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This rise is attributed to increased demand for Capesize vessels, tightening ship supply, and disruptions in iron ore exports. The conflict in the Middle East has also contributed to the upward trend in freight rates. View More
A key measure of bulk-shipping rates jumped to the highest level since December 2023, driven by rising demand for Capesize vessels along with tightening supply of ships that haul bulk commodities. The Baltic Dry Index surged 5.6% to 2,991 points on Wednesday, extending gains for a fourth session. The gauge tracks freight rates for Capesize, Panamax, and Supramax ships transporting raw materials such as iron ore, coal and grain. The Capesize market has “strengthened sharply over the past two weeks” on tightening ship availability in the Pacific, disruptions to iron ore exports from Brazil, and hedging of future freight rates, said Pranay Shukla, the head of dry bulk freight and commodities research at S&P Global Energy. Bloomberg Strong bulk commodity exports in April are expected to continue this month and into June, according to data from S&P Global Energy. The Capesize segment on the Baltic Dry Index accounts for about 40% of the gauge, and is the section most exposed to iron ore, used to make steel. The conflict in the Middle East has also played a part in higher rates. The Iran war has been a “volatility-driven accelerator, amplifying freight market moves and lifting sentiment,” according to shipbroker Ifchor Galbraiths. Iron ore futures in Singapore were little changed at $110.70 a ton as of 11:49 a.m. local time after rising 1.8% in the previous session to settle at the highest since October 2024. The move came as China returned from a holiday. Live Events .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!
At least 10 companies are considering reducing their planned IPO sizes to ensure successful listings amid declining investor appetite. This flexibility, allowed by the capital market regulator, permits companies to cut issue sizes by up to half without refiling. Sectors like NBFC, jewellery, and healthcare are among those exploring this option to navigate current market conditions. View More
Mumbai: At least 10 companies are weighing plans to slash the size of their planned initial public offerings (IPOs) to ensure that these succeed amid shrinking risk appetite that's made investors more selective about fund deployment, according to investment bankers and valuation experts. This follows the capital market regulator allowing companies with approvals to prune issue sizes by as much as half without refiling papers for IPOs opening before September 30. The companies have been in talks with institutional investors to gauge their interest in smaller IPO sizes, the bankers said. "We are aware of at least eight to 10 companies which are open to cutting the issue size," said Dev Chandrasekhar, founder of Transcendum - a Mumbai-based valuations and strategic advisory firm. The companies are said to be in the non-banking finance company (NBFC), jewellery, food, packaging, healthcare and steel sectors. They plan to push through with their IPOs over the next 2-4 months if the secondary market remains stable, said the people cited. AgenciesMove follows Sebi letting companies prune offer size without refiling IPO papers "This is particularly beneficial for large issuers," said Bhavesh Shah, MD and head of investment banking at Equirus Capital. "Their deals depend heavily on institutional participation, which can shift quickly with market sentiment , so flexible sizing helps avoid under-subscription or pricing pressure." Live Events As many as 146 companies have received Sebi approval to raise a total over ₹2 lakh crore. Of this, approvals of 43 companies are valid only until September, according to Prime Database. Out of the 146 companies, a significant chunk is targeting large fundraises. As many as 45 plan issues of ₹1,000 crore and above, according to Prime Database. Within this, 77 companies fall in the ₹1,001-2,000 crore bracket, while 20 are looking at ₹2,001-5,000 crore issues. One is aiming as high as ₹9,000 crore. In a one-off move in April, the Securities and Exchange Board of India (Sebi) allowed companies with IPO approvals to increase or decrease the fresh issue size by up to 50% without submitting a new draft offer document, giving them more flexibility to adjust to volatile market conditions and lower investor appetite amid the West Asia war and other pressures. The rules otherwise require companies to refile a draft prospectus if the issue size changes by more than 20% from the original estimate. At the mid-sized level, 27 companies have issue sizes between ₹500 crore and ₹950 crore, while 22 are in the ₹150-500 crore bracket. “Smaller companies will use this Sebi window to recalibrate, not retreat,” said Chandrasekhar. “The smart move is to trim the OFS (offer-for-sale) portion when promoter exits look greedy against weak demand, while keeping the fresh issue intact so the business still gets funded.” For these entities, it could mean trimming the offer to better align with real-time investor demand, which should improve subscription levels, under subscription or last-minute withdrawal, said Samir Bahl, CEO, Anand Rathi Advisors. “Smaller companies in the Rs 200–400 crore range are indeed more likely to use this provision to recalibrate their issue sizes,” he said. Generally, companies consider cutting the IPO size closer to the launch of the issue. Sebi rules stipulate that companies going public should have provided financial data that’s only up to six months old. Companies with the December quarter as the latest earnings period in the draft red herring prospectus (DRHP) must launch their IPOs by June. “Uncertainties owing to the geopolitical crisis are having an impact on the IPO market and if this continues, we might see some issuers recalibrate deal sizes closer to launch,” said Prashant Singhal, partner and India markets leader, EY. However, this change would be less about cutting deal sizes and more about getting valuation right, he said. According to Abhishek Sharma, founder and managing director of GYR Capital Advisors, a merchant banking firm, “Several companies, at least four or five that I am aware of, are already considering reducing their issue sizes.” Chandrasekhar said eventually many more companies, especially large companies, will look to push through the IPOs by cutting the IPO size. .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! 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India's steel sector showed strong growth in April 2026. Production and consumption of steel increased significantly. This performance reflects robust domestic demand and steady activity in infrastructure and manufacturing. Steel companies are investing in capacity expansion. Green steel initiatives are progressing with certifications issued to many producers. Domestic steel prices are recovering. The industry is well-positioned for continued growth. View More
India’s steel sector maintained its growth momentum in April 2026, registering year on year increases across key production and consumption indicators, according to a PIB prerelease. The performance reflects sustained domestic demand and stable activity in infrastructure and manufacturing. Crude steel production stood at 14.09 million tonnes in April 2026, marking a 5.8 percent increase compared with 13.31 million tonnes in April 2025. Hot metal output rose by 5.4 percent year on year. Pig iron production declined by 6 percent to 0.69 million tonnes. Finished steel production reached 13.05 million tonnes, recording a 3.4 percent rise year on year. Consumption of finished steel stood at 12.99 million tonnes, up 8.1 percent, indicating continued strength in construction, infrastructure and manufacturing sectors. India remained a marginal net importer during April 2026, with imports at 0.68 million tonnes and exports at 0.47 million tonnes. Compared with April 2025, imports increased by 30.8 percent from 0.52 million tonnes, while exports rose by 24.9 percent from 0.38 million tonnes. India’s total steelmaking capacity reached approximately 220 million tonnes per annum in the financial year 2025 to 2026, progressing towards the National Steel Policy target of 300 million tonnes per annum by 2030. Major companies including SAIL , Tata Steel , JSW Steel , JSPL and AMNS continued to invest in capacity expansion. Live Events Tata Steel recently commissioned a scrap based electric arc furnace green steel plant with a capacity of 0.75 million tonnes per annum in Ludhiana, with an investment of ₹3,200 crore. The facility is the first of its kind in Punjab. Under the Ministry of Steel’s Green Steel Initiative , the National Institute of Secondary Steel Technology continued to act as the nodal agency for measurement, reporting, verification and certification. As of March 31, 2026, green steel certificates had been issued to 90 producers across 15 states. The certified products include TMT bars, hot rolled and cold rolled coils, wire rods and pipes. A majority of these products have received the highest five star rating, indicating strong participation among secondary and mid size producers. Domestic steel prices showed recovery across major categories in April 2026. TMT and rebar prices increased by around 2.6 percent month on month and recorded a 3 percent rise year on year, marking the first positive annual trend after several months. Flat steel prices registered stronger gains, with hot rolled coil prices rising by about 6.3 percent and galvanised plain sheet prices increasing by around 7.3 percent on a monthly basis. Raw material prices displayed a mixed but largely firm trend. Domestic iron ore prices rose by about 10 to 11 percent month on month, reflecting improved demand from the steel sector, while global iron ore prices remained stable. International coking coal prices continued to rise on a monthly basis, keeping input costs elevated for integrated producers. Scrap prices in the international market remained largely unchanged, providing stability for electric route steelmakers. The Indian steel industry is well placed to sustain growth, supported by continued infrastructure investment and expanding manufacturing activity. Managing energy security, fluctuations in raw material costs and global trade developments will remain key challenges in the coming year. .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)
State-owned NMDC has raised iron ore lump and fines prices by Rs 200 per tonne, effective immediately. Baila lump ore is now priced at Rs 5,500 per tonne and fines at Rs 4,700 per tonne. This price hike, exclusive of various taxes and fees, will impact steel manufacturing costs. View More
New Delhi: State-owned NMDC on Wednesday said it has increased prices of both iron ore lump and its fines by Rs 200 per tonne, with immediate effect. It has fixed the price of baila lump ore at Rs 5,500 per tonne and fines at Rs 4,700 a tonne, the country's largest iron ore miner said in a regulatory filing. Lump ores or high-grade iron ores contain 65.5 per cent iron content, while fines are inferior-grade ores with 64 per cent or less iron content. In the last price revision announced on April 5, NMDC had fixed the rate of the baila lump at Rs 5,300 per tonne and that of fines at Rs 4,500 per tonne. The new prices effective from May 6 are exclusive of royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET) and exclude cess, forest permit fee, transit fee, GST, environmental cess and other taxes. Live Events Iron ore is among the raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on rates of steel, an alloy widely used in segments like construction, infrastructure, automobile and railways. Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under Ministry of Steel contributes around 20 per cent to India's total iron ore production. .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)
In the last price revision announced on April 5, NMDC had fixed the rate of the baila lump at ?5,300 per tonne and that of fines at ?4,500 per tonne View More
Crude steel production up 5.8%, consumption jumps 8.1% YoY, on strong infrastructure and manufacturing demand View More
Cold-rolled formed engineering solutions are revolutionizing the mining sector by significantly reducing waste, with experts highlighting up to an 80% decrease in scrap generation. This precision-driven process minimizes material loss, lowers costs, and enhances long-term performance. The technology also improves corrosion resistance and coating retention, leading to extended service life and reduced maintenance expenses. View More
New Delhi: Cold-rolled formed engineering solutions are driving a sustainability shift in the mining sector as the process generates minimal scrap, which can reduce waste generation by up to 80 per cent compared to conventional methods, experts said. As the industry focuses on productivity and sustainability, the shift toward precision-driven cold roll-formed engineering is emerging as a key enabler -- reducing waste, lowering costs, and improving long-term performance across mining operations. "In mining, scrap is not incidental -- it is embedded cost. Traditional fabrication creates inefficiencies through cutting, welding, and overdesign. Cold roll forming addresses this at the source by minimising material loss and delivering precision-engineered profiles," said Santosh Venkatasubbaiah, Director - Sales and Marketing at Mother India Forming, a company specialising in cold roll-formed components. Cold-rolled formed engineering solutions supports India's green steel initiatives by minimizing environmental impact through reduced material usage. According to McKinsey & Company, maintenance accounts for 20-50 per cent of total operating costs in mining, with structural repairs forming a notable share. Live Events Cold-rolled formed components offer improved corrosion resistance. Unlike welded structures, where coatings are often damaged during fabrication, cold roll forming preserves surface integrity, resulting in longer service life and reduced replacement frequency. "Frequent replacement is often a result of inconsistent fabrication... With cold roll forming, you achieve uniformity, better coating retention, and predictable performance," Venkatasubbaiah noted. According to experts, these advantages translate into 10-20 per cent lower replacement and maintenance costs, along with improved safety and reduced downtime. "Mining companies are recognizing that inefficiencies in design translate into recurring costs over the lifecycle. The move toward precision-engineered systems like cold roll forming is structural, not incremental," said Pavan Kaushik, Co-founder of Gurukshetra Consultancy -- an advisory firm operating in the metals and mining sector. "The future of mining infrastructure will be defined by efficient material use and reliable performance. Cold roll-formed engineering is emerging as a critical lever for lowering costs, improving durability, and strengthening sustainability," he added. Globally, precision-formed metal solutions have demonstrated efficiency gains across sectors such as construction and industrial infrastructure. Mining, however, remains relatively under-optimised - making it a significant opportunity for transformation. .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)
MES approvals are limited to a select pool of manufacturers that meet rigorous quality and technical criteria, creating what the company describes as a high entry-barrier vendor base View More
In theory, the U.K. should be less exposed to the impact of higher energy prices than some peers. In practice, the price surge is having a dire impact. View More
A sign saying "Sorry, No Petrol" on the forecourt of a BP service station during a fuel shortage in London on Feb 9, 1971.Evening Standard | Hulton Archive | Getty Images This report is from this week's CNBC's UK Exchange newsletter. Like what you see? You can subscribe here. The dispatch For Britons of a certain age, an oil price shock brings back memories of the 1970s, with food and petrol shortages, the state-imposed three-day working week, power cuts, doing school homework by candlelight, and the resulting increases in both inflation and unemployment.The good news is that, according to an assessment by the independent Office for Budget Responsibility, the energy intensity of U.K. GDP has fallen by 70% since the mid-1970s, reflecting improvements in energy efficiency and a decline in heavy industry.So even a prolonged rise in energy prices should not see the U.K. economy suffer as it did in that decade.In theory, as a country still enjoying some domestic oil and gas production, Britain should also be rather less exposed to the impact of higher energy prices than peers such as Japan and some major euro zone economies.In practice, however, the oil and gas price surge is having a dire impact.This is partly because Britain's electricity prices are higher than those of its peers. According to the International Energy Agency, the average price per megawatt hour for electricity in the U.K. in April was $110.56, compared with $92.89 in Japan, $88.98 in Germany, $44.19 in France and $26.48 in the U.S.Ministers blame this on Britain's "marginal pricing" system, under which the most expensive source of energy brought onto the grid to meet demand sets the price for all generators unless those generators have agreed to accept a fixed price. That is currently natural gas â and has delivered windfalls for other generators, including renewables operators, not on fixed contracts.Energy U.K., the industry body, argues the system is efficient because the cheapest generation capacity is used first and notes that gas often sets the price "because it is typically the flexible generation needed to meet demand when lower-cost sources [like renewables] are unavailable."The government, whose dash to net zero is blamed by many for pushing up the cost of power for industrial and domestic users alike, has just announced plans to try and break the link between gas and electricity prices.Nonetheless, energy-intensive businesses are suffering.Denby Pottery, one of Britain's best-known producers of china and tableware, went into administration in March, blaming high energy and labour costs, while the government is spending more than £1 million ($1.35 million) per day to keep British Steel, the country's last producer of virgin steel via energy-intensive blast furnaces, alive. Consumer hit Consumers are also feeling the pinch. Households already owed more than £4.4 billion to energy suppliers by June 2025, according to the regulator Ofgem, with one in four reckoned to be in arrears. Baringa, a consultancy, has said nearly three-quarters of that is unsecured.As Ofgem allows suppliers to recover a proportion of debt costs from all billpayers, it means other customers end up paying more.With higher energy costs also fuelling inflation more broadly â the Energy & Climate Intelligence Unit, a think tank, reported this week that U.K. food prices will be 50% higher by November than they were in 2021 â there are signs, as noted by the Bank of England last week, that Britons are already starting to save more in anticipation of higher bills.That does not bode well for consumer spending in the coming months. Retailers J Sainsbury, Shoe Zone and WH Smith have issued profit warnings since the war on Iran began, as have a clutch of housebuilders, including Crest Nicholson, Taylor Wimpey and Berkeley Group.They are unlikely to be the last.â Ian King Need to know UK exports to U.S. plunge by 25% after Trumpâs âliberation dayâ tariffs blitz. While U.K. exports of goods have stayed low, imports of goods increased at the start of 2026, leading to a trade deficit with the country's largest trading partner for three months in a row. UK government plans to allow airlines to consolidate flights as jet fuel costs soar. The temporary measure would allow carriers to consolidate schedules on routes with multiple flights to the same destination on the same day.Trump scraps Scotch whisky tariffs 'in honor' of King Charles. The Scotch whisky industry employs around 40,000 people in Scotland, where whisky accounted for 23% of all goods exports in 2025. The sector is also a major purchaser of used bourbon barrels from the U.S.â Holly Ellyatt Coming Up MAY 8: Halifax house price index for AprilMAY 12: BRC retail sales monitor for AprilMAY 14: UK first-quarter GDP data Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.