Thursday, September 30, 2010

India and UK Signs MoU in the field of Road Transport & Highways

India and UK have signed a Memorandum of Understanding on cooperation in the road transport and highways Sector. The MoU was signed by Shri Kamal Nath, Minister of Road Transport and Highways and his British counterpart Rt. Hon. Philip Hammond, Secretary of Stat
e, Department of Transport, UK on Monday at London. As part of the MoU , both the countries would engage in consultations and will exchange information and best practices in the areas of motor vehicle testing, driver training and delivering and maintaining of highway networks. 

During his visit to London, Shri Nath also addressed a Round Table session on highway infrastructure organised jointly by CII and Confederation of British Industries on Tuesday. The Minister urged the financial institutions to diversify their investments and also invest in the equity of the road construction companies in India. He informed the participants about the rapid progress made in the highways development programme during the first year of the government with the award of 118 projects for a length of 7,500 km. He said, the financial closures of the awarded projects have either been achieved or is in the advanced stages of achievement. By the end of March 2011, 22,000 km of work will be in progress. Talking about the positive business environment in the country, he informed them that the issues raised by different stake-holders in the tender procedures and process of financial closure have been addressed, the remaining ones are also being looked into. The capacity building process is being also addressed. Road construction has covered far flung areas like the North-Eastern States. The growth in the automobile sales in India has increased by 37% as a result of increase in the disposable incomes in the families in the rural and urban areas. He called upon the financial institutions in the UK to fund the road construction activities in India.

Shri Nath also met Dr Vince Cable, Secretary of State for Business, Innovations and Skill on Wednesday. They discussed ways at deepening the economic engagement and investments in the Highway sector. Shri Nath also held a meeting with members of British India Roads Group (BIRG). The group expressed keen interest in participating in India's National Highway Development Programme. During the discussions, members of BIRG made suggestions for bringing about changes in the areas of financing, procurement, concession, engineering design, construction and operation & maintenance. At the meeting, it was decided to hold an interactive workshop to discuss various suggestions made by members of BIRG in New Delhi in December 2010 / January 2011. The workshop will see the participation of members of BIRG and all stakeholders including Government officials, concessionaries, contractors, consultants, financers etc. Minister

allmineral_News  09 | 2010


A Quantum Jump - gaustec´s new X-type Mega- WHIMS in operation with 700 tph

It took them 5 years - from the first industrial unit to the biggest WHIMS ever built. And once again the Itaminas Mine in the heart of the Brazilian iron quadrangle in the state of Minas Gerais is the place to be. Where everything started in 2005 with a 120 tph gaustec 3200 the new Mega- WHIMS gaustec® GX 3600 went into operation in July this year, at a capacity of 700 tph. Not by coincidence again the area of one of the largest iron ore deposits in the world became the birthplace of this new class of giant magnetic separators, where huge mining activities require huge equipment capacities.

From the very first moment up to now gaustec is convincing the customers with simple but intelligent solutions, from operators for operators. The implementation of numerous improvements to the well known  JONES- WHIMS concept were honored by the market. Easier maintenance, less energy consumption as well as more flexibility by means of more parameters to adjust, i.e. better performance, led to more than 50 gaustec®- WHIMS sold in five years only.

And now with the new model capacities per unit have doubled at almost the same footprint, the same weight, the same energy consumption and the same efficiency, of course:


The new gaustec®-  GX 3600 with capacities from 360 to 800 tph¹).


At the Itaminas plant the new gaustec®-GX 3600 is fed with hematite iron ore <>2  at a rate of 700 tph, 50 % solids. The product of this cobber stage is further upgraded in a second, already existing gaustec®-G 3600 to a final product of plus 66 % Fe and less than 3.0 % SiO2. The tailings of the cobber stage are fed to a gaustec®- GHP 150, which works as a scavenger, producing tailings with about 18 % Fe and 60 % SiO2. With the future introduction of a grinding circuit for better liberation it is expected that the iron in the tailings can be reduced to less than 10 % Fe, since by now only natural iron ore fines are processed.


In addition to the general features of gaustec®- WHIMS like

  • Independently adjustable magnetic fields of the rotors of up to 15.000 Gauss
  • Easy access to rotors for maintenance
  • Controlled feed distribution through improved feed box design
  • Optimized spray boxes for product washing of higher efficiency at less water consumption

the gaustec®-GX 3600 offers even more technical and economical advantages:

  • Lower specific CAPEX and OPEX per ton of feed
  • Less ancillary equipment required
  • Simplified processing flow sheet and plant layout


That´s why the X in the new gaustec®-WHIMS not only symbolizes the new pole arrangement but leads the way to increased benefits for the mineral industry by making use of the high capacity gaustec®- GX technology.



allmineral belongs to the leading suppliers of processing plants and equipments for the mining industry worldwide. With its superb technologies the Duisburg based company is well known as a specialist for the processing and  separation of coal, ore, slag, gravel and sand as well as various secondary raw materials. Around the globe more than 400 alljig®- wet jigs, 100 allflux®- fluidized bed separators, 60 allair®- dry jigs and 50 gaustec®-WHIMS are installed.


¹) figures for iron ore, depending on feed characteristics, to be confirmed by test work


ThyssenKrupp, Abu Dhabi MAR and the Greek government secure future for Hellenic Shipyards

The Hellenic Minister of National Defense, Prof. Dr. Evangelos Venizelos and the Hellenic Minister of Finance Giorgos Papakonstantinou together with Dr. Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems AG and Iskandar Safa, Chairman and CEO of Abu Dhabi MAR LLC, signed the contracts to implement the Framework Agreement in Athens on September 30, 2010.

Dr. Olaf Berlien, member of the Executive Board of ThyssenKrupp AG: "The signing of the contracts is a great success with benefits for all three participating parties. After long negotiations we have succeeded in securing the future of the shipyard and Greek expertise in submarine construction will be preserved. "

Talks on an overall solution for Hellenic Shipyards and a mutually agreed ending of the ongoing arbitration proceedings had been taking place between representatives of the Greek government on the one side and Abu Dhabi MAR and ThyssenKrupp Marine Systems on the other since December 2009. On March 18, 2010 this package solution gave rise to a Framework Agreement which had been signed by all three parties. The agreement provides for the transfer of 75.1% of the shares in the Greek shipyard to Abu Dhabi MAR, the acceptance of the submarines built to date and the purchase of two further Class 214 submarines as part of the existing Neptune II program (instead of two Class 209 modernizations).

The Implementation Agreement will become effective upon closing which is expected to take place in October 2010.

Since acquiring HSY in 2005 ThyssenKrupp has expanded the shipyard into a state-of-the-art submarine manufacturing site in the Mediterranean region.

ThyssenKrupp is an integrated materials and technology group with currently almost 175,000 employees in more than 80 countries developing ideas and innovations to offer solutions for sustainable progress. In the 2008/2009 fiscal year they generated sales of more than €40 billion. Eight business areas focus the Group's activities and know-how in the strategic competency areas of Materials and Technologies. In addition to manufacturing materials and plants, the Group also provides complete system solutions and innovative services. We are continuously optimizing our portfolio to sustainably increase the earning power and the value of the Company.

74 SAIL employees receive Vishwakarma Rashtriya Puraskar

Award winning projects to save Rs. 135 crore annually on a recurring basis

New Delhi: “It is a matter of pride for all of us that 74 out of 128 awardees, who have won the Vishwakarma Rashtriya Puraskar (VRP) are from Steel Authority of India Limited. It’s even more heartening to note that SAIL employees have bagged 4 out of 5 awards of Class A, which is the highest number of A Class awards won by any PSU in India”, stated SAIL Chairman Mr C.S. Verma at a felicitation ceremony for Vishwakarma Awardees organized at Scope Complex here today. Continuing with its glorious tradition of previous years, SAIL won 15 out of total 28 VRP awards for the performance year 2008, which were conferred by Union Minister of Labour and Employment, Shri Mallik Arjun Kharge at a glittering ceremony held at Vigyan Bhawan yesterday. It’s worth a mention that the estimated annual savings resulting from implementation of works mentioned in the Award Winning Projects of SAIL are over Rs. 135 crores on a recurring basis. The 15 awards won by SAIL went to 74 employees from SAIL's four plants – Bhilai Steel Plant won seven Vishwakarma Rashtriya Puraskars involving 36 employees, Bokaro Steel Plant won six involving 29 employees, Durgapur Steel Plant won one involving 5 employees, and Salem Steel Plant won one involving four employees.

Instituted by the Government of India in 1965, the Vishwakarma Rashtriya Puraskar is a national award given every year by the Ministry of Labour in association with the Directorate General Factory Advice Service & Labour Institutes to workers of industrial undertakings in recognition of their outstanding suggestions leading to cost reduction, improvement in quality, productivity and working conditions such as safety, health and environment conservation in their organisations.

SAIL employees won the Vishwakarma Rashtriya Puraskars in three different categories – four Class ‘A’, three Class ‘B’ and eight Class ‘C’ award. The winners under these classes received cash prizes of Rs. 75,000, Rs. 50,000 and Rs. 25,000 respectively along with a certificate of merit.

SAIL to meet challenges through new initiatives, spread wings further: Chairman at AGM


New Delhi:    Shareholders of Maharatna company Steel Authority of India Ltd (SAIL) unanimously approved the scheme of merger of Maharashtra Elektrosmelt Limited (MEL) with SAIL at the company’s 38th Annual General Meeting (AGM) held here today. The merger scheme under sections 391-394 of the Companies Act, 1956 is under consideration of the Ministry of Corporate Affairs. SAIL shareholders also approved the recommendation of the company’s Board of Directors for final dividend payment of 17% on paid-up equity, apart from the interim dividend of 16% already paid earlier this year, taking the total dividend payable to shareholders for the year 2009-10 to 33% on paid-up equity.


At the AGM, SAIL Chairman Mr. C.S. Verma informed the company’s shareholders that the Government has approved 10% Further Public Offer (FPO) of shares by SAIL and offer for sale (disinvestment) of 10% of the Government’s holding in the company in two discrete tranches. The total issue in two equal tranches will comprise fresh issue of 41.3 crore shares and disinvestment by the Government of its holding in SAIL of equivalent amount. Each tranche will consist of 5% (i.e. 20.65 crore shares) of FPO and 5% of disinvestment of Government’s shareholding in SAIL. The offers are to be issued at appropriate times in consideration of SEBI guidelines and prevailing market conditions. The first tranche is likely to hit the market during 2010-11, subject to Government and regulatory approvals.


Mr. Verma also informed that the company has made plans to set up additional incremental power generation capacity to meet the enhanced power requirement of its steel plants and mines in the coming years. “SAIL’s power requirement is expected to grow to around 1900 MW by 2012-13 from the current level of about 1180 MW. By 2020, the average load of steel plants, including the power requirement of mines, is likely to grow to about 4600 MW,” he said. SAIL will set up power generation capacity in a phased manner to meet this requirement. In the first stage, capacity of around 1725 MW is proposed to be set up and the balance in the second stage.


Informing the shareholders about the company’s short-term outlook, Mr. Verma said that to offset rising input costs, SAIL has laid a thrust on improving productivity across the organisation, “encompassing people as well as production facilities and processes.” To meet the enhanced iron ore requirement of about 43 million tonnes for hot metal production of 23.5 million tonnes after the first phase of modernization & expansion of SAIL is completed in 2012-13, the company is vigorously pursuing the issue of early renewal of leases of Chiria and Gua mines, besides augmenting production from its existing captive mines. The Chhattisgarh government is also being approached for speedy development of Rowghat mine. In order to meet the requirement of other raw materials like coking coal, low-silica limestone and dolomite, the company is exploring input assets acquisition on its own and also through its JV companies. “For securing raw material supplies, your company has co-promoted International Coal Ventures Private Limited (ICVL) with CIL, RINL, NMDC and NTPC for the purpose of acquisition of coal assets in overseas territories. ICVL is currently actively examining proposals for acquisition of equity stakes in coal mines in Australia, Indonesia, Mozambique and USA,” said Mr. Verma.


In addition to sourcing of raw materials, SAIL will “spread its wings and pursue overseas opportunities for marketing of products as well” Mr. Verma said in his address to the shareholders: “Developing countries like Africa and South East Asia are going in for huge infrastructure projects as part of their economic development plans. This provides a good marketing opportunity that SAIL can exploit. Your company intends to become a global player in the coming years.”


SAIL shareholders were also informed that the company is looking at increasing the share of value-added items in its product basket from the present level of around 37% to around 50-55%. “While our modernisation & expansion plan will take care of a great part of this endeavour by bringing onstream a number of facilities that will produce world-class steel to better feed sectors such as high-end consumer durables and automobiles, efforts are also on to develop new products that will fetch a premium in the market through R&D,” Mr. Verma noted.


Another focus area of the company will be technology leadership, said the SAIL Chairman. For this, SAIL has taken several strategic initiatives to augment technological interventions on a long-term basis. Giving examples, Mr. Verma said that “MoU has been signed with POSCO, Korea and a detailed feasibility study is being conducted to explore (a) Exploration of upstream and downstream opportunities based on FINEX technology which utilizes iron ore fines for steel making and (b) Manufacture and commercialisation of CRNO steel.” Besides, MoU has been signed with Kobe Steel of Japan for exploring the technical and economic feasibility of ITmK3 technology for producing premium grade iron in the form of nuggets. Dialogue on technology intervention in steel and related areas has been initiated with other leading steel producers as well, he added.


Among other strategic initiatives taken, Mr. Verma elaborated on the JV shipping company set up in partnership with Shipping Corporation of India in May this year for bulk transportation of SAIL’s cargo initially for 1.2 million tonnes per annum, which would be further scaled upto 4 million tonnes per annum. Mr. Verma also spoke on the JV agreement with RITES Ltd. for setting up a wagon manufacturing unit at Kulti in West Bengal, with a capacity to handle 1,500 wagons per annum. The unit will be set up in the premises of SAIL Growth Works Division at Kulti at an estimated cost of Rs. 85 crore. The state-of-the-art plant will be equipped for manufacture of 1,200 wagons and rehabilitation of 300 wagons per year in the initial stage. Besides manufacture of BOXN type wagons, the plant will also be able to produce specialised high-end wagons and modern stainless steel wagons with marginal investment in plant and machinery.

Plans for East African rail project headed by ThyssenKrupp GfT Gleistechnik

ThyssenKrupp GfT Gleistechnik GmbH is again expanding its business abroad. For some time now its project managers have been busy on what is very likely one of Africa's biggest infrastructure undertakings at present: the railway link between Southern Sudan and Uganda.

The rail project, which will link Juba, the capital of the partly autonomous Southern Sudan with Gulu in Northern Uganda, and in the initial construction phase continue to Tororo, Southern Uganda, will have a total length of around 725 km and help open up the regional markets for the more cost-competitive import and export of commodities. There also exists an option to continue construction from Juba to Wau in Southern Sudan and for a link to the neighboring nations of Kenya and Ethiopia.

ThyssenKrupp GfT Gleistechnik had a consultancy and supporting role for the New Sudan Foundation which on behalf of the Southern Sudan government GOSS, rigorously worked on the realization of this essential transport route for the region. Together with Ayr Logistics Ltd., Texas, it will be largely involved in all the planning and construction contracting activities. Placing the order is the newly formed East African Railway.
The plans for the routing of the phase 1 sections are to commence shortly.

The rail line links the region's business centers. Constructing improved haulage links promotes economic upswing and lower prices for consumer goods; additional jobs are created. The railways are also needed for transporting the abundant mineral resources.

With the completion of the financing the preconditions are set for ThyssenKrupp GfT Gleistechnik to make available the company's engineering expertise and the supply capabilities for this important infrastructure project. Among those contracted for the construction work is the Russian company MosMetrostroy, which played a major role in laying the foundation stone for sound project financing.

On this megaproject, some US $2 to 3 billion will be invested simply in laying the rail network. Added to this are planned follow-up investments in buildings, hotels, roads, power plants, and in other infrastructure projects.

About ThyssenKrupp GfT Gleistechnik
ThyssenKrupp GfT Gleistechnik GmbH, Essen, Germany, ranks among the worldwide leading suppliers of railway equipment systems with special emphasis on classical products such as new and used rails, sleepers, points, rail fasteners for all types of permanent-way systems. Rounding off the range are rolling stock and its refurbishment, wagons and their accessories, and a full range of services. Engineering and supplying complete rail and point systems are among the specialties of ThyssenKrupp GfT Gleistechnik.

MoU between the Ministry of Msme and the Ministry of Industry and Commerce, Republic of Mozambique

Shri Dinsha Patel, Minister of State (Independent Charge) Micro, Small and Medium Enterprises and H.E. Mr. Oldemiro Baloi, Hon’ble Minister of Foreign Affairs and Cooperation, Republic of Mozambique signed a Memorandum of Understanding (MoU) on cooperation in the field of MSME here today. The signing ceremony took in the august presence of Dr. Manmohan Singh, Prime Minister of India and Mr Armando Guebuza, President of Mozambique.

The MoU will provide a platform for the two Governments to discuss the issues concerning MSMEs and explore possibilities of cooperation for the mutual benefit of the MSME sector in the two countries. It provides a structured framework and enabling environment to the MSME sector of the two countries to understand each other’s strengths, markets, technologies, policies etc. It also contains an agreement between the two countries to enable their respective MSMEs to participate in each other’s trade fairs/exhibitions and to exchange business delegations with the other country, to understand the policy and explore the markets, so that joint ventures, tie-ups, technology transfer etc. could take place. It does not contain or involve any financial, legal or political commitment on the part of either party.

The Ministry of MSME has so far entered into long term agreements (Memorandum of Understanding/Agreements/Joint Action Plan) for cooperation in the MSME Sector, with counterpart Ministries/Organisations of 13 countries viz., Tunisia, Romania, Rwanda, Mexico, Uzbekistan, Lesotho, Sri Lanka, Algeria, Sudan, Cote d’Ivoire, Egypt, Botswana and Korea. Such kind of cooperation opens up doors of new opportunities for Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations etc.

"chehere nahin INSAAN padhe jate hai

Mazhab nahin IMAAN padhe jate hai

Yeah hi ek aisa desh hai jaha ek saath

Geeta aur Quran padhe jate hai"

Join me as I say Jai Hind, today and every day!!

Index of Six Core Industries (Base: 1993-94=100) -- August 2010

The Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 262.9 (provisional) in August 2010 and registered a growth of 3.7% (provisional) compared to 6.4% registered in August 2009. During April-August 2010-11, six core industries registered a growth of 4.1% (provisional) as against 4.8% during the corresponding period of the previous year.

Crude Oil

Crude Oil production (weight of 4.17% in the IIP) registered a growth of 15.0% (provisional) in August 2010 compared to a growth rate of (-)2.5% in August 2009. The Crude Oil production registered a growth of 6.5% (provisional) during April-August 2010-11 compared to 1.6% during the same period of 2009-10.

Petroleum Refinery Products

Petroleum refinery production (weight of 2.00% in the IIP) registered a growth of (-)2.3% (provisional) in August 2010 compared to growth of 3.0% in August 2009. The Petroleum refinery production registered a growth of 5.3% (provisional) during April-August 2010-11 compared to (-)4.9% during the same period of 2009-10.


Coal production (weight of 3.2% in the IIP) registered a growth of 1.0% (provisional) in August 2010 compared to growth rate of 13.3% in August 2009. Coal production grew by 0.9% (provisional) during April-August 2010-11 compared to an increase of 12.6% during the same period of 2009-10.


Electricity generation (weight of 10.17% in the IIP) registered a growth of 1.0 % (provisional) in August 2010 compared to growth rate of 10.2% in August 2009. Electricity generation grew by 4.4% (provisional) during April-August 2010-11 compared to 6.2% during the same period of 2009-10.


Cement production (weight of 1.99% in the IIP) registered a growth of 1.6% (provisional) in August 2010 compared to 17.5% in August 2009. Cement Production grew by 4.6% (provisional) during April-August 2010-11 compared to an increase of 13.4% during the same period of 2009-10.

Finished (carbon) steel

Finished (carbon) Steel production (weight of 5.13% in the IIP) registered a growth of 7.7% (provisional) in August 2010 compared to 0.3% (estimated) in August 2009. Finished (carbon) Steel production grew by 3.5% (provisional) during April-August 2010-11 compared to an increase of 1.9% during the same period of 2009-10.

N.B: Data are provisional. Revision has been made based on revised data obtained.
Outcomes of the 59th North Eastern Council Plenary Meeting

Following are the main outcomes of the 59TH North Eastern Council (NEC) plenary meeting held in New Delhi on 28th September 2010:

1. NEC Meeting approved Rs.700 Crores as Annual Plan for 2010-11.

2. After the last Plenary in February 2010, within six months, the Ministry of Development of North Eastern Region (DoNER) has sanctioned 10 major roads in 8 States at an estimated cost of Rs.703.26 Crores. The total length of the roads is 449 kms.

3. The Ministry has stream lined guidelines for speedy implementation of NEC Schemes and has got approval from the Council for the same.

NE Vision 2020

4. The Ministry of Railways gave the presentation as per NE Vision 2020 and assured the Council that all the capitals of the NE Region will be connected by Railways by 2016 at an estimated cost of Rs.17000 Crores.

5. Inland waterways made a presentation and proposed the Brahmaputra Waterway i.e National Waterway -2 (NW-2) as a “dedicated freight corridor”.

6. Department of Telecommunications has assured that the quality of services will be improved.

7. The services of IIT Guwahati and IIM, Shillong will be used for Capacity Building of State Government Employess and educated unemployed youth of the Region.
Iron ore market goes in premature hibernation
The series of holidays starting from 22nd September and National Holidays in first week of October in China has ensconced the market in slumber. Transactions are few and far between. It doesn’t seem unusual in the backdrop of truncated steel production in the aftermath of power cuts to enforce emission norms.

This receding commenced end August when the regional governments got hyperactive cutting power supply to manufacturing units. However it has been noticed that the decline has been gradual over the last fortnight. In fact the prices have remain dormant for the past 1 week at levels of USD 144 per tonne to USD 146 per tonne CNF main Chinese port for Fe 63.5/63% iron ore fines.

Despite news of production revival in Wu’an region of Hebei Province there is little chance that transactions would resume significantly since traders have opted for caution due to the uncertainty and holidays. It will be only after the National holidays that some change in dynamics can be contemplated.

Middle East steel market awaits Gods own hand to up the ante
Fatalism seems to be the only recourse for the Middle East market which has come to terminal point without any revival in sight. The orgy which started in April refuses to die in the Gulf. The never say die depression has become characteristic of this market although it has shown gradual let up in other quarters of the globe.

In this quagmire each holiday or even slightest of inconsistency kindles hope which soon peters out. Likewise Ramadan was believed to be the harbinger of auspicious omens expected to beckon revival in the market. Operators where fishing out variety of factors for this turnaround starting from stock depletion to hiked scrap prices.

With the culmination of Ramadan on 10th September market waited with baited breath for the baptism. A fortnight down the road it seems to be a mere apparition.

The market is taking nationalistic hue with local centric sourcing. The obvious reasons being at par parity with imports levels, shorter lead time as demand remains feeble and need based. As a result the speculative color has vanished obliterating even remote possibility of revival. It is learnt that rebar prices have taken a dip by AED 50 per tonne during last week after mills forced a hike of AED 100 per tonne just after Ramadan. The rebar offers from Turkey at USD 590 per tonne CNF seems to be nightmare for re-rollers when billet is being offered at USD 580 per tonne CNF.

HRC market seems slightly better with pipe demand trickling from USA which has diverted its appetite to Gulf after initiating anti dumping proceedings against China. Import offers have been heard at USD 665 per tonne CNF Dubai but without any transactions. Market expectation is around USD 630 per tonne to USD 640 per tonne still unmatched by mills.

For plates, some of the Indian mills have become aggressive through their stockyards with offers at AED 2550 per tonne ex stockyard 120 days credit which is about AED 200 cheaper than the local mills leaving them aghast. The last import offers were heard at USD 680 per tonne to USD 685 per tonne CNF Dubai with bookings done about USD 10 per tonne less.

Overall the pall of gloom is writ large. Moreover with international long product prices having taken a dip by USD 30 per tonne to USD 40 per tonne in the last fortnight and mills valiantly trying to defend as the rug is being pulled with dwindling order books there seems miniscule probability of revival.

JSW Steel reduces sales projections for fiscal
ET reported that JSW Steel has revised its volume projection downwards for the present financial year.

The report quoted Mr Sheshagiri Rao joint MD and Group CFO of JSW Steel as saying that “We will be able to grow by 9% to 10% this fiscal.”

Mr Sheshagiri Rao said that “The downward revision is on the back of moderation of production in Q1 FY11 due to various international factors.”

Earlier, JSW had targeted a growth of 18% in sales volumes compared to the last fiscal.

JSW Steel is now expected to produce crude steel to the tune of 6.5 million tonnes compared to 7 million tonnes projected earlier.

In the last fiscal, the company produced 6 million tonnes of steel.

Wednesday, September 29, 2010

Ministry of Shipping29-September, 2010Golden Jubilee Celebrations of Shipping Corporation of India

The Shipping Corporation of India Ltd. (SCI), a Navratna PSU, established on October 2, 1961 is completing its Golden Jubilee on October 2, 2011. The Golden Jubilee celebrations will be inaugurated by the President of India, Smt. Pratibha Devisingh Patil on 2 October, 2010.

Shri Pranab Mukherjee, Union Minister of Finance and Shri Murli Deora, Union Minister of Petroleum & Natural Gas are expected to be present on the occasion. Shri G.K. Vasan, Union Minister of Shipping and Shri Mukul Roy, Union Minister of State for Shipping will also grace the occasion.

SCI was established by the Government of India with an objective to serve India's exim and coastal seaborne trade. Starting as a liner shipping company owning barely a fleet of 0.2 million DWT, SCI has come a long way and has now emerged as the largest Indian shipping company owning a truly diversified fleet of more than 5 million DWT representing more than one third of India's total tonnage. Recognizing the efficiency and financial performance of SCI, the Government of India conferred the coveted Navratna status on SCI on August 1, 2008.
Index of Six Core Industries (Base: 1993-94=100) -- August 2010


The Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 262.9 (provisional) in August 2010 and registered a growth of 3.7% (provisional) compared to 6.4% registered in August 2009. During April-August 2010-11, six core industries registered a growth of 4.1% (provisional) as against 4.8% during the corresponding period of the previous year.

Crude Oil

Crude Oil production (weight of 4.17% in the IIP) registered a growth of 15.0% (provisional) in August 2010 compared to a growth rate of (-)2.5% in August 2009. The Crude Oil production registered a growth of 6.5% (provisional) during April-August 2010-11 compared to 1.6% during the same period of 2009-10.

Petroleum Refinery Products

Petroleum refinery production (weight of 2.00% in the IIP) registered a growth of (-)2.3% (provisional) in August 2010 compared to growth of 3.0% in August 2009. The Petroleum refinery production registered a growth of 5.3% (provisional) during April-August 2010-11 compared to (-)4.9% during the same period of 2009-10.


Coal production (weight of 3.2% in the IIP) registered a growth of 1.0% (provisional) in August 2010 compared to growth rate of 13.3% in August 2009. Coal production grew by 0.9% (provisional) during April-August 2010-11 compared to an increase of 12.6% during the same period of 2009-10.


Electricity generation (weight of 10.17% in the IIP) registered a growth of 1.0 % (provisional) in August 2010 compared to growth rate of 10.2% in August 2009. Electricity generation grew by 4.4% (provisional) during April-August 2010-11 compared to 6.2% during the same period of 2009-10.


Cement production (weight of 1.99% in the IIP) registered a growth of 1.6% (provisional) in August 2010 compared to 17.5% in August 2009. Cement Production grew by 4.6% (provisional) during April-August 2010-11 compared to an increase of 13.4% during the same period of 2009-10.

Finished (carbon) steel

Finished (carbon) Steel production (weight of 5.13% in the IIP) registered a growth of 7.7% (provisional) in August 2010 compared to 0.3% (estimated) in August 2009. Finished (carbon) Steel production grew by 3.5% (provisional) during April-August 2010-11 compared to an increase of 1.9% during the same period of 2009-10.

N.B: Data are provisional. Revision has been made based on revised data obtained.

Sumitomo Metals Establishes a Seamless Pipe Sales Subsidiary in Brazil

Sumitomo Metal Industries, Ltd. (Sumitomo Metals) decided to establish a sales subsidiary for seamless pipe that will be manufactured in our integrated steel works in Brazil, with North and South Americas as sales territories. This local sales subsidiary will enable us to build a sales structure that is close to both our customers and mill.

1. Reasons for the new subsidiary
Sumitomo Metals has established Vallourec & Sumitomo Tubos do Brasil Ltda (VSB), a joint venture to manufacture seamless pipe in an integrated steel works in Brazil, with Vallourec Group. VSB plans to supply 300,000 tons of seamless pipe a year to Sumitomo Metals and we are to sell them under our brand name. We have decided to establish a local subsidiary in Brazil in order to conduct sales activities efficiently in the Americas.

The new subsidiary will execute great customer services by having staff in charge of quality assurance and delivery control as it sells products manufactured by VSB under Sumitomo Metals’ brand. This subsidiary will also be engaged in investment control and management of VSB. Accordingly, it will hold VSB shares as investment in kind.

2. Outline of the subsidiary

(1) Corporate name: To be decided
(2) Location: Rio de Janeiro, Brazil
(3) Corporate entity:  To be a Limitada (equivalent to Japan’s limited liability company)
(4) Representative: To be decided
(5) Business activities: Sale of seamless pipe (for North and South Americas)
  Quality assurance and delivery control of VSB products
  Investment control and management of VSB
(6) Number of employees: About 15
(7) Capital:  Approximately 40 billion yen in total. In addition to 600 million yen in cash,
  investment in kind by use of VSB shares.
(8) Establishment date: November 2010
(9) Shareholders: Sumitomo Metals Group 100%

3. Outlook
This initiative will not have material impact on Sumitomo Metals consolidated and unconsolidated results for the fiscal year ending March 2011.

1.Vallourec & Sumitomo Tubos do Brasil Ltda.

(1) Location: Jeceaba Minas Gerais, Brazil
(2) Representative: Tancredo Martins (President)
(3) Business activities: Manufacturing high-grade seamless pipes
(4) Number of employees: 1,047 (as of June 2010)
(5) Capital: 4.6 billion BRL
(6) Shareholding ratio: Sumitomo Metals. 39%, Sumitomo Corporation 5%, Vallourec 56%.
(7) Establishment: July 2007

2.Vallourec SA

(1) Location: Boulogne Billancourt Cedex, France
(2) Representative: Phillippe Crouzet (Chairman of the Management Board)
(3) Business activities: Manufacturing and selling pipes for oil, gas and others
(4) Number of employees: approximately 18,600 (as of December 2009)
(5) Capital: 229 million EUR


Subject: The stocks list, you can take out the print.
Buy the following stocks as long term investment. Investors can start accumulating the stocks when market corrects and add more on declines and average for decent returns of 100%-200% over the next 12-18 months or more.

1. Autoline Industries.
2. Balaji Amines.
3. Bilt.
4. Camson Biotech.
5. Compuage Solutions.
6. DIC India.
7. Fortis Healthcare.
8. Glodyne Technology.(Buy at every decline)
9. GMM Pfaudler.(4 times in a year dividend paying organization,with equity base of less then 3 crores,with overseas management holding of more than 75% of total share capital, Face value Rs 2/per share. Only BSE listed.)
10. GRUH Finance.(subsidiary of HDFC,with holding of 63% with HDFC itself.)
11. IL&FS Investment Managers.
12. Jubilant Foods.
13. Jubilant Organosys.
14. Karuturi Global
15.Khaitan Electrical s.
16. Kilburn Engineering.
17. Kinetic Motors.
18. KS Oils.
19. LG Brothers.
20. Mahindra Ugine Steel.
21. Norben Tea Exports. (Only NSE traded)
22. Pfizer India.
23. Praj Industries.
24. Ramco Systems.
25. Sical Logistics.
26. S Kumar Nationwide.
27. Southern Online Biotech ltd.
28.Steel Exchange of India.
29.Steel Strips and Wheels.
30.Tilaknagar Industries.
31.Tube Investment.
32.Varun Industries.
33.Zen Technologies.
Retailers see FDI transforming business

Foreign direct investment (FDI) in retail and significant investments are required to transform the retail industry. Debating how the infusion of foreign funds is expected to change the landscape of the industry, Indian retailers at the IRF (India Retail Forum) pointed out the advantages of FDI in retail.

In terms of causing unemployment and competing with the kirana stores, Mr Kishore Biyani, Chairman, Future Group, said, “We sell 90,000 SKUs while the local kiranas sell just about 700 SKUs and in that sense we do not compete with them. We need money to scale up and one of the ways to do it is through FDI.”

In fact, Mr Biyani urged that the need of the hour is to create demand. At present, the consumption growth is not in sync with the GDP growth. “Consumption growth at 6 per cent is not keeping pace with the GDP growth which is at 9 per cent,” he said.

Besides, retailers such as Wal-Mart which have already tied up with Bharti Retail are looking forward to launching their own branded stores once FDI is allowed. Mr Raj Jain, President, Wal-Mart India and MD & CEO, Bharti Wal-Mart, said, “We have been in the joint venture with Bharti for the past three years and have been learning about the Indian market. If FDI opens, we are ready to open our stores.”

In fact, Wal-Mart is already using India as a sourcing base and is organising a supplier meet of Wal-Mart buyers across the world. “Later this month, we are having a supplier conference out of India where almost 40 suppliers across several countries will be coming to India.”

Bharti Wal-Mart is also in the process of launching new stores in West and South India next year. “We are targeting 15 stores in the next three years for our Best Price Stores,” said Mr Jain, who said that FDI was the best route for the country. There would be unequal distribution of GDP growth centred on the metros if FDI was not allowed, he said.

Hoping more money will flow into the industry, Mr B. S. Nagesh, Chairman, IRF, and Vice-Chairman, Shoppers Stop, said, “FDI should be allowed and anybody who has money should be allowed to invest. Retail will yield results but only in the long term.” Whether investors are willing to wait that long to make money in an emerging sector such as retail was debatable.

“Retail is a long-haul business and what we need is capital right now. We are not sure whether Indian investors are willing to wait for the long haul,” said Mr Biyani.

In fact, Mr Biyani felt that FDI should be allowed in the non-food sector rather than in the food sector. Most of the companies in the non-food segments have already entered into joint ventures through the single brand retailing route.

“The big players in the organised industry are mainly apparel and jewellery players and there is no large vote bank in these sectors,” observed Mr Bijou Kurien, CEO, Reliance Retail - Lifestyle.

Expecting significant investments would transform the face of retail, Ms Ireena Vittal, Principal, McKinsey and Co, said, “The sector needs more money and the investment can come from anywhere. It is not about the colour of the money.”
Economy on song

The economy has had it so good only a few times in the past; but the Government should guard against complacency and errors of judgement.

As the first six months of this financial year come to an end, it is useful to take stock of the economic situation. All things considered, it is quite satisfactory. Overall, growth is likely to be around 8.5 per cent. The monsoon has behaved, which means that the kharif crop is fine, although for some crops, such as rice and edible oils, more was hoped for from it. This is crucial for inflationary expectations as the rise in prices which was in full bloom for almost 30 months has started to abate only recently. Food inflation continues to be high but that is partly because high growth in a poor country raises incomes and, therefore, the demand for food. The trade deficit is high for the same reason, namely, that India produces less than it needs to keep the growth in industrial output up. This latter has been behaving erratically but much of that volatility can be traced back to accounting practices, especially in capital goods. The demand for consumer non-durables has been sluggish but will probably revive when the income from the kharif crop reaches farmers. Consumer durables are doing very well. Bank credit is expanding at a reasonable pace of about 20 per cent. It could be more, of course, but not by much because of the asset bubbles that appear to be developing in both the real estate and the stock markets.

However, rising interest rates are a dampener on investment. Capital inflows remain buoyant but have not become a flood that would create absorption problems. So the current account deficit, which could go to 3 per cent by the end of this financial year, is also not a worry. Exports could be better but that can always be said about exports; it is also important to note that lower growth in exports does not necessarily mean lower profit margins for exporters. Indeed, they should complain less. Forex reserves, at around $300 billion, are adequate to meet all contingencies, except sudden and massive outflows of the type seen in September-December 1990. Thanks to the spectrum auctions and some carefully chosen disinvestment, Government revenues are also not under very great strain and, hopefully, with some sensible expenditure management, the fiscal deficit can be reduced to a manageable 5 per cent or so. Its borrowing programme for the rest of this year is also not a problem. Reform, both of direct and indirect taxes, is on course.

The economy has had it so good only three or four times in the past — and this could be the greatest cause for concern because such a confluence of favourable factors not only induces complacency and the consequent errors of judgement but also becomes an invitation to bad luck. India's good years in the past have always been succeeded by a series of bad ones, which is what the Government needs to watch out for.

-Umesh Shanmugam
Chinese vendors catching up with Indian peers: Report

Chinese software services companies are fast learning to compete with their counterparts in India on certain verticals and may have already started to take away business from some of them. A US-based analyst firm and part of the privately-held financial institution, SIG (Susquehanna International Group), in its recent report, has said companies such as Microsoft, Samsung and Cisco Systems are moving some of their work to Chinese companies because they not only offer comparable services but also at 25 per cent discount compared with Indian IT vendors.

The report says that Chinese vendors have developed enough skills in outsourced R&D, testing and product development for them to wean away clients from Indian vendors. It says Microsoft, Cisco, Nokia and Samsung are among a longer list of technology and manufacturing customers that now outsource such services to China and some of these customers are also customers of Indian IT companies.

Pricing discount

It named two Chinese companies, HiSoft Technology (HSFT) and VanceInfo Technologies (VIT) as those who have posted year-on-year growth of over 50 per cent during the first half of 2010 for providing services such as outsourced R&D, testing and product development to Western clients. It said Wipro was one such Indian vendor which is facing “meaningful'' competition from China.

“We estimate China can offer comparable services at a 25-50 per cent discount to Wipro ($26/hour for Wipro, $16/hour for VIT / HSFT),” the report said.

Though Wipro did not respond to queries because it is going through a ‘silent period' ahead of the announcement of its quarterly results, a top official with another major Indian IT company, Cognizant, said that each of these countries brings its own capabilities to the table. “In an increasingly globalised and virtualised world, countries are not merely competing against each other, but are in fact complementing each other's strengths. While Indian IT services companies are ahead in a few areas, Chinese companies bring their own set of unique capabilities,” Mr R. Chandrasekaran, President and Managing Director, Global Delivery, Cognizant Technologies, said.

Much ahead

Looking at the potential China offers both in terms of pricing as well as talent, the Infosys Chief Executive Officer and Managing Director, Mr Kris Gopalakrishnan, had in an earlier interview with Business Line said China will become the company's biggest development centre outside India.

An analyst with KPMG, Mr Kumar Parkala, however, said India will continue to remain a preferred destination for customers. “India is quite ahead in outsourcing and many of the Indian IT companies have been around for decades,” Mr Parakala said.

The SIG report also pointed out that Chinese vendors are still new to the market and that many leading technology and manufacturing companies contract Wipro for its deep business process knowledge and domain expertise.
Plastic waste, tyre chips to fuel cement kilns
Centre may make it mandatory for cement cos to burn such wastes.

The Centre proposes to make it mandatory for cement makers to use hazardous waste that can burn such as plastic waste and tyre chips as alternative fuel in cement kilns.

Such a move would not only help reduce greenhouse gas emissions, but also avoid creation of landfills. Besides reducing the fuel costs for cement firms, it would also help avoid investments in expensive incinerators.

“We plan to make it (use of waste as alternative fuel) mandatory for cement companies,” said Mr S. P. Gautam, Chairman of Central Pollution Control Board (CPCB).

However, he did not specify a time-line.

Companies such as ACC, Grasim Industries Ltd, Gujarat Ambuja Cement Ltd and Lafarge India Ltd have conducted various trials for co-processing or using hazardous waste as alternative fuel in kilns.

Wastes co-processed by these firms include plastic waste, sludge from petrochemical or oil refinery, waste oil, paint sludge, effluent treatment plant (ETP) sludge, and spent carbon.

“We want to make it more broad-based so that other cement companies also start using waste for co-processing,” Mr Gautam said.

In February, the CPCB had come out with guidelines on co-processing for cement industry.

“We plan to come out with such guidelines for thermal power sector in six months,” Mr Gautam said, adding sectors such as coke oven and steel were also on the radar of CPCB.

India produces about 6.2 million tonnes of hazardous waste including 0.41 million tonnes of wastes that can burn, Mr Gautam said. However, only 12 States have 27 hazardous treatment, storage and disposable facilities.

Major waste generating states include Maharashtra, Gujarat, Andhra Pradesh, West Bengal, Madhya Pradesh, Rajasthan and Tamil Nadu.

Co-processing could be a preferred mode of disposing hazardous waste when compared to expensive incinerators which cost Rs 10-30 crore each depending on the capacity, Mr Gautam said. The disposal cost of hazardous incinerable waste is estimated to be Rs 16,000 a tonne and co-processing could help the country avoid a cost of Rs 640 crore a year, he said.
India's rich club swells to 1.26 lakh

The story of the rich Indian continues, with India adding around 50 per cent more High Networth Individuals (HNIs) to its population in year 2009.

According to a 2010 Asia-Pacific Wealth report released by Merrill Lynch Global Wealth Management and Capgemini, the total number of HNIs in India at the end of 2009 was 1,26,700 with a total networth of $477 billion.

HNIs, in the report, are defined as individuals with at least $1 million in investable assets excluding their primary residence, collectibles, consumables, and consumer durables.

“The strong economic resurgence in India has been boosted primarily by India's stock market capitalisation, which more than doubled in 2009 after dropping 64.1 per cent in 2008” said Mr Pradeep Dokania, Chairman, Merrill Lynch Wealth Management.

Year 2009 saw Hong Kong and India recording the highest growth in terms of their HNI population and wealth, despite the huge decline in the same that both experienced in 2008.

The HNI population in Hong Kong experienced a massive growth of 104 per cent this year, while the HNI population in the Asia-Pacific region grew by 25.8 per cent to touch 3 million, up from 2.4 million in 2008.

The overall increase in Asia-Pacific HNI wealth was 30.9 per cent at $9.7 trillion. For the first time, the total wealth of HNIs in the Asia-Pacific region crossed that of Europe — $9.5 billion.

Total investments

The report also noted that Indian HNIs invested as much as 82 per cent of their total investments in their home-region. The reason cited for this is the non-convertibility of Indian currency in the US market. “There is restriction for Indians investing in foreign securities. An Indian can only invest about $2,00,000 a year, which is not the case for countries such as Japan that have total currency convertibility,” said Mr Atul Singh, Managing Director, Head - Global Wealth & Investment Management, India, DSP Merrill Lynch.

However, Indian HNIs did display signs of risk aversion as they increased their investment in fixed income instruments to 25 per cent from 21 per cent in 2008. Investments in equities remained the same at 32 per cent in spite of the markets rallying in 2009. HNIs also decreased their investments in the real-estate sector.

“In 2009, Indian HNIs became wary of the real-estate bubble as the premium property prices didn't correct much despite the liquidity crisis and dropped their allocation by 3 percentage points to 22 per cent,” explained Mr Singh.

Allocation in alternative investments remained the same at 8 per cent, although it was three percentage points higher than the Asia-Pacific average. Alternative investments include instruments such as hedge funds, commodities, structured products, etc.

“We expect faster economic growth, coupled with improving business conditions, which should fuel expansion in the HNI segment as business ownership and income account for 73 per cent of all HNI wealth in Asia-Pacific, excluding Japan. Moving forward, China and India will lead the way in the region with economic expansion and HNI growth likely to keep outpacing more developed economies,” Mr Dokania concluded.
  1. Madras High Court orders closure of Sterlite's copper smelting unit in TN
  2. Says company polluting surrounding areas.

    The Madras High Court on Tuesday ordered the immediate closure of Sterlite Industries' copper smelting plant in Tuticorin.

    “We are constrained to take this decision, owing to voluminous material available on record about the negative impact of running of the industry at the place and in the manner it is being run,” a Division Bench comprising Mr Justice Elipe Dharmarao and Mr Justice N. Paul Vasanthakumar said, passing orders on a batch of writ petitions.

    The petitioners included Chennai-based National Trust for Clean Environment, the Marumalarchi Dravida Munnetra Kazhagam General Secretary, Mr Vaiko, the Tuticorin district unit of the Communist Party of India, and the Centre for Indian Trade Unions (CITU).

    Placing on record that they “do not want to leave the employees in lurch,” the judges made it clear that the employees were entitled to compensation from the company under Section 25 FFF of the Industrial Disputes Act.

    The company was given permission to produce 391 tonnes of blister copper and 1,060 tonnes of sulphuric acid. The petitioners had pointed out that though the company originally wanted to set up its plant in Ratnagiri, the Maharashtra Government had cancelled the licence owing to stiff opposition from the people.

    Explaining the reasons for revoking the licence granted to the company's unit, the judges said: “The materials on record show that the continuing air pollution being caused by the noxious effluents discharged into air by the company is having a devastating effect on the people living in the surroundings. There has been unabated pollution by the respondent company, which should be stopped at least now so as to protect the Mother Nature…,” the judges observed. While the company wanted the court to take into consideration a “favourable” report submitted by the National Environmental Engineering Research Institute (NEERI) in 2003, the judges said a subsequent report by NEERI in 2005 made clear that the waste from the company had high concentration of heavy metals, arsenic and fluorides.

    “The pathetic condition that has been recorded by NEERI in its report is that the plant site itself is severely polluted and the ground samples present levels of arsenic which indicate that the whole site may be classified as hazardous waste according to Indian standards,” they said. Groundwater samples taken from the vicinity of the deposit site show elevated levels of copper, chrome, lead, cadmium and arsenic.

    The judges said that according to the NEERI report the company was located within 25 km of Gulf of Mannar, which was declared a National Park in 1986. In fact, the Tamil Nadu Pollution Control Board (TNPCB), while granting permission to the company, had stipulated that its location should be 25 km from any ecologically sensitive area.

    “The sole violation of erecting the plant within the prohibited area of ecologically sensitive area is sufficient for the Central Government to reject the proposal of the company,” the judges said.

SMX partners with Metal Bulletin for world’s first Iron Ore Futures Contract

SMX Iron Ore Futures Contract*, settled basis the Metal Bulletin Iron Ore Index (MBIOI), is the Exchange’s first index-based derivative


Singapore, 29 September2010 – Singapore Mercantile Exchange (“SMX”), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced its plans to list the world’s first Iron Ore Futures Contract*, settled basis the Metal Bulletin Iron Ore Index. Metal Bulletin is the leading independent premium information and pricing provider for the metals industries.

The Metal Bulletin Iron Ore Index (MBIOI) utilises daily price data from a broad spectrum of industry participants and through leading independent Chinese steel consultancy and data provider Shanghai Steelhome’s widespread contact base of steel producers and iron ore traders across China.

MBIOI’s tie-up makes it the world’s only index to-date with access to such data from a major Chinese partner. The index is a tonnage-weighted calculation of actual physical transactions, normalised to 62% Fe, CFR Qingdao and is published daily at mid-day London time.

Mr. Thomas J. McMahon, Chief Executive Officer of SMX, said: “This partnership with Metal Bulletin is indicative of our diligence towards collaborative listings with key industry participants. It is especially strategic, given that China is the world’s largest importer of iron ore and Shanghai Steelhome’s data feed. The futures market for iron ore and iron ore spot market have only recently begun to take shape and as such, both are in need of a firm reference-price mechanism. SMX is stepping into that space in the markets via a robust index upon which effective price hedging can be conducted with a strong measure of certainty.”

Mr. Raju Daswani, Managing Director of Metal Bulletin, said: “As the market leader in metals reporting globally, Metal Bulletin has been reporting prices in the iron ore markets for close to a century. With a shift to short term pricing, SMX’s decision to work with our Iron Ore Index as a basis for global benchmarking is a logical move and another significant breakthrough for the iron ore industry.”

Metal Bulletin is the premium intelligence service for metals and steel market players globally, with coverage on all global metals and steel markets including scrap through a comprehensive package of the latest news, prices, expert market commentary and statistics.

SMX went live for trading on 31 August 2010 and this listing constitutes the Exchange’s first Futures Contract with an index as the underlying commodity. Regulated and licensed by the Monetary Authority of Singapore (MAS) as an Approved Exchange, SMX offers multi-currency and multi-asset clearing, trading and pricing for international participation via multiple connectivity options with guaranteed settlement and delivery.


About Singapore Mercantile Exchange

Singapore Mercantile Exchange is a pan-Asian multi-product commodity and currency derivatives exchange situated in Singapore. It offers a comprehensive platform for trading a diversified basket of commodities including futures and options contracts on precious metals, base metals, agriculture commodities, energy, currencies and indices.

SMX offers market participants the benefits of market transparency, time zone convenience, price discovery and benchmarking, price risk management and multiple connectivity options. Counterparty clearing and settlement risk is effectively managed through its clearing house, the Singapore Mercantile Exchange Clearing Corporation.

The regulator of Singapore’s financial markets – the Monetary Authority of Singapore (MAS) – has granted SMX ‘Approved Exchange’ status since 2010.

SMX is backed by the world’s leading creator of exchanges - Financial Technologies (India) Limited - which has successfully established 10 exchanges across India, Dubai, Singapore, Africa, Mauritius and Bahrain.

SMX is a member of leading international derivatives industry associations, such as the Futures Industry Association (FIA), the Swiss Futures and Options Association (SFOA), the Association of Futures Markets (AFM) and the Futures and Options Association (FOA).


About Metal Bulletin

Metal Bulletin is the established leader in metals and minerals reporting.  It has been reporting on iron ore transactions since the first print issue of the magazine was published in May 1913. Metal Bulletin’s reporting was instrumental in the development of the original iron ore benchmark pricing system, and it was also the first publisher to track the Chinese iron ore spot market since its creation in 2004. Since its development and launch in 2008, the Metal Bulletin Iron Ore Index has impartially and accurately tracked the iron ore spot market, and facilitated the industry’s move towards transparent pricing and longer-term risk management.

The MB Iron Ore Index is a tonnage-weighted calculation of actual transactions which are normalised on value-in-use and freight to a single base chemistry and delivery point. 

Metal Bulletin's breadth of product offerings extends from online news and prices services, magazines, newsletters and online real time services, to directories and databases, books, research reports, and consultancy and the staging of events around the globe in the form of conferences and exhibitions.

Metal Bulletin Limited is a wholly-owned subsidiary of Euromoney Institutional Investor Plc, which is itself majority-owned by the Daily Mail & General Trust Plc (DMGT).  Since 2010, Metal Bulletin has been working with Shanghai Steelhome, the leading independent data provider and iron ore research house in China, to consolidate its strength in data collection.