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Coronavirus-bear-market-2020-analysis

India’s Emerging Ambitions

Economics / India Apr 03, 2010 - 02:52 PM GMT

By: Anthony_David

Economics

The Indian government plans to sell a stake of about 10% from the state-owned Manganese Ore (India) Ltd as part of the government’s drive to sell steel-related state assets. Manganese Ore is the nation’s largest manganese producer and meets about 65% of the domestic needs. The company, meanwhile, has plans to ramp up its ferro-manganese production capacity. On the flip side, the company’s finance director has warned that the company’s profits at the end of the current fiscal is likely to show a drop of about 22% because of the lower steel demand last year.


On the manganese-mining front, steel giant ArcelorMittal (MT) is going through a rough phase. The company has faced stiff opposition from the local residents of the mineral-rich state of Jharkhand as it tries to implement the manganese and iron ore mining rights awarded by the government in January 2009. Consequently, the company’s plans to set up a 12 million tonnes per year integrated steel plant have not seen the light of day yet. In fact, the company has had to announce a change in the project site.

The Indian Space Research Organization is funding a $37.5 million, 500 tonnes per year titanium sponge plant in the southern state of Kerala. Titanium dioxide will be used as the raw material for the plant and at present, India’s Defence Metallurgical Research Laboratory (DMRL) is in the final stages of separating the magnesium from titanium dioxide to ensure that the plant rakes in some money. This will give a slight boost to the nation’s magnesium production as well.

India’s automobile sector is going through the roof. Auto sales reached record highs over the last year or so and if the government has its way, the trend is set to continue over the next six years. The Automotive Mission Plan for the 2006–16 period aims to turn India into a global automotive hub that will manufacture automobiles and auto components. The plan aims to achieve a production capacity worth close to $133 billion. Good news indeed for the steel industry and consequently, the manganese and molybdenum industry.

By Anthony David

http://www.criticalstrategicmetals.com

The mission of the Critical Strategic Metals Web Site

is to serve as a monthly compass for those who take a fundamental view of investment regarding the Molybdenum, Manganese and Magnesium metals markets, are concerned with the emerging critical under-supply of these strategic metals to Western nations and wish to profitability chart their course. Each month we will research and provide, in as short and concise a manner as possible, the most applicable information available on resources that will have the biggest impact on our day to day lives. Click here to sign-up for our FREE monthly report

© 2010 Copyright  Anthony David- All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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