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On April 6, the Indian stock market gained, with the Nifty 50 up 0.68% to 23,123 and the S&P BSE Sensex rising 0.69% to 74,616. Nifty IT led sector gains at 2.5%, while PSU banks fell by 0.72%. Investors await the RBI policy decision. View More
Tata Steel share price rose nearly 1% after reporting record annual output for FY26, with crude steel production reaching 23.48 million tonnes, an 8% increase. Strong domestic demand and growth across segments led to robust deliveries, surpassing 20 million tonnes for the first time. View More
In a pivotal move, NMDC, the state-owned giant, is set to hike iron ore prices effective April 5, 2026. Following an unprecedented production year with record outputs from its flagship mines, the prices for Baila Lump and Baila Fines will see an increase. This adjustment is expected to ripple through the steel manufacturing sector, affecting raw material costs significantly. View More
New Delhi: State-owned NMDC has increased the prices of iron ore by up to 11.1 per cent, according to a regulatory filing. The company, which is the country's largest iron ore producer, has increased the prices with effect from April 5, 2026. As per the regulatory filing, the prices of Baila Lump -- high-grade (65.5 per cent Fe) iron ore lump produced by the company from the Bailadila mines in Chhattisgarh, have been increased by 10.4 per cent. While prices of Baila Fines -- high-grade iron ore product (64 per cent Fe) sized below 10 mm sourced from the Bailadila sector mines in Chhattisgarh, the prices have been hiked up by 11.1 per cent. In a filing to the BSE, NMDC said that "the prices of iron Ore w.e.f. 5th April 2026 has been fixed as under: Baila Lump (65.5 per cent, 10-40 mm) -- Rs 5,300/- per ton. Baila Fines (64 per cent, -10 mm) - Rs 4,500/- per ton." Live Events The revised prices are on a free-on-rail (FOR) basis and exclude statutory levies such as royalty, District Mineral Foundation (DMF) charges, National Mineral Exploration Trust (NMET) contributions, GST, environmental cess, and other taxes, the filing said. NMDC has reported a record production of 53 million tonnes (MT) of ore in the just-concluded 2025-26 financial year. The company's total sales of iron ore, a key raw material for steel manufacturing, reached 50.23 MT. The company's production was 21 per cent higher compared to 44.07 MT in FY25, while sales grew 13 per cent from 44.40 MT in 2024-25. The PSU produced 5.35 million tonnes (MT) and sold 5.90 MT of iron ore in March. The record output is driven by robust performance from NMDC's major iron ore mines -- Kirandul and Bacheli in Chhattisgarh and Donimalai in Karnataka, recording their best-ever performance in company history. .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)
Jindal Steel has successfully used syngas in its galvanizing and color coating furnaces. This move counters shortages of natural gas, LPG, and propane. It allows the company to maintain operations amid supply disruptions. Jindal Steel is a pioneer in using syngas for steelmaking. This innovation strengthens energy security and supports low-carbon steel production. View More
Jindal Steel on Monday said it has deployed syngas in galvanising and colour coating line furnaces to counter the shortage of natural gas, LPG and propane, enabling the company to sustain operations amid supply disruptions. Syngas, or synthesis gas , is a clean-burning fuel that offers a way to convert waste and biomass into valuable energy, acting as a circular energy source. The innovative switch to syngas -- produced through gasification of coal -- has allowed the company to mitigate fuel constraints in these critical finishing processes, where high-temperature furnaces are essential for applying zinc and colour coatings to steel strips used in construction, appliances and automotive sectors. Galvanizing line furnaces apply protective zinc coatings to steel, while colour coating line furnaces cure organic paints on metal, both operating in continuous, high-speed lines to enhance corrosion resistance and durability. "In response to shortages of natural gas, LPG, and propane, Jindal Steel has now successfully deployed syngas in galvanising and colour coating line furnaces - marking the first such application in the steel industry. This has helped the company better mitigate fuel shortages in these unprecedented times," the company said in a filing to BSE. Live Events The company achieved a global first by setting up the country's first coal gasification-based Direct Reduced Iron (DRI) plant, using syngas for iron-making, the filing added. Jindal Steel further said it has pioneered syngas injection into its blast furnace, reducing dependence on imported coking coal and lowering carbon emissions per tonne of steel. "This integrated deployment of syngas across the steelmaking value chain sets a new benchmark for efficiency, sustainability, and energy self-reliance," it said. "Synthesis gas from swadeshi coal can replace imported methanol, ammonia, ammonium nitrate, and LNG. India must utilise its vast coal reserves to future-proof low-carbon growth and reduce forex outflow. " Coal gasification ... will lower emission intensity, support CBAM (Carbon Border Adjustment Mechanism) compliance, and strengthen our export competitiveness," P K Biju Nair, Executive Director Angul, Jindal Steel, said. Jindal Steel said that it has pioneered the use of indigenous coal through advanced coal gasification, significantly strengthening the country's energy security while enabling low-carbon steel production . With an investment footprint exceeding 12 billion dollars, Jindal Steel runs facilities in Angul in Odisha, Raigarh in Chhattisgarh and Patratu in Jharkhand, and maintains strategic operations across India and Africa. .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)
Mesabi Metallics, a proud member of the Essar Group, has successfully garnered USD 150 million in funding from Macquarie Group. This investment paves the way for the anticipated launch of its iron ore mine and pelletizing plant in Minnesota, set for the third quarter of 2026. View More
New Delhi: Mesabi Metallics Company LLC, an Essar Group company, has secured USD 150 million in financing from Macquarie Group to support the planned third-quarter 2026 startup of its Direct Reduction (DR) grade iron ore mine and pellet plant in Minnesota. The latest funding follows a previously announced USD 520 million senior secured credit facility from Breakwall Capital, adding to a series of financing moves for the project, which has also received backing from the US Export-Import Bank, the company said in a statement. Also Read: US EXIM announces USD 10 billion support to Essar's Mesabi Metallics Mesabi Metallics is developing the project on more than 16,000 acres in northern Minnesota, aiming to establish a domestic source of DR-grade iron ore as the United States seeks to strengthen industrial supply chains and reduce reliance on imports. The company is investing about USD 2.5 billion in the mine and pellet plant, which is expected to supply electric arc furnace steelmakers. More than 800 construction workers are currently on site, with Essar having invested over USD 2 billion in equity so far. Live Events "This financing from Macquarie marks another major step forward for Mesabi Metallics and builds on the strong momentum we have established with our recently announced financial partnerships," said Joe Broking, president and chief executive of Mesabi Metallics. "Together, these transactions reflect growing confidence in the quality, scale and strategic importance of our project as we build a new American source of DR-grade iron ore to strengthen domestic steel supply chains and reduce dependence on imports." Also Read: SC refuses to stay Adani's resolution plan for Jaiprakash Associates in blow to Vedanta "Macquarie has enjoyed a longstanding financing relationship with Essar Group, and we are pleased to extend that relationship to their metals and mining investments in the US," said Mike Burns, senior managing director in Macquarie's commodities and global markets business. "Mesabi is developing a high-quality and strategically important project for the US steel sector, and we look forward to supporting the company over the long term." Once completed, the facility will be the first new mine and pellet plant in Minnesota in nearly 50 years and is expected to supply DR-grade pellets to the growing electric arc furnace steel market in the United States. .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)
On the NSE, the stock was trading at ?1,126.70 as of 10:35 AM IST on Monday, down 0.9% from its previous close of ?1,137.90 View More
Markets will track stocks like Bharat Coking Coal, Control Print and Shree Cement following operational disruptions, strategic expansions, stake buys, and infrastructure order wins announced over the weekend View More