DECEMBER 20239TOP STORIESINDIA SPECULATED TO SEE STRONG STEEL DEMAND IN 2024According to the Crisil report, India imported 4.26 tonnes of finished steel between April and November 2023, and imports may touch this budget by 6 tonnes due to strong domestic demand. The report comes at a time when steel companies are expressing serious concern about the increase in imports.Global steel demand, which the conflict between Russia and Ukraine has reduced, will increase by 1.6% in 2023 after a decline of 3.3% in 2022, a world analysis company. The growth rate is the fastest ever, with demand growth in India reaching 13%, Crisil said.This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 percent after growing 11.4 percent and 13.4 percent in fiscal 2022 and 2023, respectively."Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep India's steel imports elevated around the 6 MT (million tonnes) mark this fiscal even as the global steel industry battles a slowdown," Crisil said.Chinese mills have started pushing volumes into the global market at highly competitive prices. Between January and November this year, exports from China increased 35.6 percent to 82.7 MT - the highest since 2016. WELSPUN ONE TO FUNNEL RS.700 CRORE TO DEVELOP LOGISTICS HUBWelspun One, a portfolio management and development company, will invest over Rs 700 crore to develop 55 hectares of industrial and office space in the Jawaharlal Nehru Special Economic Zone (SEZ). The Port Authority (JNPA) in Navi Mumbai.To this end, Welspun One has entered into a strategic partnership with JNPA to jointly develop this project. The investment includes land costs and construction costs.This is the second allocation of Welspun One's new investment fund with an amount of Rs 2,000 crore. The project is financed through a combination of debt and equity."By empowering businesses and fostering employment, we are driven to generate significant regional and economic influence. The JNPA project is a declaration of our commitment to industrial excellence and the future of India's industrial framework," Balkrishan Goenka, Chairman, Welspun World.This development follows Welspun One's recent strategic land acquisition in Thane, near Mumbai. The Thane development, a logistics-anchored mixed-use project, is currently underway to create 1 million sq ft of advanced last-mile warehousing facilities."This partnership propels us into the future, bolstering our presence in key trade hubs and delivering comprehensive supply chain solutions. We are determined to redefine India's industrial framework by offering sophisticated solutions that meet today's business needs," said Anshul Singhal, Managing Director, Welspun One.This investment in the JNPA-SEZ strategically positions Welspun One in proximity to the JNPA Port, which handles 30-35% of India's total containerized cargo volume.
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