industries is based in the western state of Gujarat, the country's largest gas-consuming region, which relies on the Middle East for much of its liquefied natural gas. Several small steel mills in Gujarat depend on imported LNG. Most gas producers, including Gujarat Gas declared force majeure last week to restrict gas supplies to industries. Live Events "We work on wafer thin margins and our margins have shrunk," said Anshum Goyal, managing director and promoter at Friends Steel Group in Gujarat. "We are concerned over supplies and it is affecting our decision-making in terms of prices we need to keep." Producers in other parts of India are also grappling with rising coal costs fuelled by geopolitical tensions, adding pressure on margins. About 6% of India's steel output uses gas-based direct reduced iron, or DRI, while roughly 50% depends on coal-fired blast furnaces. "The ongoing geopolitical tensions have led to roughly a 10-12% increase in coal and freight costs," said Rahul Mittal, chairman of the Sponge Iron Manufacturers Association. India produces around 50 million metric tons of sponge iron annually, largely used by secondary steel producers as raw material. The impact of falling gas supplies has been exacerbated by sharp rises in imported coal prices. South African thermal coal prices at Indian ports jumped by around 10-13% last week to a three-year high due to firmer freight rates and broader Middle East tensions, commodities consultancy BigMint said. Coal buying in India has become more cautious amid higher freight costs and elevated global coal prices, said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources. .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)
Iran War: Global aluminium prices are soaring to four-year highs as the Strait of Hormuz closure disrupts vital trade routes. Gulf smelters, crucial suppliers to the West, face a dual squeeze of blocked exports and halted raw material imports. This geopolitical shock is impacting industrial supply chains, with Qatari smelter Qatalum already shutting down. View More
Global attention has largely focused on the surge in oil and gas prices following the US-Israeli war against Iran. But another commodity is quietly becoming one of the biggest casualties of the conflict -- aluminium. Prices of the metal have surged to four-year highs as the effective shutdown of the Strait of Hormuz disrupts trade flows from the Gulf, a region that has become a critical supplier to Western markets. Benchmark aluminium on the London Metal Exchange briefly touched $3,544 a metric ton on Monday, the highest level since March 2022, before easing slightly to around $3,394 a ton, according to Reuters. The rally reflects mounting concerns that prolonged shipping disruptions could choke off supply in a market that was already tightening before the conflict began. The crisis highlights how geopolitical shocks in the Middle East can reverberate far beyond energy markets, rippling through global industrial supply chains that rely heavily on Gulf aluminium exports. Click here to track live updates on Iran war Aluminium faces squeeze Live Events The Strait of Hormuz is one of the world’s most critical maritime passages. While it is widely known as a conduit for oil and liquefied natural gas, it also plays a crucial role in the global aluminium trade. According to the International Aluminium Institute, the Gulf region accounted for more than 8 percent of global aluminium output last year. Over 5 million metric tons of metal produced in Bahrain, Qatar, Saudi Arabia and the United Arab Emirates are shipped annually through the strait to customers in Europe and the United States. The escalating war has now effectively shut that corridor. Reuters reported that the conflict has virtually shut the Strait of Hormuz for aluminium shipments, cutting off exports of the metal while also blocking imports of key raw materials needed to sustain production. The disruption is particularly severe because Gulf smelters depend heavily on imported bauxite and alumina, the raw materials used to produce aluminium. Also Read: What Iran war means for Vedanta, Tata Steel and other metal stocks? Ships carrying these materials have already begun diverting from their original routes. Vessel-tracking data cited by Reuters shows multiple bulk carriers that were heading toward the United Arab Emirates changing course toward Asia after the strait became impassable. The aluminium supply chain operates in tightly linked stages. Bauxite ore is refined into alumina, which is then smelted into aluminium used in industries ranging from transport and construction to packaging. The current shipping disruption threatens all three stages simultaneously. Reuters reported that three large vessels carrying bauxite, with a combined cargo of about 371,000 metric tons, have diverted away from the Gulf after approaching the region. Another vessel transporting Australian bauxite that was originally headed to the Gulf is now bound for China instead. Two ships carrying alumina destined for Bahrain also appear to be changing course. The disruption means that Gulf smelters cannot easily export finished aluminium while also struggling to import the raw materials needed to maintain production. ING analysts warned that this dual squeeze could quickly translate into supply losses if the conflict persists. “Extended disruption in the Strait would simultaneously choke alumina inflows and aluminium exports for Middle Eastern smelters,” ING said in a note on March 6, adding that such a scenario would “tighten global supply meaningfully.” On Tuesday, Qatari smelter Qatalum began to shut down. Shareholder Norsk Hydro issued a force majeure to customers. "The decision to shut down was made after the company's gas supplier informed it of a forthcoming suspension of its gas supply," Hydro, which holds 50% of the Qatalum joint venture, said in a statement. QatarEnergy, which owns 51% in the other Qatalum shareholder, Qatar Aluminum Manufacturing Co, had earlier said it was halting production of some downstream products, including aluminium, a day after suspending liquefied natural gas production due to Iranian drone attacks. Hydro said the shutdown of the 648,000 metric ton per year smelter was expected to be completed by the end of March and that a full restart could take six-to-12 months. A market already on edge The aluminium market was already under strain before the Iran conflict erupted. China, the world’s largest producer, has effectively capped smelting capacity at 45 million tons, limiting further output growth. Meanwhile Western markets have been adjusting to the gradual removal of Russian aluminium from global trade after sanctions linked to the Ukraine war. Reuters reported that London Metal Exchange inventories have fallen sharply in the past year, declining by more than 330,000 tons in 2025 and dropping further in early 2026. Additional supply pressure is also emerging from outside the Gulf. South32 has announced that its Mozal smelter in Mozambique, which has a capacity of 560,000 metric tons per year, will be placed on care and maintenance after failing to secure a new electricity deal. This combination of tightening supply and rising geopolitical risk has pushed the market into backwardation, where near-term aluminium contracts trade at a premium over future deliveries. The premium for cash aluminium over the three-month contract climbed to $47.4 per ton last week, the highest level since early 2022, Reuters reported. Analysts say the rally could continue if disruptions persist. ING warned that in a severe scenario aluminium prices could briefly move above $4,000 per ton, approaching the record levels reached during the energy crisis of 2022. How the Gulf became an aluminium powerhouse The current turmoil points at the growing importance of the Middle East in global aluminium production. Over the past two decades, Gulf countries have built massive smelting industries powered by abundant natural gas, which provides the enormous electricity required to produce aluminium. According to Reuters, output from Gulf Cooperation Council countries has risen from about 2.7 million tons in 2010 to more than 6 million tons last year. This rapid expansion has transformed the region into one of the largest suppliers of aluminium to international markets. The growth has been driven by large integrated smelters such as Aluminium Bahrain, Emirates Global Aluminium and Qatar Aluminium, many of which are closely tied to state energy companies. These facilities export not only primary aluminium but also specialized alloys and semi-manufactured products. Bahrain alone exported more than one million tons of alloy products and significant volumes of aluminium metal and semi-finished goods last year, shipping to about 70 countries, according to trade data cited by Reuters. Because Europe has gradually shut down many of its own energy-intensive smelters due to high power costs, it has become increasingly dependent on imports from the Gulf. ING estimates that the Middle East accounts for roughly 30 percent of Europe’s aluminium imports. The United States is also reliant on the region, which supplies more than 20 percent of its imported aluminium. The West faces a growing supply shock The war’s impact is already being felt across Western supply chains. Reuters reported that Aluminium Bahrain has declared force majeure on some deliveries because logistics disruptions have made exports difficult. Qatar Aluminium also began a controlled shutdown of production due to regional instability. At the same time, sanctions on Russian aluminium and declining Western production have left buyers with limited alternatives. “The Europeans are particularly concerned, as the Gulf aluminum stoppage comes just as long-term supplier Mozal is going offline this month,” Marex analyst Ed Meir told Reuters. Meir added that some producers are attempting to draw down inventories outside the region to meet contractual commitments, but warned that doing so could prove difficult because exchange stocks are already low and much of the available metal originates from Russia, which is sanctioned in Western markets. The India angle India is unlikely to face the same degree of supply disruption as Europe or the US, but the surge in global aluminium prices could still ripple through its industrial economy. Unlike many Western countries, India is a major aluminium producer itself, with large integrated smelters operated by companies such as Hindalco and Vedanta that are supported by domestic bauxite reserves. As a result, the country does not rely heavily on imports to meet overall aluminium demand. However, India does import specific grades of primary aluminium and alloys used by downstream sectors such as automobile manufacturing, electrical equipment, packaging and engineering. Trade data shows that Gulf producers are an important part of these imports, though not overwhelmingly dominant. According to global trade data, India imported about $590 million worth of unwrought aluminium alloys in 2023. Malaysia was the largest supplier with roughly $184 million worth of shipments, while Gulf producers collectively accounted for a significant but not majority share. Qatar supplied about $139 million, Bahrain around $97 million and the United Arab Emirates about $81 million worth of aluminium alloys to India. These three Gulf countries accounted for roughly half of India’s aluminium alloy imports, though the country sources additional metal from suppliers such as Russia and Australia. In the narrower category of unwrought, non-alloyed aluminium, Gulf suppliers play a smaller role. India imported about $310 million worth of the metal in 2023, with Oman accounting for about 37 percent of shipments, while Qatar and the UAE together represented roughly 15 percent. These figures suggest that while India does buy aluminium from the Gulf, its exposure is less severe than Europe’s heavy reliance on the region. The bigger impact for India is therefore likely to come through prices rather than physical shortages. Aluminium is widely used in automobiles, power transmission cables, railways, construction materials and consumer packaging. A sustained rise in global prices would push up input costs for these industries even if supply remains available from alternative sources. At the same time, higher global prices could provide an upside for Indian aluminium producers, who may benefit from stronger export opportunities if shipments from the Gulf remain constrained by the closure of the Strait of Hormuz. (With inputs from agencies) .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)
The trial involved blending 5% and 10% rice husk pellets into commercial gasifiers at Jindal Steel in Odisha, achieving production with no loss of performance View More
For Niharika Kolte Alekar, carving a niche in confined spaces became a gamechanger in an industry more privy to using drone technology outdoors or in external environments. View More
A chance discovery made Niharika Kolte Alekar , Founder of Volar Alta , a Pune-based firm specialising in drone-based inspection services, leave her plush investment banking job and explore the huge market for industrial inspections using drone technology just a month before Covid-19. Alekar recalls that even though the thrust was on Industry 4.0, some of the most critical aspects of manufacturing were still being done manually on pen and paper, highlighting a huge gap in technical integration. “I stumbled upon drones by default. Also, not having the technical background at this point helped, as I wondered if different kinds of sensors could be mounted on the drone and used for different industrial use cases. So, I studied the market and researched the opportunity that it is likely to disrupt in the next few years,” she says. That formed the genesis on which the idea was shaped, and in February 2020, Alekar decided to quit her job as she saw a significant possibility. “Drones have traditionally been associated more with outdoors, defence, marketing or real estate, but they were not that widespread for industrial use when I was looking at it in 2019. We work in the process industry segment which includes cement, chemical, steel, oil and gas, power, ports and public infrastructure,” she contends. Alekar recalls that in the beginning, they focused on renewable energy as a sector that required external inspections. Currently, Volar Alta is working with over 15 large enterprises and has inspected more than 1,000 assets so far. Carving a niche Alekar recalls that in the beginning, they focused on renewable energy as a sector that required external inspections. However, they hit a roadblock soon after when drone rules and regulations were announced. “It was a death blow to the entire industry regarding amendments, and then the liberalised set of regulations got released in 2021. Suddenly 150 drone start-ups sprung up out of nowhere and spoiled the market for everybody. For instance, we used to operate at a triple-digit number per megawatt in the renewable energy segment, which got disrupted, as people started doing it at Rs 300-400 per megawatt. So, I had to step out of that market and found a different niche, which was confined spaces,” she adds. Live Events And Volar Alta has adhered to that niche ever since. Along the way, customer education was given top priority to explain to clients how their technology would help improve safety, save costs, and reduce downtime. In that context, Alekar brings attention to the case of a chimney that stands 110 metres tall; the traditional method would require labour to be deployed for actual visual inspections. “The labour will need to climb up on the scaffolding or hang on to ropes and conduct different types of inspections. It takes 17.5 days on average for a 110-metre-tall chimney, but the same inspection with drones can be done in less than 80 minutes. In essence, we delivered a massive ROI, as this translated to 100% safety, 96% downtime reduction, and about 80-86% cost savings,” she contends. Volar Alta is bootstrapped, but it has received a few grants from international institutions. “We secured grant funding of over Rs 1 crore from the British High Commission, Alstom, Accenture, and IIM Bangalore. Additionally, we also got a government innovation grant of about Rs 15 lakh, all of which we deployed in building our own software platform,” she says. Alekar claims that the company is currently seeing a robust 100% Y-O-Y growth. Though she refrains from disclosing the profit numbers, she says that the company is on a steady growth trajectory. And she believes that they are comfortably positioned for the market, owing to their deliberate focus on confined spaces. In terms of its diverse team, Volar Alta has domain experts and a development team on board in addition to the front-end and back-end developers. In terms of its team, Volar Alta has domain experts and a development team on board in addition to the front-end and back-end developers. AI-based industrial inspections Talking about the AI-driven industrial inspections market for India, Devroop Dhar, Co-founder and Board Member, Primus Partners, says the demand is large in India since a lot of our infrastructure, such as power generation facilities, refineries, transmission lines, railways, bridges, and ports, is still dependent, to a large extent, on manual inspection. “This is a time-consuming and sometimes dangerous process, depending on the person doing the inspection. The change happening is in the size of the assets India possesses today. With the growth happening in highways, renewable energy parks, telecom towers, pipelines and urban infrastructure, manual inspection is no longer feasible. This is where AI-based inspection comes into the picture. Instead of doing inspections periodically, companies can now do continuous inspections and predict when a problem will arise,” he says. However, Dhar adds that the hardest part for start-ups in this domain is not the technology but the adoption by enterprises. “Industrial firms are risk-averse because failure is costly. An industrial firm will not easily change its inspection workflow unless it has been proven reliable over the years. This means that start-ups have to deal with long sales cycles, high regulatory requirements, and the need to validate their solutions in the field before closing deals. Therefore, although the potential in the market is great, startups must be willing to be more patient, work with large industrial firms and have the capability to support operations on the ground,” he says. It is a philosophy that Alekar has been following diligently. “It is all learning on the ground and a lot of hard work. It is very important for us to just keep our heads down and focus on building the right AI models to ensure accuracy keeps improving. In the industry that we are operating in, it can result in crores of losses or some other issues in the plant, so we just cannot take that risk as a company,” she says, adding that they are in a good position with massive opportunities that India is presenting currently. “This is not just in terms of creating data sets but the sheer volume that the country has to offer, which will ensure that we reach the top very soon,” she adds emphatically. .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!
Surging oil prices and escalating Middle East conflict pose significant economic risks for China, a major importer of Iranian oil and investor in regional infrastructure. Disruptions to the Strait of Hormuz threaten energy security and trade, impacting Chinese companies and investments across the region. View More
With oil prices surging and the conflict in the Middle East intensifying, the economic stakes for China are rising. The cost of oil on Monday hit levels not seen in four years, one week after the United States and Israel launched an attack on Iran, an ally and financial partner to China. Fighting has halted virtually all traffic through the Strait of Hormuz, a critical passageway for China's energy and goods. China has a lot to lose in a widening conflict. In Iran, China found a cheap source of oil in recent years. Across the region, it found governments keen for its know-how in renewable energy and technology. China grew reliant, like much of the rest of the world, on the Middle East's supply of both oil and gas. The region's importance to China became even more pronounced this past year, as the country's trade rivalry with the United States escalated and it was unable to sell many goods to the U.S. market, once China's biggest market. The United Arab Emirates became the fastest-growing market for Chinese cars. Demand from Saudi Arabia and its neighbors for Chinese steel doubled. China's exports to the Middle East grew nearly twice as fast as its exports to the rest of the world in 2025. Chinese investment, too, is growing faster there than anywhere else in the world. Live Events "The region is basically considered the biggest growth potential for China," said Dan Wang, China director at Eurasia Group. From 2019 to 2024, China invested $89 billion directly into the Middle East, Wang said. These trade ties are now in the line of fire as the U.S. and Israeli militaries attack Iran, and Iran strikes back at ports, ships, pipelines, desalination plants, data centers and other critical infrastructure across the region. The seaborne transit of not only energy but goods carried on giant container ships through the Strait of Hormuz is imperiled. China also has credit at risk, having extended loans for contracts and projects throughout the region. The portion of China's global portfolio of loans and grants to the region doubled to 10% in 2023, according to AidData, a research institute at the College of William & Mary in Williamsburg, Virginia. State-owned financial institutions extended loans to oil refineries and seaports that finance the production and transport of commodities. In Qatar, Chinese banks are helping to fund and build a major expansion of a liquefied natural gas production facility. China's state-owned oil giant Sinopec holds a stake in the facility's North Field East expansion project. The facilities were attacked last week. Chinese investors have funded the expansion of Israel's Haifa Port and the Emirates' Khalifa Port, and the resulting terminals are owned and operated by Chinese companies. In Iran, dozens of Chinese companies have financed, built and run infrastructure, electric grids and petrochemical plants. China is also the largest investor in desalination in the Middle East, where potable water is scarce. Nearly all of the projects have been built by Power Construction Corp. of China, with projects in Saudi Arabia, UAE, Oman and Iraq. "There are so many countries and so many assets spread across the region," said Brad Parks, the executive director of AidData. "We could see in the deal flow there was just a lot of enthusiasm about doing more and more work in the Middle East." Major Chinese technology companies including Huawei, Alibaba and Tencent have set up offices in Dubai, UAE, where employees work in a complex that includes Microsoft, Meta and Google. Three Chinese smartphone brands -- Transsion, Xiaomi and Honor -- are gaining market share in the region, after South Korean giant Samsung, according to Omdia, a tech research firm. It's not only large companies seeking fortunes in the Middle East. In 2018, Haiyang Zhang, a Chinese entrepreneur, moved to Dubai, the Emirates' largest city and a hub for international finance and visitors. She left a job at a Chinese-company this year to start her own business helping Chinese investors expand in Dubai. Some of her partners are in the new energy sector. Zhang believes Dubai remains a secure place for certain Chinese investors to put their money, she said, but is concerned about the impact of a sustained conflict. Over the past week, several Chinese companies with growing presences in the Middle East instructed their employees in the region to work remotely. On March 1, tech giant Baidu said it would pause its robotaxi services in the Emirates. Chinese food delivery platform Keeta has indicated that its services in the region may be suspended or temporarily limited. China's Foreign Ministry said last week that one Chinese citizen had died and more than 3,000 nationals had been evacuated from Iran. It has not said how many Chinese nationals are in the region. Oil from the Middle East is critical to China's energy security. It imports a little over half of its seaborne crude from the Middle East, and about a quarter of that comes from Iran. Like countries all over the world, China faces higher energy costs as global prices rise. China is the main buyer of Iranian oil, which is under U.S. sanction, although the imports made up a little over 13% of the seaborne crude it took in during 2025, according to Kpler, an industry data firm. China also operates three major crude pipelines, two of which transport oil from Russia and Kazakhstan. Still, a loss of Iranian supply would force China to find other sources, which would be much more expensive than the discounted oil it bought from Tehran. Despite China's deep financial ties in the Middle East, it is facing the same risks as other countries, including the United States, that are heavily invested in and dependent on the region. China has condemned the strikes by Israel and the United States and called for a cessation of the fighting. As the conflict has escalated, China's top diplomat, Wang Yi, has held calls with counterparts in Iran, Oman, Israel, Saudi Arabia and the UAE. But Iran's threats have caused traffic in the Strait of Hormuz to plunge. And it's not just energy that is blocked. The Chinese shipping giant Cosco stopped bookings through the strait, and Maersk, the Danish company, suspended certain critical routes in the Middle East. Zhang, the Chinese entrepreneur in Dubai, said she observed American businesses and executives evacuating from the region, and to her that spells opportunity. "Their motivation to evacuate," she said, "is far greater than that of the Chinese." .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!
The Rs 255-crore Rajputana Stainless IPO was 35% subscribed on Day 2, driven mainly by strong QIB demand at 99%, while retail participation remained soft at 9%. The issue includes a fresh issue worth about Rs 179 crore and an OFS of up to Rs 76 crore by existing shareholders. The company plans to list its shares on the BSE and NSE, with a tentative listing scheduled for March 16. View More
The Rs 255-crore Rajputana Stainless IPO has seen an overall subscription of around 35% on the second day of bidding, against the 2.09 crore shares available in the offer. Demand has largely come from Qualified Institutional Buyers (QIBs), who have subscribed to about 99% of their allocated quota. In contrast, the retail investor segment has shown relatively muted interest so far, with a subscription of roughly 9%. In the grey market, the IPO is currently trading at a premium of about Rs 2, or nearly 2% above the upper price band of Rs 122, indicating a possible listing price of around Rs 124. The IPO will remain open for subscription until March 11, with a price band set at Rs 116–Rs 122 per share. Through the public issue, the company is aiming to raise approximately Rs 255 crore via a mix of fresh issue and offer for sale (OFS). The issue includes a fresh issue worth about Rs 179 crore and an OFS of up to Rs 76 crore by existing shareholders. The company plans to list its shares on the BSE and NSE, with a tentative listing scheduled for March 16. Rajputana Stainless IPO GMP As of March 10, the IPO is commanding a modest premium of around Rs 2 in the grey market, or nearly 2% above the upper price band of Rs 122, suggesting a potential listing price of about Rs 124. However, the grey market premium (GMP) is an unofficial indicator based on informal trading and should not be considered a reliable measure of the stock’s actual listing performance. Live Events Also Read | Explained: How Sebi's new rule allowing mutual funds to hold more gold and silver may impact investors Rajputana Stainless IPO subscription status As of 2:15 pm on the second day of bidding, the Rajputana Stainless IPO was subscribed 35% overall, according to data available on the BSE. The Retail Individual Investors (RIIs) segment saw 9% subscription against the 1.31 crore shares reserved for the category. The Non-Institutional Investors (NIIs) category was subscribed 71%, with bids received for the 56.43 lakh shares allocated to this segment. Meanwhile, the Qualified Institutional Buyers (QIBs) portion was almost fully subscribed at 99%, against the 20.90 lakh shares set aside for institutional investors. About Rajputana Stainless Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars and flat bars. These products are used across industries such as automotive, engineering, forging and pipe manufacturing. The company runs an integrated manufacturing facility and mainly serves business-to-business (B2B) customers across various industrial segments. The proceeds from the fresh issue will primarily be used to expand its manufacturing facility in Gujarat, with a focus on forward integration into stainless steel seamless pipes. A portion of the funds will also go towards repaying or prepaying certain borrowings, along with general corporate purposes. On the financial front, the company has maintained steady growth in profitability. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. In FY25, it posted revenue of Rs 932 crore and net profit of Rs 40 crore, reflecting a gradual improvement in margins in recent years. The industry outlook remains positive, as India is among the largest producers and consumers of stainless steel globally. Domestic demand is expected to grow steadily, supported by infrastructure development, manufacturing expansion and rising industrial activity. However, the sector also faces risks such as volatility in raw material prices and competition from low-cost imports, particularly from countries such as China and Indonesia. Should you subscribe? Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company's integrated manufacturing setup, diversified product portfolio and steady financial performance. Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position. Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics while recommending investors subscribe to the issue. That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.) .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Rajputana Stainless IPO saw a slow start to subscription on Day 1. The Rs 255 crore issue, priced Rs 116–122 per share, is a mix of fresh issue and an offer for sale (OFS). Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. View More
The Rs 255 crore Rajputana Stainless IPO was subscribed about 21% on the first day of bidding so far. Demand was largely driven by Qualified Institutional Buyers (QIBs), who subscribed 49% of their portion, while the retail segment saw only about 4% subscription. In the grey market, the shares of the company were seen trading at a modest premium of around Rs 3, or nearly 2%, over the upper price band of Rs 122, indicating a potential listing price of about Rs 124. With 2.09 crore shares on offer, the IPO will close on March 11. Offering shares at the price band of Rs 116–122 apiece, the company aims to raise approximately Rs 255 crore through a mix of a fresh issue and an offer for sale (OFS). The issue includes a fresh issue worth about Rs 179 crore and an offer for sale of up to Rs 76 crore by existing shareholders. The company plans to list on the BSE and NSE, with a tentative listing date of March 16. Rajputana Stainless IPO subscription status As of 3:25 pm on Day 1, the Rajputana Stainless IPO was 21% subscribed overall, according to data from the BSE. Live Events The Retail Individual Investors (RIIs) segment saw 4% subscription against the 1.31 crore shares reserved for retail investors. The Non-Institutional Investors (NIIs) portion was 48% subscribed for the 56.43 lakh shares on offer. The Qualified Institutional Buyers (QIBs) category recorded 59% subscription for the 20.90 lakh shares allocated to them. About Rajputana Stainless Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. These products are used across industries such as automotive, engineering, forging, and pipe manufacturing. The company runs an integrated manufacturing facility and mainly serves business-to-business (B2B) customers across various industrial segments. The proceeds from the fresh issue will primarily be used to expand its manufacturing facility in Gujarat, with a focus on forward integration into stainless steel seamless pipes. A portion of the funds will also go toward repaying or prepaying certain borrowings, along with general corporate purposes. On the financial front, the company has maintained steady growth in profitability. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. In FY25, it posted revenue of Rs 932 crore and net profit of Rs 40 crore, reflecting a gradual improvement in margins in recent years. The industry outlook remains positive, as India is among the largest producers and consumers of stainless steel globally. Domestic demand is expected to grow steadily, supported by infrastructure development, manufacturing expansion, and rising industrial activity. However, the sector also faces risks such as volatility in raw material prices and competition from low-cost imports, particularly from countries like China and Indonesia. Should you subscribe? Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company's integrated manufacturing setup, diversified product portfolio and steady financial performance. Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position. Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics while recommending investors subscribe to the issue. GIC-backed Greenko Energies said to weigh $1 billion IPO That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Tata Steel, JSW Steel and state-run Steel Authority of India Limited, or SAIL, and Rashtriya Ispat Nigam Limited, or RINL colluded during 2018-2023, the report says. View More